Q4 2010 presentationinvestors.studsvik.com/files/Studsvik_Q4_2011_presentation.pdf · Q4 report...
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Q4 2011 presentation February 14, 2011
Transcript of Q4 2010 presentationinvestors.studsvik.com/files/Studsvik_Q4_2011_presentation.pdf · Q4 report...
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Q4 2011 presentation February 14, 2011
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Q4 report 2011 2
Strong operating profit and cash flow in 2011
• Sales amounted to SEK 1,200.7 million (1,344.1), a decrease of 6.3
per cent in local currencies
• Operating profit amounted to SEK 53.6 million (33.4)
• Cash flow after investments increased to SEK 95.7 million (81.9)
• Net debt decreased to SEK 95.6 million (207.6)
• The Board of Directors proposes a dividend of SEK 1.0 per share
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Improved result in all segments in Q4
• Sales amounted to SEK 360.7 million (374.9), a decrease of 1.5
per cent in local currencies
• Operating profit amounted to SEK 52.6 million (33.7)
• Cash flow after investments increased to SEK 45.6 million (15.9)
Q4 report 2011
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Key Figures and Ratios
Q4-11 Q4 -10 2011 2010
Net sales for the Group, SEKm 360.7 374.9 1,200.7 1,344.1
Operating profit, SEKm 52.6 33.7 53.6 33.4
Net profit, SEKm 37.7 25.2 22.7 4.0
Earnings per share, SEK 4.59 3.08 2.77 0.49
Cash flow from operations, SEKm 61.2 27.4 151.1 107.5
Operating margin, % 14.6 9.0 4.5 2.5
Equity-assets ratio, % 37.7 36.5 37.7 36.5
Average number of employees 1,153 1,169
Q4 report 2011 4
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Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11
Sales and operating profit
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Sweden – Q4 Waste Treatment
• High utilization and improved product mix in metal facility
– 3,000 tonnes (2,200) processed in 2011
• High utilization of incineration facility
– 460 tonnes (510) processed in 2011, less material from Germany
• Treatment of non-nuclear waste
– Attractive market
– Expanding operations
Q4 report 2011
Current focus: Improve productivity and co-operation
with other business segments ( )=previous year
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-40-35-30-25-20-15-10-505
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Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11
Sales and operating profit
United Kingdom – Q4 Decommissioning, Waste Treatment and Engineering & Services
• Increasing utilization of MRF and improved order book
– 600 tonnes (209) processed in 2011
– Break-even ~1,000 tonnes p.a
– Increased production capacity 2012
• Contract signed with LLW Repository Ltd for the transport and treatment of 5 redundant heat boilers
• Good capacity utilization in consulting operations
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Current focus: Build order book for MRF and
grow consulting operations
Q4 report 2011
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Germany – Q4 Decommissioning and Engineering & Services
Current focus: Growth in Engineering and
expansion in adjacent geographic markets
Q4 report 2011
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Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11
Sales and operating profit• Decision to close 8 nuclear plants
and remaining 9 plants will close
2015-2022
– Lower demand but potential for
increasing activity in connection to
dismantling of power plants
– Measures taken to meet the new
market situation
• Engineering increased 10 per cent
• Stable and growing business in
Belgium, Switzerland and Holland
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Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11
Sales and operating profit
USA – Q4 Waste Treatment
• Improved result
– Tuned up processes in Erwin and
Memphis (increased volume
reduction)
• Continued low visibility but
slightly improved market
• Capacity utilization in consulting
low but improved late in the year
• Decreased budget for US
Department of Energy had
negative impact on TTT
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Current focus: Get waste into Erwin and Memphis
and continue improving efficiency
Q4 report 2011
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Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11
Sales and operating profit
Global Services – Q4 Materials technology and In-core fuel management software
• Sales decrease but
increased result
– Changed product mix and
increased productivity
• Overall strong order book
• Important long term contract
in UK
• Strategic contracts in Russia
and China
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Current focus: Capitalize on strong order book and
continue expansion into new markets
Q4 report 2011
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SEKm Q4 -11 Q4 -10 2011 2010
Sweden 60.5 51.2 167.3 179.9
United Kingdom 31.4 22.2 107.8 80.5
Germany 87.4 107.3 365.3 461.5
USA 87.3 88.9 242.6 272.0
Global Services 84.5 89.6 287.9 296.7
Other 13.2 21.7 47.0 67.7
Group eliminations -3.6 -6.0 –17.2 -14.2
GROUP 360.7 374.9 1,200.7 1,344.1
Net sales
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SEKm Q4 -11 Q4 -10 2011 2010
Sweden 15.7 9.6 19.8 19.9
United Kingdom –2.8 -4.7 –9.7 -24.2
Germany 2.1 -0.5 18.4 28.8
USA 32.6 27.1 22.6 1.4
Global Services 12.8 10.2 33.7 33.1
Other –7.8 -8.0 –31.2 -25.6
Group eliminations - - - -
GROUP 52.6 33.7 53.6 33.4
Operating profit
11 Q4 report 2011
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Balance sheet Group, December
Q4 report 2011 12
Dec OB
Intangible assets 350 715 350 659
Tangible assets 481 065 490 144
Financial assets 169 176 173 851
Current assets 332 917 343 994
Cash & Bank 122 092 68 376
Total assets 1 455 965 1 427 023
Equity 548 778 520 808
Provisions 291 511 261 326
Interest bearing debts 217 675 275 935
Other non-current liabilities 39 045 13 553
Current liabilities 358 956 355 401
Total liabilities & Equity 1 455 965 1 427 023
Net interest bearing debt 95 584 207 559
Equity ratio 37,7% 36,5%
SEKm
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Q4 report 2011 13
• Sales amounted to SEK 1,200.7 million (1,344.1)
• Operating profit amounted to SEK 53.6 million (33.4)
• Cash flow from operations after investments increased to SEK 95.7
million (81.9)
• Net debt decreased to SEK 95.6 million (207.6)
• The Board of Directors proposes a dividend of SEK 1.0 per share
Summing up 2011
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• Demand for electricity is increasing globally
• Modernization and upgrading programs are under way in several
countries
• In parallel, new nuclear capacity is being planned and built
• German service market will probably stabilize on a lower level
• German plants will be decommissioned but timing uncertain
• Decommissioning of nuclear facilities in other markets is expected
to expand substantially long-term
Outlook
Q4 report 2011
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Q4 report 2009Q3 report 2009
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Q3 report 2009
