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Studsvik Interim / Quarterly Report 2024
3208_10-q_2024-10-23_cad98491-0318-43e0-b3cc-fd25aeeb9510.pdf
Interim / Quarterly Report
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A challenging quarter for the Group
Events during the quarter
- The advanced financial fraud uncovered in the USA during August had a negative impact on the Group's earnings in the quarter of SEK -10.1 million.
- The operating result for the Group in the quarter was SEK -0.5 million, which includes non-recurring items of SEK -10.1 million. Operating profit for the same period last year amounted to SEK 22.9 million.
- During the quarter Scandpower signed an agreement in the US market for the delivery of GARDEL and CMS5 software.
The group in summary
| Q3 | Jan-Sep | Jan-Dec | |||
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2023 | |
| Net sales, SEK million | 200.8 | 195.2 | 645.8 | 597.6 | 826.0 |
| Operating profit, SEK million | -0.5 | 22.9 | 25.2 | 44.8 | 73.4 |
| Operating margin, % | -0.3 | 11.7 | 3.9 | 7.5 | 8.9 |
| Profit after tax, SEK million | -7.2 | 15.9 | 10.9 | 30.1 | 48.6 |
| Free cash flow, SEK million | -18.4 | -23.4 | -59.3 | 12.0 | 51.4 |
| Net debt, SEK million | 112.5 | -9.6 | 112.5 | -9.6 | 31.0 |
| Net debt/equity ratio, % | 28.9 | -2.1 | 28.9 | -2.1 | 8.0 |
| Profit per share after tax, SEK | -0.87 | 1.93 | 1.32 | 3.67 | 5.91 |
| Equity per share, SEK | 47.35 | 54.49 | 47.35 | 54.49 | 47.36 |
CEO's comments
Focus onprofitability and efficiency to meet new strategies
Profitability during the quarter
We have seen an increase in sales compared with last year, but we are not achieving the same margin. As a result, we are taking more vigorous action within the ongoing efficiency programme.
The Scandpower business area is delivering a positive result despite the negative effect of the financial fraud that we reported in a press release on August 14, the extent of the fraud is \$0.3 million USD lower than the previously communicated \$1.3 million USD. The US market remains strong, and here a powerful expansion of new nuclear power plants is planned alongside extension of the service life of nuclear power plants that are in operation. In addition, a number of previously closed nuclear power plants will be reopened. These initiatives create new business opportunities for Studsvik.
Our decommissioning and radiation protection operations have had a stable quarter. Integration of the acquired company Extrem Borr och Sågteknik AB (EBS), a well-established high-tech segmentation company in the Swedish nuclear power industry, is proceeding according to plan. EBS is a strategic complement to Studsvik's other service offerings in the areas of both decommissioning and waste management, and enables us to offer our customers a complete service in this area.
The inDRUM demonstration facility began operating during the quarter and we are conducting an intensive programme of customer visits. The technology is demonstrating the expected results and we are giving our customers the opportunity to test a simulation of their specific waste in the facility for a fixed fee.
Fuel and Materials Technology has faced technical challenges, which have delayed some major projects. During the quarter we carried out a fuel delivery from a nuclear power plant in Europe, after several years of delays in transport permits. This fuel transport lays the foundation for an increased level of business in this area during the autumn and next year.
In September Studsvik was given information by TV4's Kalla Fakta television programme concerning suspicions against an individual employee. The company immediately forwarded the material to the Swedish Security Service.
The group is expanding its strategy
I am very pleased to have taken over as CEO of Studsvik and see great opportunities for the company going forward. Our focus in the immediate future will be on improving profitability and ensuring that we focus on and do the right things. We are working intensively to review our existing operations in order to identify and create investments in growth areas, both in Sweden and internationally.
By optimising our processes and resources we can ensure that we work efficiently.
In addition to strengthening our existing business, we see future opportunities to add value through strategic acquisitions that complement and strengthen our core businesses, which will further contribute to our profitability. This will ensure good and stable profitable growth.
Karl Thedéen President/CEO
Financial performance
Sales
Sales in the quarter amounted to SEK 200.8 (195.2) million and for the first nine months to SEK 645.8 (597.6) million. In local currencies this is an increase of 5.0 per cent and 8.6 per cent respectively.
Profit
Operating profit decreased in the quarter to SEK -0.5 (22.9) million and in the first nine months amounted to SEK 25.2 (44.8) million. A portion of the revenue from the property sale that took place in 2023 was recognised in the first nine months of the year, making a positive contribution to cumulative earnings of SEK 2.3 million. The operating margin for the quarter was -0.3 (11.7) per cent. The operating margin for the first nine months (excluding the sale) was 3.9 (7.5) per cent.
Cash flow
Free cash flow for the quarter was SEK -18.4 (-23.4) million and for the first nine months SEK -59.3 (12.0) million. The lower cash flow in the quarter is mainly due to increased investments and to lower operating profit. The cash flow includes the acquisition of Extrem Borr och Sågteknik SP AB amounting to SEK -37.3 million.
Investments
Investments amounted to SEK 19.5 (13.0) million for the quarter and consist mainly of replacement investments in the Fuel and Materials Technology business area and the configuration of an inDRUM demonstration facility within the Waste Management Technology business area, which was put into operation in September. Cumulative investments in the first nine months totalled SEK 54.9 (31.1) million.
Financial position and liquidity
Lower profit levels and the increased levels of investment impacted liquidity in the first nine months. Cash and cash equivalents amounted to SEK 71.3 (92.6) million at the end of the quarter. The Group also has an unused portion of an overdraft facility, amounting at the end of the quarter to SEK 12.5 million. In the same period last year the unused portion of the overdraft facility was SEK 77 million. The share dividend for 2023 of SEK 16.4 million was paid out in May.
The Group's net debt at the end of the period amounted to SEK 112.5 (-9.6) million.
The net debt/equity ratio at the end of the quarter was 28.9 (-2.1) per cent and the equity/assets ratio was 36.8 (44.2) per cent.
Business areas
Decommissioning and Radiation Protection Services
Sales for the quarter amounted to SEK 95.6 (86.1) million and for the first nine months to SEK 278.9 (263.1) million, which in local currencies is an increase of 14.1 and 6.6 per cent respectively. Factors contributing to the increase in the third quarter are more decommissioning projects and the effects of the acquisition of Extrem Borr och Sågteknik SP AB, which has contributed sales of SEK 5.8 million. The cost increase in the first nine months is also impacted by the increase in collectively agreed pay rates in Germany, which will mainly be charged to the customer.
Operating profit for the quarter increased to SEK 6.9 (5.0) million, representing an operating margin of
7.2 (5.9) per cent. Operating profit for the first nine months was SEK 16.8 (19.0) million. The cumulative decrease in earnings is mainly due to the increase in collectively agreed pay rates not being fully compensated by the customer. The business area has signed a framework agreement in Switzerland, thereby securing a stable level of business in that market in 2025 and 2026.
Operating profit, MSEK
Q3-23Q4-23Q1-24Q2-24Q3-24
The Decommissioning and Radiation Protection Services business area is a leading supplier of services to the nuclear power industry in radiation protection, decommissioning, decontamination and engineering. In the area of decommissioning, we offer the entire chain from planning and project management to radiological assessments, radiological clearance of material and waste documentation. The work is carried out at the customers'facilities around Germany and to some extent also in Switzerland, the Netherlands and Belgium.
Fuel and Materials Technology
Sales in the quarter decreased by -10.7 per cent to SEK 60.6 (68.1) million, while for the first nine months sales increased by 12.4 per cent to SEK 240.9 (214.8) million.
Operating profit for the quarter amounted to SEK -7.3 (16.9) million and for the first nine months to SEK 15.3 (29.8) million. The operating margin for the quarter was -12.0 (24.9) per cent and for the first nine months 6.4 (13.9) per cent.
The first nine months includes revenue from the property sale carried out in 2023, amounting to SEK 2.3 million.
During the quarter the business area had technical production disruptions, which had a negative impact on earnings. In addition, the quarter was impacted by just over SEK 4 million in increased costs for a fuel transport; however, this creates the conditions for new and profitable projects in the autumn and next year.
Operating profit, MSEK
-7.3 Q3-23Q4-23Q1-24Q2-24Q3-24 The business area 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 inSweden, sometimes in collaboration with international partners. We provide solutions to our customers by combiningour expertise, unique facilities and external networks.
Business areas
Scandpower
Sales increased in the quarter to SEK 44.3 (32.0) million and in the first nine months to SEK 118.3 (99.7) million.
In local currencies this is an increase of 41.6 per cent for the quarter and an increase of 19.5 per cent for the first nine months.
Operating profit increased in the quarterto SEK 3.6 (0.1) million and to SEK 9.7 (7.0) million for the first nine months, representing an operating margin of 8.1 (0.3) and 8.2 (7.1) per cent respectively. The fraud that was uncovered in August impacts the earnings by SEK -10.1 million. This is just over USD 0.3 million lower than previously communicated since some repayment has been made. The investigation is still ongoing, led by the federal police in the United States. The underlying positive earnings trend in the business area is a result of increased sales of the GARDEL software.
Operating profit, MSEK
The Scandpower business area is a world-leader in development and support of software for reactor analysis that is independent of fuel suppliers. We offer a complete suite oflicensed software and engineering services. Our products are used throughout the world for reactor fuel and core construction, analysis and operational support.
Waste Management Technology
Sales for the quarter amounted to SEK 7.8 (12.6) million and for the first nine months to SEK 23.8 (28.9) million, a decrease in local currencies of -37.5 and -17.6 per cent respectively.
The operating result for the quarter was SEK -0.6 (4.6) million and for the first nine months SEK -4.2 (0.6) million. The decrease in sales is mainly due to lower licence sales compared with the previous year.
In the first nine months the delivery of engineering services under ongoing licensing agreements was delayed somewhat and has thus been shifted forward in time. The demonstration facility for Studsvik's patented inDRUM technology has been put into operation and the first customer visits took place in September.
Operating profit, MSEK
Q3-23Q4-23Q1-24Q2-24Q3-24
The business area offers licensed technical solutions to stabilize and reduce the volume of radioactive waste before intermediate storage and final disposal. The technical solutions are offered together with engineering services so that our customers can operate the facilities themselves. We alsoprovide expertise to optimize customers'waste managementduring operation and decommissioning.
Other
Parent company
Operations in the parent company consist of coordination of the Group. Sales in the quarter amounted to SEK 2.4 (2.1) million and for the first nine months to SEK 7.3 (6.4) million. The operating result for the quarter was
SEK -3.4 (-3.7) million and for the first nine months was SEK -13.3 (-10.3) million.
Pre-tax profit for the quarter was SEK -10.8 (-4.3) million and for the first nine months SEK -1.5 (0.1) million.
Net financial items include remeasurement of intra-group loans at SEK -7.0 (-2.1) million for the quarter and at
SEK 1.0 (6.5) million for the first nine months. As at 30 September, cash and cash equivalents including current investments amounted to SEK - (7.5) million, of which blocked funds were SEK - (7.5) million. Interest-bearing liabilities were SEK 172.9 (64.4) million.
Shareholders
Information on our shareholders can be found at: https://www.studsvik.com/investors/thestudsvik-share/.
Risks and uncertainties
An overall analysis of the Group's risks and how these are managed can be found in the Annual Report, which is available on the company's website.
https://www.studsvik.com/investors/financial-reports/
Events after the balance sheet day
On 15 October Studsvik submitted its statement to the administrative court regarding the injunction from the Swedish Radiation Safety Authority relating to the retrieval of radioactive waste. Studsvik requests that administrative court to annul the Swedish Radiation Protection Authority's decision. On 16 October Karl Thedéen became the new President and CEO, replacing Camilla Hoflund.
Accounting policies
Studsvik applies International Financial Reporting Standards (IFRS) as endorsed 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 along with the Swedish Annual Accounts Act. No new standards, revised standards or interpretations applicable to financial years starting on or after 1 January 2024 that were not already applied when preparing the annual report for 2023 have had any material effect on the accounts.
The total amounts in tables and statements may not always add up due to rounding differences. The aim is that each line item should correspond to its source and rounding differences may therefore arise in the total.
Nyköping October 23, 2024
Karl Thedéen President and CEO
Review report
To the Board of Directors of Studsvik AB
Corp. id. 556501-0997
Introduction
We have reviewed the condensed interim financial information (interim report) of Studsvik AB as of 30 September 2024 and the nine-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on ourreview.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on ourreview, nothing has come to our attention that causes us to believe thatthe interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act.
Stockholm den
KPMG AB
Jonas Eriksson
Authorized Public Accountant
Financial reports
Consolidated statement of profit or loss and other comprehensive income
| Q3 | Jan-Sep | Jan-Dec | |||
|---|---|---|---|---|---|
| Amounts in SEK million | 2024 | 2023 | 2024 | 2023 | 2023 |
| Net sales | 200.8 | 195.2 | 645.8 | 597.6 | 826.0 |
| Cost of services sold | -160.5 | -139.6 | -503.1 | -453.7 | -616.4 |
| Gross profit | 40.3 | 55.6 | 142.7 | 144.0 | 209.7 |
| Selling and marketing expenses | -12.9 | -13.1 | -41.5 | -38.1 | -52.9 |
| Administrative expenses | -20.2 | -17.4 | -62.6 | -56.7 | -78.9 |
| Research and development costs | -3.4 | -3.0 | -10.6 | -8.7 | -11.9 |
| Impairment loss on trade receivables | - | - | - | - | 0.2 |
| Share in earnings from associated companies |
-0.1 | -0.1 | -0.2 | -0.3 | -0.4 |
| Other operating income | 3.9 | 2.7 | 9.7 | 9.1 | 13.4 |
| Other operating expenses | -8.1 | -1.8 | -12.3 | -4.5 | -5.7 |
| Operating profit | -0.5 | 22.9 | 25.2 | 44.8 | 73.4 |
| Financial income | 0.0 | 0.5 | 6.1 | 1.5 | 1.1 |
| Financial expenses | -4.6 | -2.3 | -13.6 | -10.1 | -16.1 |
| Profit/loss before tax | -5.1 | 21.0 | 17.7 | 36.2 | 58.4 |
| Income tax | -2.0 | -5.2 | -6.8 | -6.1 | -9.8 |
| NET PROFIT/LOSS FOR THE PERIOD | -7.2 | 15.9 | 10.9 | 30.1 | 48.6 |
| Other comprehensive income for the period Items that may later be reversed in the |
|||||
| income statement Translation differences on foreign subsidiaries |
-8.2 | -6.4 | 5.7 | 11.9 | -7.9 |
| Remeasurement of defined benefit pension plans |
- | - | - | - | 1.0 |
| Income tax on items recognized in other comprehensive income |
1.4 | - | -0.2 | - | 1.0 |
| Other comprehensive income for the period, net after tax |
-6.7 | -6.4 | 5.5 | 11.9 | -5.9 |
| Total profit/loss and other comprehensive income for the period |
-13.9 | 9.5 | 16.4 | 42.0 | 42.7 |
| Income for the period attributable to | |||||
| Parent company's shareholders | -7.2 | 15.9 | 10.9 | 30.1 | 48.6 |
| Total comprehensive income attributable to |
|||||
| Parent company's shareholders | -13.9 | 9.5 | 16.4 | 42.0 | 42.7 |
| Earnings per share calculated on income attributabel to the parent company's shareholders during the period, SEK |
-0.87 | 1.93 | 1.32 | 3.67 | 5.91 |
| Earnings per share | -0.87 | 1.93 | 1.32 | 3.67 | 5.91 |
Group statement of financial position, in summary
| 30 Sep | 31 Dec | ||
|---|---|---|---|
| Amounts in SEK million | 2024 | 2023 | 2023 |
| ASSETS | |||
| Intangible assets | 242.7 | 210.0 | 200.7 |
| Property, plant and equipment | 279.2 | 232.6 | 237.4 |
| Other non-current assets | 210.1 | 210.4 | 211.4 |
| Total non-current assets | 732.0 | 653.0 | 649.4 |
| Inventories | 17.8 | 18.9 | 16.3 |
| Trade receivables | 105.7 | 133.3 | 141.7 |
| Other current receivables | 130.4 | 115.5 | 102.0 |
| Cash and cash equivalents | 71.3 | 92.6 | 97.8 |
| Total current assets | 325.1 | 360.3 | 357.8 |
| TOTAL ASSETS | 1,057.1 | 1,013.3 | 1,007.2 |
| EQUITY AND LIABILITIES | |||
| Equity attributable to the parent company's shareholders | 389.1 | 447.8 | 389.2 |
| Total equity | 389.1 | 447.8 | 389.2 |
| Liabilities to credit institutions, long-term | 72.1 | 58.2 | 29.5 |
| Provisions and other non-current liabilities | 219.3 | 214.5 | 216.9 |
| Total non-current liabilities | 291.5 | 272.7 | 246.4 |
| Trade and other payables | 264.8 | 267.9 | 272.3 |
| Liabilities to credit institutions, short-term | 111.7 | 24.9 | 99.3 |
| Total current liabilities | 376.5 | 292.8 | 371.6 |
| TOTAL EQUITY AND LIABILITIES | 1,057.1 | 1,013.3 | 1,007.2 |
Changes in equity, in summary
| Amounts in SEK million | Share capital |
Other contribute d capital |
Other reserves |
Retained earnings |
Equity attributable to the parent company's shareholders |
Non-control ling interest |
Total share holders equity |
|---|---|---|---|---|---|---|---|
| Opening balance at January 1, 2023 | 8.2 | 225.3 | 68.8 | 133.7 | 436.0 | - | 436.0 |
| Changes January 1 - September 30, 2023 Other comprehensive income for the |
|||||||
| period | - | - | 11.9 | - | 11.9 | - | 11.9 |
| Acquisition of non-controlling interest | - | - | - | -13.8 | -13.8 | - | -13.8 |
| Dividend | - | - | - | -16.4 | -16.4 | - | -16.4 |
| Net profit for the period | - | - | - | 30.1 | 30.1 | - | 30.1 |
| Closing balance at September 30, 2023 |
8.2 | 225.3 | 80.8 | 133.6 | 447.8 | - | 447.8 |
| Opening balance at January 1, 2024 | 8.2 | 225.3 | 62.9 | 92.9 | 389.2 | - | 389.2 |
| Changes January 1 - September 30, 2024 |
|||||||
| Other comprehensive income for the period |
- | - | 5.5 | - | 5.5 | - | 5.5 |
| Acquisition of non-controlling interest | - | - | - | - | - | - | - |
| Dividend | - | - | - | -16.4 | -16.4 | - | -16.4 |
| Net profit for the period | - | - | - | 10.9 | 10.9 | - | 10.9 |
| Closing balance at September 30, 2024 |
8.2 | 225.3 | 68.3 | 87.3 | 389.1 | - | 389.1 |
Group statement of cash flow, in summary
| Q3 | Jan-Sep | Jan-Dec | |||
|---|---|---|---|---|---|
| Amounts in SEK million | 2024 | 2023 | 2024 | 2023 | 2023 |
| Cash flow from operating activities | |||||
| Operating profit | -0.5 | 22.9 | 25.2 | 44.8 | 73.4 |
| Adjustments for non-cash items | 7.9 | -1.9 | 18.4 | -7.6 | -0.6 |
| Financial items, net | -3.3 | -1.5 | -8.9 | -5.3 | -7.8 |
| Income tax paid | -4.7 | -3.0 | -18.3 | -13.4 | -16.2 |
| Cash flow from operating activities before change in working capital |
-0.6 | 16.5 | 16.3 | 18.6 | 48.8 |
| Change in working capital | 38.6 | -27.0 | 4.9 | 14.9 | 33.6 |
| Cash flow from operating activities | 38.0 | -10.5 | 21.2 | 33.5 | 82.4 |
| Investing activities | |||||
| Acquisition of operations, net of cash | -37.3 | - | -37.3 | - | - |
| Acquisition of property, plant and equipment |
-19.5 | -13.0 | -54.9 | -31.1 | -41.7 |
| Disposal of non-current assets | 0.2 | 0.1 | 11.5 | 9.6 | 10.8 |
| Other cash flow from investing activities | 0.0 | - | 0.0 | - | -0.1 |
| Cash flow from investing activities | -56.4 | -12.9 | -80.6 | -21.5 | -31.0 |
| Free cash flow | -18.4 | -23.4 | -59.3 | 12.0 | 51.4 |
| Financing activities | |||||
| New loans | 25.0 | - | 25.0 | - | 27.0 |
| Amortization of loans | -11.3 | -2.4 | -19.8 | -11.7 | -18.3 |
| Changed use of bank overdraft facility | 18.4 | 22.9 | 41.6 | -14.0 | 8.9 |
| Dividend to shareholders | - | - | -16.4 | -16.4 | -16.4 |
| Acquisition of non-controlling interest | - | - | - | - | -73.0 |
| Cash flow from financing activities | 32.1 | 20.5 | 30.3 | -42.2 | -71.8 |
| Cash flow for the period | 13.7 | -2.9 | -29.0 | -30.2 | -20.4 |
| Cash and cash equivalents at the start of the period |
58.3 | 96.5 | 97.8 | 120.1 | 120.1 |
| Exchange differences on cash and cash equivalents |
-0.8 | -1.0 | 2.5 | 2.7 | -1.8 |
| Cash and cash equivalents at the end of the period |
71.3 | 92.6 | 71.3 | 92.6 | 97.8 |
Net sales per geographical area
| Q3 | Jan-Sep | Jan-Dec | |||
|---|---|---|---|---|---|
| Amounts in SEK million | 2024 | 2023 | 2024 | 2023 | 2023 |
| Sweden | 36.9 | 34.7 | 143.7 | 118.7 | 178.8 |
| Germany | 79.3 | 73.0 | 230.7 | 229.9 | 303.8 |
| The rest of Europe | 37.3 | 47.3 | 133.0 | 125.6 | 162.6 |
| North America | 28.5 | 15.2 | 81.1 | 53.6 | 93.5 |
| Asia | 18.8 | 25.0 | 56.4 | 69.8 | 87.3 |
| Other | 0.0 | 0.0 | 0.9 | 0.0 | - |
| Total | 200.8 | 195.2 | 645.8 | 597.6 | 826.0 |
Data per share
| Q3 | Jan-Sep | Jan-Dec | |||
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2023 | |
| Number of shares at the end of the period | 8,218,611 | 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 | 8,218,611 |
| Earnings per share before and after dilution |
-0.87 | 1.93 | 1.32 | 3.67 | 5.91 |
| Equity per share, SEK | 47.35 | 54.49 | 47.35 | 54.49 | 47.36 |
Financial ratios for the group
| Jan-Sep | |||
|---|---|---|---|
| 2024 | 2023 | 2023 | |
| Margins | |||
| Operating margin, % | 3.9 | 7.5 | 8.9 |
| Profit margin, % | 2.7 | 6.1 | 7.1 |
| Return on investment | |||
| Return on capital employed, % | 10.9 | 15.3 | 14.4 |
| Return on equity, % | 7.4 | 11.7 | 11.2 |
| Capital structure | |||
| Capital employed | 572.9 | 530.9 | 518.0 |
| Equity | 389.1 | 447.8 | 389.2 |
| Net debt | 112.5 | -9.6 | 31.0 |
| Net debt/equity ratio, % | 28.9 | -2.1 | 8.0 |
| Equity-asset ratio, % | 36.8 | 44.2 | 38.6 |
| Employees | |||
| Average number of employees | 551 | 528 | 531 |
| Net sales per employee | 1.6 | 1.5 | 1.6 |
See Definitions of key figures and ratios for a definition of alternative performance measures.
Quarterly review
| 2022 | 2023 | 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amounts in SEK million | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| Net sales | 187.8 | 203.1 | 195.3 | 228.6 | 188.8 | 213.6 | 195.2 | 228.4 | 209.4 | 235.5 | 200.8 | - |
| Operating expenses | -180.8 | -194.9 | -169.2 | -195.1 | -178.9 | -201.6 | -172.3 | -199.8 | -197.4 | -221.9 | -201.3 | - |
| Operating profit | 7.0 | 8.2 | 26.1 | 33.5 | 9.9 | 12.0 | 22.9 | 28.6 | 12.0 | 13.7 | -0.5 | - |
| Net financial items | -3.8 | -2.0 | 2.0 | -6.9 | -4.4 | -2.3 | -1.9 | -6.4 | -1.3 | -1.5 | -4.6 | - |
| Profit/loss after financial items | 3.2 | 6.2 | 28.1 | 26.5 | 5.5 | 9.7 | 21.0 | 22.1 | 10.7 | 12.2 | -5.1 | - |
Segment information
| Q3 | Jan-Sep | Jan-Dec | ||||
|---|---|---|---|---|---|---|
| Amounts in SEK million | 2024 | 2023 | 2024 | 2023 | 2023 | |
| Decomissioning & radiation protection | ||||||
| services | ||||||
| Net sales | 95.6 | 86.1 | 278.9 | 263.1 | 336.7 | |
| Operating profit | 6.9 | 5.0 | 16.8 | 19.0 | 18.7 | |
| Assets | 333.5 | 267.5 | 333.5 | 267.5 | 238.4 | |
| Liabilities | 201.5 | 193.5 | 201.5 | 193.5 | 166.4 | |
| Investments | 4.8 | 0.3 | 7.6 | 1.7 | 2.4 | |
| Average number of employees | 340 | 319 | 341 | 321 | 324 | |
| Fuel and materials technology | ||||||
| Net sales | 60.6 | 68.1 | 240.9 | 214.8 | 310.1 | |
| Operating profit | -7.3 | 16.9 | 15.3 | 29.8 | 44.3 | |
| Assets | 486.8 | 507.9 | 486.8 | 507.9 | 534.6 | |
| Liabilities | 273.2 | 299.1 | 273.2 | 299.1 | 334.0 | |
| Investments | 13.8 | 11.7 | 39.8 | 29.9 | 38.5 | |
| Average number of employees | 154 | 149 | 154 | 149 | 149 | |
| Scandpower | ||||||
| Net sales | 44.3 | 32.0 | 118.3 | 99.7 | 152.1 | |
| Operating profit | 3.6 | 0.1 | 9.7 | 7.0 | 25.7 | |
| Assets | 222.1 | 210.7 | 222.1 | 210.7 | 222.3 | |
| Liabilities | 70.2 | 61.3 | 70.2 | 61.3 | 70.7 | |
| Investments | 0.3 | 0.2 | 0.6 | 7.6 | 8.0 | |
| Average number of employees | 39 | 42 | 39 | 42 | 42 | |
| Waste management technology Net sales |
7.8 | 12.6 | 23.8 | 28.9 | 40.1 | |
| -0.6 | 4.6 | -4.2 | 0.6 | 0.6 | ||
| Operating profit Assets |
171.4 | 171.4 | ||||
| Liabilities | 167.3 169.7 |
163.2 | 167.3 169.7 |
163.2 | 163.2 155.0 |
|
| Investments | 6.2 | 1.2 | 14.9 | 2.0 | 5.1 | |
| Average number of employees | 9 | 9 | 9 | 9 | 9 | |
| Other | ||||||
| Net sales | 2.8 | 2.5 | 8.5 | 7.5 | 11.3 | |
| Operating profit | -3.0 | -3.7 | -12.4 | -11.6 | -15.7 | |
| Assets | 316.3 | 311.3 | 316.3 | 311.3 | 317.5 | |
| Liabilities | 422.2 | 303.8 | 422.2 | 303.8 | 360.6 | |
| Investments | - | 0.0 | - | 0.0 | 0.5 | |
| Average number of employees | 8 | 7 | 8 | 7 | 7 | |
| Elimination | ||||||
| Net sales | -10.3 | -6.1 | -24.7 | -16.4 | -24.3 | |
| Operating profit | - | - | - | - | - | |
| Assets | -468.8 | -455.4 | -468.8 | -455.4 | -468.7 | |
| Liabilities | -468.8 | -455.4 | -468.8 | -455.4 | -468.7 | |
| Investments | - | - | - | - | - | |
| Average number of employees | - | - | - | - | - | |
| Group | ||||||
| Net sales | 200.8 | 195.2 | 645.8 | 597.6 | 826.0 | |
| Operating profit | -0.5 | 22.9 | 25.2 | 44.8 | 73.4 | |
| Assets | 1,057.1 | 1,013.4 | 1,057.1 | 1,013.4 | 1,007.2 | |
| Liabilities | 668.0 | 565.5 | 668.0 | 565.5 | 618.0 | |
| Investments | 25.0 | 13.4 | 63.0 | 41.2 | 54.5 | |
| Average number of employees | 550 | 526 | 551 | 528 | 531 | |
Data per segment cont. – sales per geographical area
| Q3 | Jan-Sep | Jan-Dec | |||
|---|---|---|---|---|---|
| Amounts in SEK million | 2024 | 2023 | 2024 | 2023 | 2023 |
| Decomissioning & radiation protection | |||||
| services | |||||
| Sweden | 5.4 | - | 5.4 | - | - |
| Germany | 73.3 | 61.9 | 207.7 | 203.2 | 264.0 |
| The rest of Europe | 15.5 | 23.4 | 62.3 | 58.3 | 69.1 |
| North America | 0.1 | - | 0.1 | - | - |
| Asia | - | - | - | - | 0.1 |
| Other | - | - | - | - | - |
| Total | 94.4 | 85.3 | 275.6 | 261.5 | 333.2 |
| Fuel and materials technology | |||||
| Sweden | 25.1 | 31.2 | 117.1 | 106.2 | 151.8 |
| Germany | 2.8 | 8.2 | 16.1 | 19.5 | 31.6 |
| The rest of Europe | 11.9 | 11.3 | 38.2 | 32.4 | 51.9 |
| North America | 9.6 | 0.9 | 26.4 | 3.7 | 7.4 |
| Asia | 9.2 | 15.3 | 37.4 | 49.7 | 63.0 |
| Other | - | - | - | - | - |
| Total | 58.6 | 66.9 | 235.2 | 211.5 | 305.6 |
| Scandpower | |||||
| Sweden | 1.7 | 1.6 | 4.8 | 3.8 | 12.4 |
| Germany | 3.3 | 2.9 | 6.8 | 7.3 | 8.3 |
| The rest of Europe | 9.4 | 5.6 | 30.2 | 21.1 | 27.1 |
| North America | 16.1 | 10.6 | 49.4 | 43.5 | 74.9 |
| Asia | 9.5 | 9.8 | 19.1 | 20.1 | 24.3 |
| Other | 0.0 | 0.0 | 0.9 | 0.0 | - |
| Total | 40.1 | 30.4 | 111.1 | 95.7 | 147.1 |
| Waste management technology | |||||
| Sweden | 4.7 | 2.1 | 16.4 | 8.8 | 14.5 |
| Germany | - | - | - | - | - |
| The rest of Europe | 0.5 | 7.0 | 2.3 | 13.8 | 14.5 |
| North America | 2.6 | 3.6 | 5.1 | 6.4 | 11.2 |
| Asia | - | - | - | - | - |
| Other | - | - | - | - | - |
| Total | 7.8 | 12.7 | 23.8 | 29.0 | 40.1 |
| Other | |||||
| Sweden | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Germany | - | - | - | - | - |
| The rest of Europe | - | - | - | - | - |
| North America | - | - | - | - | - |
| Asia | - | - | - | - | - |
| Other | - | - | - | - | - |
| Total | 0.0 | - | 0.0 | - | 0.0 |
| Group | |||||
| Sweden | 36.9 | 34.8 | 143.7 | 118.8 | 178.8 |
| Germany | 79.3 | 73.0 | 230.7 | 229.9 | 303.8 |
| The rest of Europe | 37.3 | 47.3 | 133.0 | 125.6 | 162.6 |
| North America | 28.5 | 15.1 | 81.1 | 53.6 | 93.5 |
| Asia | 18.8 | 25.1 | 56.4 | 69.8 | 87.3 |
| Other | 0.0 | 0.0 | 0.9 | 0.0 | - |
| Total | 200.8 | 195.2 | 645.8 | 597.6 | 826.0 |
Parent company income statement, in summary
| Q3 Jan-Sep |
Jan-Dec | ||||
|---|---|---|---|---|---|
| Amounts in SEK million | 2024 | 2023 | 2024 | 2023 | 2023 |
| Net sales | 2.4 | 2.1 | 7.3 | 6.4 | 9.7 |
| Cost of services sold | - | - | - | - | - |
| Gross profit | 2.4 | 2.1 | 7.3 | 6.4 | 9.7 |
| Other operating income and expenses | -5.8 | -5.8 | -20.6 | -16.7 | -24.2 |
| Operating profit | -3.4 | -3.7 | -13.3 | -10.3 | -14.5 |
| Result from participations in Group companies |
- | - | 10.3 | - | - |
| Net financial items | -7.4 | -0.6 | 1.5 | 10.4 | -0.6 |
| Profit/loss before tax | -10.8 | -4.3 | -1.5 | 0.1 | -15.1 |
| Appropriations | - | - | - | - | 26.0 |
| Income tax | 2.3 | 0.8 | 2.7 | 0.1 | -2.1 |
| NET PROFIT/LOSS FOR THE PERIOD | -8.5 | -3.5 | 1.3 | 0.2 | 8.8 |
Parent company balance sheet, in summary
| 30 Sep | 31 Dec | ||
|---|---|---|---|
| Amounts in SEK million | 2024 | 2023 | 2023 |
| ASSETS | |||
| Intangible fixed assets | - | - | - |
| Financial assets | 701.4 | 595.0 | 637.7 |
| Total non-current assets | 701.4 | 595.0 | 637.7 |
| Current assets | 20.1 | 7.5 | 30.4 |
| Cash and cash equivalents | - | 7.5 | 7.0 |
| Total current assets | 20.1 | 15.0 | 37.4 |
| TOTAL ASSETS | 721.5 | 610.0 | 675.1 |
| EQUITY AND LIABILITIES | |||
| Restricted equtiy | 233.5 | 233.5 | 233.5 |
| Non-restricted equity | 48.3 | 54.8 | 63.5 |
| Total equity | 281.8 | 288.3 | 297.0 |
| Non-current liabilities | 183.5 | 131.7 | 110.4 |
| Current liabilities | 256.2 | 190.1 | 267.8 |
| Total liabilities | 439.7 | 321.8 | 378.2 |
| TOTAL EQUITY AND LIABILITIES | 721.5 | 610.0 | 675.1 |
Reconciliations of key ratios
Return on capital employed
| 30 Sep | 31 Dec | |||
|---|---|---|---|---|
| Amounts in SEK million | 2024 | 2023 | 2023 | |
| Profit/loss after financial items | 17.7 | 36.2 | 58.4 | |
| Financial expenses according to the income statement | 13.6 | 10.1 | 16.1 | |
| Total | 31.3 | 46.3 | 74.5 | |
| Balance sheet total | 1,013.3 | 1,021.2 | 1,022.4 | |
| Provisions and other non-current liabilities | -214.5 | -232.3 | -227.9 | |
| Trade and other payables | -267.9 | -232.1 | -257.4 | |
| Opening capital employed | 530.9 | 556.8 | 537.1 | |
| Balance sheet total | 1,057.1 | 1,013.3 | 1,007.2 | |
| Provisions and other non-current liabilities | -219.3 | -214.5 | -216.9 | |
| Trade and other payables | -264.8 | -267.9 | -272.3 | |
| Closing capital employed | 572.9 | 530.9 | 518.0 | |
| Average capital employed | 542.1 | 520.4 | 515.6 | |
| Return on capital employed (last four quarters) | 10.9 | 15.3 | 14.4 |
See Definitions of key figures and ratios for a definition of alternative performance measures.
Return on equity
| 30 Sep | 31 Dec | ||
|---|---|---|---|
| Amounts in SEK million | 2024 | 2023 | 2023 |
| NET PROFIT/LOSS FOR THE PERIOD | 10.9 | 30.1 | 48.6 |
| Total | 10.9 | 30.1 | 48.6 |
| Opening equity | 447.8 | 424.5 | 436.0 |
| Closing equity | 389.1 | 447.8 | 389.2 |
| Return on equity (last four quarters) | 7.4 | 11.7 | 11.2 |
See Definitions of key figures and ratios for a definition of alternative performance measures.
Net debt
| 30 Sep | |||
|---|---|---|---|
| Amounts in SEK million | 2024 | 2023 | 2023 |
| Current borrowing | 111.7 | 24.9 | 99.3 |
| Non-current borrowing | 72.1 | 58.2 | 29.5 |
| Total liabilities | 183.8 | 83.0 | 128.8 |
| Cash and cash equivalents | 71.3 | 92.6 | 97.8 |
| Net debt | 112.5 | -9.6 | 31.0 |
See Definitions of key figures and ratios for a definition of alternative performance measures.
Business combinations
On 1 July, 100 per cent of the shares in Extrem Borr och Sågteknik SP AB (EBS) were acquired. The purchase consideration paid amounted to SEK 37.3 million on a cash and debt free basis, excluding contingent consideration. The company specialises in various types of segmentation, primarily in the nuclear power industry. EBS is based in Ängelholm and has eight employees, who project-manage and carry out various types of dismantling projects. EBS has annual turnover of more than SEK 30 million, with an operating margin in the order of 30 per cent. The expertise and machinery provided by EBS complements Studsvik's operations, and the business has been incorporated into the Decommissioning and Radiation Protection Services business area. Together with EBS, Studsvik can offer customers a more complete service.
Purchase price allocation, preliminary
In the purchase price allocation below, calculations of intangible assets and goodwill are only preliminary. The purchase price allocation will be finalised no later than one year after the acquisition has taken place.
| Fair value recognised on acquisition | ||
|---|---|---|
| 2024 | ||
| ASSETS | ||
| Intangible assets | 21.7 | |
| Other tangible assets | 2.0 | |
| Other current assets | 13.1 | |
| Cash and cash equivalents | 5.4 | |
| 42.2 | ||
| Liabilities | ||
| Other liabilities | -6.4 | |
| Provisions and other non-current liabilities | -5.5 | |
| -11.9 | ||
| Net identifiable assets and liabilities at fair value | 30.3 | |
| Goodwill | 17.1 | |
| Total purchase consideration | 47.4 | |
| of which recognized not yet paid contingent consideration of SEK -5,0 million | ||
| Total consideration | -42.4 | |
| Cash received | 5.2 | |
| Net decrease/(increase) in cash | -37.3 | |
Since the acquisition date, EBS has contributed SEK 5.5 million to the Group's consolidated net sales. The corresponding effect on operating profit is SEK 0.5 million. The purchase price allocation includes the value of customer relationships, employees with special expertise and expected synergies with the existing operations at Studsvik. The transaction costs incurred in connection with the acquisition amount to SEK 0.5 million and are reported as administrative expenses. If the acquisition had taken place at the beginning of 2024, the Group's revenue for the first nine months would have been SEK 15.2 million higher. The acquisition includes a contingent consideration based on established financial targets. The contingent consideration is due for payment within three years, with a maximum possible outcome of SEK 7.5 million.
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 analyse 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-asset 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/
Studsvik in brief
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 centres and other nuclear facilities.
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 75 years' experience of nuclear technology and radiological services.
Studsvik focuses on creating value for customers. When collaborating with customers we first gain detailed insight into their needs, operations and methods so that we can then work with them to develop specialist technical solutions to improve efficiency, extend lifetimes or create the conditions for alternative, more effective solutions.
Studsvik has 530 employees in 7 countries and the company's shares are listed on Nasdaq Stockholm.
The interim report will be presented at a conference call to be held in English, on October 23, 2024, at16:00 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 October 23, 2024, at 08:30 am CEST.
Time schedule for financial information
Year-end Report 2024, 10February 2025
Annual Report 2024 March 2025
Interim Report Quarter 1 2025, 24 April 2025
Annual General Meeting 2024, 25 April 2025
Interim Report Quarter 2 2025, 23 July 2025
Interim Report Quarter 3 2025, 28 October 2025
For further information, please contact
Peter Teske, Chief Financial Officer, tel +46 (0)76 496 60 41
Karl Thedéen President and Chief Executive Officer, tel +46 (0)70-656 65 08