INTERIM REPORT - Studsvikinvestors.studsvik.com/files/press/studsvik/201910227903-1.pdf · Profit...

INTERIM REPORTthird quarter2019

Studsvik's Interim Report Third Quarter 2019

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July-September

2019

July-September

2018

January-September

2019

January-September

2018

Full year

2018

Sales. SEK million 151.2 167.2 451.4 538.6 726.1

Operating profit. SEK million –4.1 9.5 –30.8 33.7 33.5

Profit after tax. SEK million –5.8 4.5 –39.7 14.9 8.7

Free cash flow. SEK million 1.9 –0.8 –46.0 24.8 54.2

Net debt. SEK million 84.6 73.4 84.6 73.4 44.4

Net debt/equity ratio. % 28.2 22.9 28.2 22.9 14.0

Profit per share after tax. SEK –0.71 0.55 –4.83 1.81 1.06

Equity per share. SEK 36.58 39.02 36.58 39.02 38.47

• Sales in the third quarter decreased in local currencies by 12 per cent and amounted to SEK 151.2 (167.2) million.

• Operating profit for the quarter amounted to SEK –4.1 (9.5) million. Items affecting com-parability of SEK –8.5 (9.7) million are included. Adjusted for these items, the operating profit was SEK 4.4 (–0.2) million.

• The free cash flow during the quarter was SEK 1.9 (–0.8) million.


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SalesMarket activity continues to be good but long selling-in processes create uncertainty about the timing of major contracts.

Sales in the quarter in local currencies were 12 per cent lower than the previous year and amounted to SEK 151.2 (167.2) million.

In the first three quarters of the year sales in local cur-rencies were 19 per cent lower than the previous year and amounted to SEK 451.4 (538.6) million. The lower sales figure is mainly due to a major sale of software from Scandpower being included in the previous year’s figure.

ProfitThe operating profit for the third quarter decreased to SEK –4.1 (9.5) million and for the first three quarters of the year to SEK –30.8 (33.7) million. During the quarter it was decided to streamline waste technology opera-tions. Consequently, profit was reduced by close-down costs for staff and offices in England and Sweden of SEK –8.5 (9.7) million during the quarter and SEK –14.8 (8.3) million in the year to date. Adjusted for items affecting comparability the operating margin increased to 2.9 (–0.1) per cent in the quarter but decreased to –3.5 (4.7) per cent in the three first quarters.

Net financial income was SEK –0.2 (–3.5) million for the third quarter and SEK –6.0 (–11.4) million for the year to date.

Profit/loss after tax decreased to SEK –5.8 (4.5) million for the quarter and to SEK –39.7 (14.9) million for the year to date.

Cash flow and financingThe free cash flow was SEK 1.9 (–0.8) million in the quarter and SEK –46.0 (24.8) million in the three first quarters. The improvement during the quarter is partly attributable to increased customer advances. The Group’s cash and cash equivalents at the end of the quarter amounted to SEK 36.9 million and the unutilized portion of the overdraft facility was SEK 27.5 million. During the quarter the overdraft facility of SEK 100 mil-lion was extended to the turn of the year 2020/2021.

Fuel and Materials TechnologySales in the third quarter were in line with the previous year and amounted to SEK 40.3 (40.0), but for the year’s first three quarters sales decreased to SEK 134.9 (159.9) million. In local currencies this means a decrease of 16 per cent. The decrease is due to postponed deliveries from 2017 to the first quarter of 2018 as a consequence of a breakdown in the Hot Cell facility and a higher per-centage of transport services in 2018.

The operating profit for the third quarter improved to SEK 3.1 (0.7) million, but remained unchanged in the year’s three first quarters and amounted to SEK 18.3 (18.4) million. The operating margin increased in the quarter to 7.7 (1.8) per cent and for the year’s three first quarters to 13.6 (11.5) per cent. The improved perfor-mance in the third quarter was mainly due to increased capacity utilization. The first delivery for Elekta’s gamma knife was produced at the beginning of October and another two are planned for the last quarter of 2019.

Waste Management TechnologySales decreased during the quarter to SEK 12.3 (18.8) million and during the first three quarters to SEK 42.1 (59.4) million. In local currencies this was a decrease of 37 and 32 per cent respectively. The decrease in sales is due to weak demand for consultancy services in the United Kingdom and Sweden and to the fact that to date no license business could be conducted during the year. The operating profit for the quarter deteriorated to SEK –13.2 (–8.7) million and to SEK –29.8 (–7.6) million for the three first quarters.

In the second and third quarters decisions were made to extensively reduce consulting operations in England and to close down offices. After these measures only a few employees will remain in England, engaged in the storage of low-level waste material in Cumbria. In Sweden staffing has been cut by half and the number of offices reduced. Items affecting comparability of SEK 8.5 million are included in earnings for the quarter and of SEK 14.0 million in earnings to date for the year. All in all, the changes implemented in the second and third quarters are expected to give an annual earnings im-provement of about SEK 10 million, starting in 2020.

Adjusted for items affecting comparability, the operat-ing margin decreased in the quarter to –38.2 (–33.0) per cent and to –37.5 (–6.2) per cent in the year’s three first quarters.

After the measures taken, marketing initiatives will be concentrated on license business with associated engi-neering services. In connection with the changed focus of business the business area changed its name to Waste Management Technology.

ScandpowerSales decreased during the quarter to SEK 19.6 (31.2) million and during the first three quarters of the year to SEK 68.9 (97.8) million. In local currencies this means decreased sales of 40 per cent for the quarter and 33 per cent during the year to date. Last year a large order was received from TVEL for SEK 38 million concerning software licenses and related services. License sales vary substantially over time. In the third quarter they were SEK 2.7 (13) million and for the year to date they were SEK 8.8 (40.6) million. However, there is a continued high level of interest for Scandpower’s products.

The operating profit for the quarter deteriorated to SEK –1.7 (1.2) million and to SEK –4.2 (20.9) million for the three first quarters of the year. The operating margin decreased to –8.7 (3.8) and –6.1 (21.4) per cent respec-tively.

GermanySales in the quarter were in line with the previous year and amounted to SEK 78.0 (78.3) but decreased in lo-cal currencies by 12 per cent in the first three quarters, amounting to 201.3 (219.6) million.

The operating profit improved in the quarter to SEK 8.6 (2.5) million but deteriorated to SEK –5.6 (–2.6) million for the year’s three first quarters. The improved performance in the quarter is due to the year’s mainte-nance outage period at customers being later than in the previous year. Capacity utilization was high in the quarter and sickness absence lower than before. The


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operating margin increased to 11.0 (3.2) per cent in the quarter and has remained more or less unchanged to date during the year, at –2.8 (–1.2) per cent.

Savings made and renegotiations of some major cus-tomer contracts will have an impact on earnings of SEK 10 million as of 2020.

InvestmentsInvestments decreased to SEK 5.9 (7.7) million in the quarter and increased to SEK 23.3 (20.8) million during the period. The year’s investments are mainly related to the production line for medical isotopes.

Financial position and liquidityThe interest-bearing net debt has increased to SEK 84.6 (73.4) million. The net debt/equity ratio at the close of the quarter was 28.2 (22.9) per cent.

PersonnelThe average number of employees decreased to 564 (631). The decrease is primarily attributable to the Ger-man and British operations.

Related party transactionsDuring the quarter a dividend of SEK 0.6 (0.3) million was received from UK Nuclear Waste Management Ltd.

Parent companyOperations in the parent company consist of coordina-tion of the Group. Parent company sales in the third quarter were SEK 3.8 (4.0) million and SEK 10.3 (12.1) million for the year to date. Operating profit/loss for the quarter was SEK –2.1 (0.2) million and during the year to date SEK –9.5 (–5.9) million.

Loss after financial items in the quarter was SEK –28.1 (–6.3) million and during the year to date SEK –28.8 (–3.8) million. The quarter was charged with SEK 33.1 million in impairment loss on the shareholding in Studsvik Ltd. Net financial income for the quarter in-cludes revaluation of intra-group loans by SEK 5.6 (–2.7) million and for the three first quarters SEK 12.9 (10.1) million. Cash and cash equivalents including current investments amounted to SEK 0.0 (32.2) million and interest-bearing liabilities to SEK 121.5 (199.5) million.

Risks and uncertaintiesAn overall analysis of the Group's risks and how they are dealt with is given in the Annual Report, which is available on the company's website. Apart from these risks, no further significant risks are deemed to have arisen. Events after the balance sheet dateThe Land and Environment Court has ordered Studsvik to provide a bank guarantee for future waste costs of SEK 43 million. The decision will be appealed to the Land and Environment Court of Appeal.

Accounting policies

Studsvik applies the International Financial Reporting Standards (IFRS) approved by the EU. This interim report was prepared for the Group in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Ac-counts Act. For the parent company, the Swedish Finan-cial Reporting Board recommendation RFR 2 Account-ing for Legal Entities and the Annual Accounts Act are applied. The accounting policies applied are in line with what is stated in the Annual Report for 2018, with the exception of new standards and revisions of standards and interpretations to be applied to the financial year starting on January 1, 2019 and that were not already applied when preparing the 2018 Annual Report. The standards that have an impact on the Group’s financial statements and are being applied for the first time in the financial year starting on January 1, 2019 are set out below:

IFRS 16: LeasesStudsvik applies IFRS 16 from January 1, 2019, using the simplified transition method. An exemption is made for contracts with a shorter maturity than 1 year and contracts whose value is less than USD 5,000.

Stockholm, October 22, 2019Camilla HoflundPresident and CEO


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Auditor's review report

Studsvik AB, corporate identity number 556501-0997

IntroductionWe have reviewed the condensed interim financial information (interim report) for Studsvik AB (publ) as at September 30, 2019 and the nine-month period then ended. The Board of Directors and the President are responsible for the preparation and presentation of this interim financial report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

Focus and scope of the reviewWe conducted our review in accordance with the Inter-national Standard on Review Engagements ISRE 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review con-sists of making inquiries, primarily of persons respon-sible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with ISA and other generally accepted auditing standards. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion that is expressed on the basis of a review does not give the same level of assurance as a conclu-sion based on an audit.

ConclusionBased on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Annual Accounts Act for the Group and, for the Parent Company, with the Annual Accounts Act.

Stockholm, October 22, 2019PricewaterhouseCoopers AB

Martin JohanssonAuthorized Public Accountant

Time Schedule for Financial InformationYear-end report 2019 February 13, 2020Interim report January-March 2020 April 29, 2020Interim report January-June 2020 July 21, 2020Interim report January-September 2020 October 23, 2020

For further information, please contactClaes Engvall, Chief Financial Officer, tel +46 72 231 04 58 orCamilla 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 October 22 at 14.00. 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. The information was released for public disclosure, through the agency of the contact persons above, on October 22, 2019, at 13.00.


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Consolidated statement of profit or loss and other comprehensive incomeAmounts in SEK million July-

September 2019

July-September

2018

January-September

2019

January-September

2018

Full year

2018

Net sales 151.2 167.2 451.4 538.6 726.1

Cost of services sold* –118.9 –131.6 –358.1 –402.1 –551.2

Gross profit 32.3 35.6 93.3 136.4 174.9

Selling and marketing expenses –11.0 –9.0 –36.5 –29.1 –39.9

Administrative expenses –21.2 –22.5 –73.4 –76.5 –107.9

Research and development costs* –1.9 –1.9 –5.7 –5.1 –9.0

Share in earnings from associated companies 1.9 1.7 5.6 9.0 10.6

Other operating income 0.9 13.6 4.9 16.5 17.3

Other operating expenses –5.1 −7.9 –19.0 −17.6 −12.5

Operating profit –4.1 9.5 –30.8 33.7 33.5

Financial income 1.3 3.0 3.1 3.2 4.0

Financial expenses –1.5 –6.5 –9.1 –14.6 –18.8

Profit/loss before tax –4.3 6.1 –36.8 22.3 18.7

Income tax –1.5 –1.6 –2.9 –7.4 −10.0

NET PROFIT/LOSS FOR THE PERIOD –5.8 4.5 –39.7 14.9 8.7

Other comprehensive income

Items that may later be reversed in the income statement

Translation differences on foreign subsidiaries 10.3 –4.5 22.9 18.0 19.6

Cash flow hedging 0.1 0.3 1.6 –0.9 –0.7

Income tax on items recognized in other comprehensive income 0.0 –0.1 –0.3 0.2 0.2

Other comprehensive income for the period. net after tax 10.4 –4.3 24.2 17.3 19.1

Total profit/loss and other comprehensive income for the period

4.6 0.2 –15.5 32.2 27.8

Income for the period attributable to

Parent company's shareholders –5.8 4.5 –39.7 14.9 8.7

Non-controlling interests – – – – –

Total comprehensive income attributable to

Parent company's shareholders 4.6 0.3 –15.5 32.2 27.7

Non-controlling interests 0.0 –0.1 0.0 0.0 0.1

Earnings per share calculated on income attribu table to the parent company's shareholders during the period. SEK –0.71 0.55 –4.83 1.81 1.06

Earnings per share (There is no dilution effect) –0.71 0.55 –4.83 1.81 1.06

*) Comparative year has been restated


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Group statement of financial positionAmounts in SEK million September

2019September

2018December

2018

ASSETS

Intangible assets 197.7 186.1 190.2

Property, plant and equipment 149.5 122.8 124.3

Other non-current assets 178.2 167.0 169.0

Total non-current assets 525.4 475.9 483.5

Inventories 3.6 1.2 0.5

Trade receivables 105.2 181.4 145.7

Other current receivables 111.3 126.1 115.4

Cash and cash equivalents 36.9 126.1 155.5

Total current assets 257.0 434.8 417.1

TOTAL ASSETS 782.4 910.7 900.6

EQUITY AND LIABILITIES

Equity attributable to parent company's shareholders 300.2 320.4 315.8

Non-controlling interests 0.4 0.3 0.4

Total equity 300.6 320.7 316.2

Borrowing 47.0 – –

Provisions and other non-current liabilities 151.7 163.7 166.6

Total non-current liabilities 198.7 163.7 166.6

Trade and other payables 208.6 226.8 217.9

Borrowing 74.5 199.5 199.9

Total current liabilities 283.1 426.3 417.8

TOTAL EQUITY AND LIABILITIES 782.4 910.7 900.6

Changes in equityAmounts in SEK million

Share capital

Other contributed

capital ReservesRetained earnings

Equity attrib u table

to the parent company's

shareholders

Non-controlling

interest Total equity

Equity at December 31, 2017 8.2 225.3 4.8 49.9 288.1 0.3 288.4

Changes January 1 – September 30, 2018Comprehensive income for the period – – 17.3 14.9 32.2 – 32.2

Equity at September 30, 2018 8.2 225.3 22.1 64.8 320.4 0.3 320.7

Changes October 1 – December 31, 2018Comprehensive income for the period – – 1.7 –6.3 –4.6 0.1 –4.5

Equity at December 31, 2018 8.2 225.3 23.8 58.5 315.8 0.4 316.2

Changes January 1 – September 30, 2019Comprehensive income for the period – – 24.1 –39.7 –15.6 0.0 –15.6

Equity at September 30, 2019 8.2 225.3 47.9 18.9 300.2 0.4 300.6


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Group statement of cash flowAmounts in SEK million July-

September 2019

July-September

2018

January-September

2019

January-September

2018

Full year

2018

Cash flow from operating activities

Operating profit –4.1 9.5 –30.8 33.7 33.5

Adjustment for non-cash items 5.5 5.5 –5.8 6.2 16.3

Financial items, net –0.3 –3.6 –4.8 –10.8 −14.4

Income tax paid –1.5 –1.8 –8.5 –6.3 –6.4

Cash flow from operating activities before change in working capital

–0.4 9.6 –49.9 22.8 29.0

Change in working capital 7.6 –4.0 20.2 16.2 51.3

Cash flow from operating activities 7.2 5.6 –29.7 39.0 80.3

Investing activities

Acquisition of property, plant and equipment –5.9 –7.7 –23.3 –20.8 –32.1

Disposal of non-current assets – – 0.1 – 0.5

Dividend from associated companies 0.6 0.3 6.9 5.6 5.5

Other cash flow from investing activities – 1.0 – 1.0 –

Cash flow from investment activities –5.3 –6.4 –16.3 –14.2 –26.1

Free cash flow1.9 –0.8 –46.0 24.8 54.2

Financing activities

Change in borrowing 2.6 – –81.9 – –

Cash flow from financing activities 2.6 – –81.9 – –

Changes in cash and cash equivalents 4.5 –0.8 –127.9 24.8 54.2

Cash and cash equivalents at the beginning of the period 27.6 127.5 155.5 98.7 98.7

Translation difference 4.8 –0.6 9.3 2.6 2.6

Cash and cash equivalents at the end of the period 36.9 126.1 36.9 126.1 155.5


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Net sales per geographical areaAmounts in SEK million July-

September 2019

July-September

2018

January-September

2019

January-September

2018

Full year

2018

Sweden 27.1 29.4 83.0 96.1 126.9

Europe 109.3 108.6 304.3 367.1 484.3

North America 13.3 17.7 42.0 43.0 71.3

Asia 1.5 11.9 22.1 32.4 43.6

Other – –0.4 – – –

Total 151.2 167.2 451.4 538.6 726.1

Data per share July-September

2019

July-September

2018

January-September

2019

January-September

2018

Full year

2018

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

Profit/loss for the period –0.71 0.55 –4.83 1.81 1.06

Equity per share, SEK 36.58 39.02 36.58 39.02 38.47

Financial ratios for the GroupAmounts in SEK million September

2019September

2018Full year

2018

MarginsOperating margin, % –6.8 6.3 4.6

Profit margin, % –8.2 4.1 2.6

Return on investmentReturn on capital employed, % –5.9 7.2 7.4

Return on equity, % –12.9 4.9 2.9

Capital structureCapital employed 422.1 520.2 516.1

Equity 300.6 320.7 316.2

Net debt 84.6 73.4 44.4

Net debt/equity ratio, % 28.2 22.9 14.0

Equity/assets ratio, % 38.4 35.2 35.1

EmployeesAverage number of employees 564 631 624

Net sales per employee 1.1 1.1 1.2

Quarterly reviewAmounts in SEK million

Continuing operations2017

Q1 Q2 Q3 Q42018

Q1 Q2 Q3 Q42019

Q1 Q2 Q3

Net sales 179.6 176.6 183.3 165.4 197.4 174.0 167.2 187.6 139.9 160.3 151.2

Operating expenses –181.6 –196.0 –167.8 –201.1 –175.2 –172.0 −157.7 −187.9 –158.5 –168.4 –155.3

Operating profit –2.0 –19.4 15.5 –35.7 22.2 2.0 9.5 −0.3 –18.6 –8.1 –4.1

Financial items, net –5.1 –3.7 –4.6 –3.7 –3.6 –4.4 −3.4 −3.5 –4.7 –1.1 –0.2

Profit/loss after financial items

–7.1 –23.1 10.9 –39.4 18.6 –2.4 6.1 −3.8 –23.3 –9.2 –4.3


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Financial data per segmentAmounts in SEK million

July - September 2019

Fuel and

Materials

Technology

Waste

Management

Technology

Scandpower Germany Other Elimination Group

External sales revenue 39.7 10.9 16.7 77.6 6.3 – 151.2

Revenue from segment 0.6 1.4 2.9 0.4 2.0 –7.3 –

Operating profit 3.1 –13.2 –1.7 8.6 –0.9 – –4.1

Items affecting comparability – 8.5 – – – – 8.5

Adjusted operating profit 3.1 –4.7 –1.7 8.6 –0.9 – 4.4

Assets 192.2 166.0 137.4 246.2 391.6 –351.0 782.4

Liabilities 157.4 157.0 39.3 230.2 248.9 –351.0 481.8

Investments 3.5 1.8 – 0.3 0.3 – 5.9

Depreciation/amortization 3.3 0.9 1.0 1.1 1.2 – 7.5

Average number of employees 103 48 34 367 18 – 570


Fuel and

Materials

Technology

Waste

Management

Technology




Operating profit 0.7 –8.7 1.2 2.5 13.8 – 9.5

Items affecting comparability – 2.5 – – –12.2 – –9.7

Adjusted operating profit 0.7 –6.2 1.2 2.5 1.6 – –0.2

Assets 209.2 172.8 136.1 244.5 435.6 –287.5 910.7

Liabilities 181.3 140.5 41.1 218.1 296.5 –287.5 590.0

Investments 6.4 0.6 0.3 –0.1 0.5 – 7.7



January - September 2019

Fuel and

Materials

Technology

Waste

Management

Technology




Operating profit 18.3 –29.8 –4.2 –5.6 –9.5 – –30.8

Items affecting comparability – 14.0 – – 0.8 – 14.8

Adjusted operating profit 18.3 –15.8 –4.2 –5.6 –8.7 – –16.0

Assets 192.2 166.0 137.4 246.2 391.6 –351.0 782.4

Liabilities 157.4 157.0 39.3 230.2 248.9 –351.0 481.8

Investments 17.6 2.7 0.3 0.4 2.3 – 23.3




Fuel and

Materials

Technology

Waste

Management

Technology



Revenue from segment 3.1 6.0 5.6 4.4 17.5 –36.6 0.0

Operating profit 18.4 –7.6 20.9 –2.6 4.6 – 33.7

Items affecting comparability – 3.9 – – –12.2 – –8.3

Adjusted operating profit 18.4 –3.7 20.9 –2.6 –7.6 – 25.4

Assets 209.2 172.8 136.1 244.5 435.6 –287.5 910.7

Liabilities 181.3 140.5 41.1 218.1 296.5 –287.5 590.0

Investments 15.7 2.0 0.5 0.1 2.5 – 20.8



Full year 2018

Fuel and

Materials

Technology

Waste

Management

Technology




Operating profit 30.1 –10.7 26.8 −9.3 –3.4 – 33.5

Items affecting comparability 0.7 3.9 – 2.9 –12.2 – −4.7

Adjusted operating profit 30.8 –6.8 26.8 −6.4 –15.6 – 28.8

Assets 217.6 161.8 145.6 230.2 433.0 –287.6 900.6

Liabilities 183.3 133.6 49.5 210.7 296.3 –287.6 585.8

Investments 23.2 2.4 0.5 0.3 5.7 – 32.1




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Financial data per segment cont. - External sales per countryAmounts in SEK million, total operation


Fuel and Materials

Technology

Waste Management

Technology Scandpower Germany Other Total

Sales from

Germany – – 2.9 70.0 – 72.9

Switzerland – – – 7.6 – 7.6

United Kingdom – 3.2 – – – 3.2

USA – 4.4 8.6 – – 13.0

Sweden 39.6 3.3 5.2 – 6.3 54.4

France – – – – – –

Japan 0.1 – – – – 0.1

Total 39.7 10.9 16.7 77.6 6.3 151.2


Fuel and Materials

Technology

WasteManagement


Sales from –

Germany – – 3.4 69.7 – 73.1

Switzerland – – – 7.3 – 7.3


USA – 4.4 16.4 – – 20.8

Sweden 38.2 3.4 8.8 – 5.8 56.2

France – – – – – –

Japan 1.0 – – – – 1.0

Total 39.2 16.6 28.6 77.0 5.8 167.2


Fuel and Materials

Technology

WasteManagement


Sales from

Germany – – 15.4 180.3 – 195.7

Switzerland – – – 18.1 – 18.1


USA – 10.9 32.1 – – 43.0

Sweden 126.9 10.7 14.0 – 22.7 174.3

France – – – – – –

Japan 6.1 – – – – 6.1

Total 133.0 35.8 61.5 198.4 22.7 451.4


Fuel and Materials

Technology

WasteManagement


Sales from

Germany – – 14.1 198.6 – 212.7

Switzerland – – – 16.6 – 16.6


USA – 20.1 62.2 – – 82.3

Sweden 152.0 13.1 15.9 – 21.0 202.0

France – 1.0 – – – 1.0

Japan 4.8 – – – – 4.8

Total 156.8 53.4 92.2 215.2 21.0 538.6

Full yer 2018

Fuel and Materials

Technology

WasteManagement


Sales from

Germany – – 21.2 260.0 – 281.2

Switzerland – – – 20.0 – 20.0


USA – 24.7 84.1 – – 108.8

Sweden 213.6 16.9 24.4 – 28.0 282.9

France – 1.0 – – – 1.0

Japan 5.9 – – – – 5.9

Total 219.5 68.9 129.7 280.0 28.0 726.1


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Parent company income statement

Amounts in SEK million

July-September

2019

July-September

2018

January-September

2019

January-September

2018

Full year

2018

Net sales 3.8 4.0 10.3 12.1 12.8

Cost of services sold – – – – –

Gross profit 3.8 4.0 10.3 12.1 12.8

Other operating income and costs –5.9 –3.8 –19.8 –18.0 –25.5

Operating profit –2.1 0.2 –9.5 –5.9 –12.7

Result from participations in Group companies –33.1 – –33.1 – –58.3

Net financial items 7.1 –6.5 13.8 3.6 3.8

Profit/loss before tax –28.1 –6.3 –28.8 –2.3 –67.2

Income tax –1.0 0.2 –0.6 –1.5 –1.8

NET PROFIT/LOSS FOR THE PERIOD –29.1 –6.1 –29.4 –3.8 –69.0

Parent company balance sheetAmounts in SEK million September

2019September

2018December

2018

ASSETS

Intangible assets 0.6 1.3 1.2

Financial non-current assets 589.2 659.0 599.3

Total non-current assets 589.8 660.3 600.5

Current assets 15.6 28.7 26.3


Total current assets 15.6 60.9 47.5

TOTAL ASSETS 605.4 721.2 648.0

EQUITY AND LIABILITIES

Equity 147.3 242.0 176.7

Non-current liabilities 130.0 43.6 42.8

Current liabilities 328.1 435.6 428.5

Total liabilities 458.1 479.2 471.3

TOTAL EQUITY AND LIABILITIES 605.4 721.2 648.0


13

Note 1 Fair value estimationThe tables below show financial instruments at fair value on the basis of their classification in the fair value hierarchy. The definition of the various levels can be found in the Annual Report, Note 2.3. The tables below refer to total operations.

The Group's assets and liabilities measured at fair value as at September 30, 2019 (MSEK) Level 1 Level 2 Level 3

Assets

Financial assets at fair value through profit or loss 15.8 15.1

Derivatives used for hedging 0.0

Liabilities


The Group's assets and liabilities measured at fair value as at September 30, 2018 (MSEK) Level 1 Level 2 Level 3

Assets

Financial assets at fair value through profit or loss 20.0 14.0


Liabilities


Fair value of the Group's borrowings (MSEK) September 30, 2019 December 31, 2018

Non-current loans 47.0 –

Current loans 74.5 199.9

Total loans 121.5 199.9


14

Reconciliations of key ratios

Return on capital employedAmounts in SEK million

September2019

September2018

Full year2018

Profit/loss after financial items –36.8 22.3 18.7

Financial costs according to the income statement 9.1 13.9 18.7

Total –27.7 36.2 37.4

Balance sheet total 900.6 824.9 824.9

Provisions and other long-term liabilities –166.6 –164.8 –164.8

Trade and other payables –217.9 –171.8 –171.8

Opening capital employed 516.1 488.3 488.3

Balance sheet total 782.4 910.7 900.6

Provisions and other long-term liabilities –151.7 –163.7 −166.6

Trade and other payables –208.6 –226.8 −217.9

Closing capital employed 422.1 520.2 516.1

Average capital employed 469.1 504.3 502.2

Return on capital employed –5.9 7.2 7.4

Return on equityAmounts in SEK million

September2019

September2018

Full year2018

Net profit/loss for the year –39.7 14.9 8.7

Total –39.7 14.9 8.7

Opening equity 316.2 288.4 288.4

Closing equity 300.6 320.7 316.2

Return on equity –12.9 4.9 2.9

Net debtAmounts in SEK million

September2019

September2018

Full year2018

Current borrowing 74.5 199.5 199.9

Non-current borrowing 47.0 – –

Total liabilities 121.5 199.5 199.9


Net debt 84.6 73.4 44.4


15

Definitions of key figures and ratios

EquityThe total of non-restricted and restricted equity at the end of the year. Average equity capital has been calculated as opening balance plus closing balance of equity capital, divided by two.

Equity per shareEquity divided by the number of shares at the end of the period.

Free cash flowCash flow from operating activities (after change in operating profit) minus cash flow from investing activities.

Sales revenue per employeeSales revenue divided by average number of employees. For quar-terly reports net sales are estimated on a full year basis.

InvestmentsTotal of the acquisition of business/subsidairies and acquisition of intangible assest and property, plant and equipment.

Average number of employeesAverage number of employees at the end of each month.

Net debtTotal long-term and short-term borrowing less cash and cash equi-valents.

Net debt-equity ratioInterest-bearing net debt divided by equity including non-controlling interests.

Earnings per shareProfit for the year divided by the average number of shares. The av-erage number of shares has been calculated as a weighted average of all shares in issue for the year.

Return on equityProfit for the year as a percentage of average equity.

Return on capital employedProfit/loss after financial items with financial expenses, fair value losses and foreign exchange losses added back, as a percentage of average capital employed. For the comparison year, capital employ-ed has been adjusted by estimated values for operations held for sale, and only calculated on the closing balance.

Interest coverage ratioProfit after financial income divided by the financial expenses.

Operating marginOperating result after amortization as a percentage of net sales.

Equity/assets ratioEquity including non-controlling interests as a percentage of the balance sheet total.

Capital employedBalance sheet total less non-interest-bearing liabilities. Average ca-pital employed has been calculated as opening balance plus closing balance of capital employed, divided by two.

Profit marginProfit before tax as a percentage of net sales.

Some key figures and ratios used by company management and analysts to assess the Group's development have not been prepared in accordance with IFRS (International Financial Reporting Standards). The company management considers that these key figures and ratios make it easier for investors to analyze the Group’s development.


16

Major shareholders, September 30, 2019Number of shares Share, %

The Karinen Family 1,769,552 21.5

Briban Invest AB 1,285,492 15.6

Peter Gyllenhammar AB 988,210 12.0

The Girell Family 424,728 5.2

Avanza Pensionsförsäkring AB 403,800 4.9

Credit Agricole Suisse SA 363,879 4.4

Nordnet Pensionsförsäkring AB 251,006 3.1

Malte Edenius 250,000 3.0

Leif Lundin 199,000 2.4

Invus Investment AB 152,709 1.9

Total ten largest shareholders - holdings 6,088,376 74.0

Other shareholders 2,130,235 26.0

Total 8,218,611 100.0

The Studsvik share

Facts about StudsvikStudsvik offers a range of advanced technical services to the global nuclear power industry. Studsvik’s business focus areas are fuel and materials technology, reactor analysis software and consultancy services within waste treatment technology, decommissioning, NORM and solutions for final disposal.The company has 70 years nuclear technology and radiological service experience. Studsvik has 600 employees in 7 countries and the company’s shares are listed on the Nasdaq Stockholm

This report is a translation of the Swedish statutory report. In the event of any discrepancies between this document and the Swedish original, the latter shall govern. The content of this interim report may not, in whole or part, be reproduced or stored in a machine-readable medium without the previous permission of Studsvik AB (publ).

Production/Graphic design: Studsvik AB

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Studsvik AB (publ)SE-611 82 NyköpingTelephone +46 155 22 10 00www.studsvik.com

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