Q4 2010 presentationinvestors.studsvik.com/files/Studsvik_Q4_2010_analytikerpresentatio… · Q4-08...
Transcript of Q4 2010 presentationinvestors.studsvik.com/files/Studsvik_Q4_2010_analytikerpresentatio… · Q4-08...
Rank the picture
below the Core
on the template
slide Slide title
36pt
Slide subtitle
18pt
Q4 2010 presentation February 10, 2010
Slide title
36 pt
Text
24 pt
Bullets level 2
20 pt
Q4 report 2010 2
Improved performance in 2010
• Sales increased by 11 percent in local currencies
• Operating profit improved to SEK 33.4 million (-30.0)
• Cash flow from operations increased to SEK 107.5 million (21.4)
• Net debt decreased by SEK 87 million to SEK 208.5 million
• The Board of Directors proposes that no dividend be distributed
Slide title
36 pt
Text
24 pt
Bullets level 2
20 pt
3
Sales increase and strong cash flow in Q4
• Net sales increased by 8.0% to SEK 374.9 million (348.5)
• Operating profit SEK 33.7 million (38.1)
– Improvement of SEK 8.2 million if items affecting comparability are
excluded
• Cash flow from operations SEK 27.4 million (18.3)
Q4 report 2010
Slide title
36 pt
Text
24 pt
Bullets level 2
20 pt
Key Figures and Ratios
Q4-10 Q4 -09 2010 2009
Net sales for the Group, SEKm 374.9 348.5 1,344.1 1,216.3
Operating profit, SEKm 33.7 38.1 33.4 -30.0
Net profit, SEKm 25.2 27.8 4.0 -35.2
Earnings per share, SEK 3.08 3.39 0.49 -4.28
Cash flow from operations, SEKm 27.4 18.3 107.5 21.4
Operating margin, % 9.0 10.9 2.5 neg
Equity-assets ratio, % 36.5 37.2 36.5 37.2
Average number of employees 1,169 1,132
Q4 report 2010 4
Slide title
36 pt
Text
24 pt
Bullets level 2
20 pt
-5
0
5
10
15
20
0
10
20
30
40
50
60
Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10
Sales and operating profit
5
Sweden – Q4 Waste Treatment for European Customers
• Continued high utilization of
incineration facility
– 510 tonnes (431) processed in 2010
• Improved product mix Q4 in metal
facility
– 2 647 tonnes (2 918) processed in
2010
• Strong order book
– Delay of steam generators not
expected to impact 2011
Q4 report 2010
( )=previous year
Current focus
• Continued improved productivity
Slide title
36 pt
Text
24 pt
Bullets level 2
20 pt
United Kingdom – Q4 Decommissioning, Waste Treatment and Engineering & Services
• Increasing utilization of MRF and
improved order book
– But only 380 tonnes processed in 2010
– Break-even ~1 000 tonnes p.a
• NDA decided to support metal
treatment with MGBP 2.0 through
March 2011
– Positive market response
– Possible implementation of metal
treatment budget for FY 2011-2013
6
Current focus
• Build order book for MRF
• Increase sales within engineering
-40-35-30-25-20-15-10-505
05
10152025303540
Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10
Sales and operating profit
Q4 report 2010
Slide title
36 pt
Text
24 pt
Bullets level 2
20 pt
7
Germany – Q4 Decommissioning and Engineering & Services
• Capacity utilization high in all
service areas
– Outage days similar to 2009
– Decommissioning projects according
to plan
• One time cost for management
change in Q4
• Overall satisfactory order book
Current focus
• Growth in Engineering
• Cautious expansion in France
-2
0
2
4
6
8
10
12
14
0
20
40
60
80
100
120
140
Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3 Q4-10
Sales and operating profit
Q4 report 2010
Slide title
36 pt
Text
24 pt
Bullets level 2
20 pt
USA – Q4 Waste Treatment
• Increased sales in Erwin
– Normalised situation for transport
casks in Q4
– 4130 ft3 (2670) B/C waste
processed in 2010
• Recovery in Memphis
– Two mid-sized projects
performed in Q4
– Continued low visibility but
slightly improved market
-40
-30
-20
-10
0
10
20
30
40
0
10
20
30
40
50
60
70
80
90
100
Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10
Sales and operating profit
8
Current focus
• Get waste into Erwin and Memphis
Q4 report 2010
( )=previous year
Slide title
36 pt
Text
24 pt
Bullets level 2
20 pt
Global Services – Q4 Materials technology and In-core fuel management software
• Materials technology
according to plan
• Several smaller software
sales at year end
• Overall strong order book 0
5
10
15
20
25
30
0102030405060708090
100
Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10
Sales and operating profit
9
Current focus
• Capitalize on strong order book
Q4 report 2010
Slide title
36 pt
Text
24 pt
Bullets level 2
20 pt
SEKm Q4 -10 Q4 -09 2010 2009
Sweden 51.2 55.5 179.9 171.3
United Kingdom 22.2 20.3 80.5 86.1
Germany 107.3 113.5 461.5 450.5
USA 88.9 63.7 272.0 213.3
Global Services 89.6 87.2 296.7 264.3
Other 21.7 13.3 67.7 63.6
Group eliminations -6.0 -5.0 -14.2 -32.8
GROUP 374.9 348.5 1,344.1 1,216.3
Net sales
10 Q4 report 2010
Slide title
36 pt
Text
24 pt
Bullets level 2
20 pt
SEKm Q4 -10 Q4 -09 2010 2009
Sweden 9.6 18.6 19.9 27.7
United Kingdom -4.7 -9.4 -24.2 -50.2
Germany -0.5 7.6 28.8 27.8
USA 27.1 4.3 1.4 -50.0
Global Services 10.2 24.4 33.1 45.7
Other -8.0 -7.4 -25.6 -31.0
Group eliminations - - - -
GROUP 33.7 38.1 33.4 -30.0
Operating profit
11 Q4 report 2010
Slide title
36 pt
Text
24 pt
Bullets level 2
20 pt
Balance sheet for Group, December
12 Q4 report 2010
Dec OB
Intangible assets 350 659 387 510
Tangible assets 490 144 527 811
Financial assets 173 851 147 813
Current assets 343 994 315 563
Cash & Bank 68 376 74 661
Total assets 1 427 023 1 453 357
Equity 520 808 541 229
Provisions 261 326 177 623
Interest bearing debts 275 935 369 889
Current liabilities 368 954 364 615
Total liabilities & Equity 1 427 023 1 453 357
Net interest bearing debt 208 559 295 229
Equity ratio 36,5% 37,2%
Slide title
36 pt
Text
24 pt
Bullets level 2
20 pt
13
• Modernization and upgrading programs are under way in several countries
• New capacity is planned for in several countries
• Decommissioning of nuclear facilities is expected to continue at least at
the present rate
• Demand for the type of services Studsvik offers is strong
• Good order volumes in Sweden, Germany and Global Services
• Current contracts for Erwin provide conditions for profitability in the USA
• US and UK markets show a gradual recovery
Outlook
Q4 report 2010
Slide title
36 pt
Text
24 pt
Bullets level 2
20 pt
14
Summing up 2010
• Sales increased by 11 percent in local currencies
• Operating profit increased to SEK 33.4 million (-30.0)
• Cash flow from operations increased to SEK 107.5 million (21.4)
• Net debt decreased by SEK 87 million to SEK 208.5 million
Q4 report 2010
Slide title
36 pt
Text
24 pt
Bullets level 2
20 pt
Q4 report 2009Q3 report 2009
15
Q3 report 2009