INTERIM REPORT APRIL-JUNE 2019 CEO Camilla Hoflund and CFO Claes Engvall July 22, 2019
STUDSVIK IN BRIEF Key customers ● Nuclear industry • Utilities, Vendors, Research Organizations and Regulators ● Radio isotope industry The company ● Listed on Nasdaq Stockholm Small Cap ● Sales SEK 700 million ● 600 employees ● Global presence We develop, sell and deliver innovative technical solutions to create superior value by improving performance and reducing risk . Studsvik Interim Report Second Quarter 2019 2019-07-22 2
Q2 2019 STUDSVIK – IN SUMMARY ● Sales SEK 160.3 (174.0) million ● Operating profit SEK –8.1 (2.0) million ● Free cash flow SEK –14.9 (4.0) million ● Financial performance continues to be a challenge ● Strong focus on cash flow and cost control ● Several business opportunities within BA Fuel and Material ● Several business opportunities within BA Scandpower ● Revision period ongoing in Germany and Swiss ● No major license sales within waste treatment technologies or software ● Company establishment in China to support new business 2019-07-22 Studsvik Interim Report Second Quarter 2019 3
Q2 2019 STUDSVIK - FINANCIALS April-June April-June Jan-June Jan-June Full year 2019 2018 2019 2018 2018 160.3 174.0 300.2 371.4 726.1 Sales, SEK million -8.1 2.0 -26.7 24.2 33.5 Operating Profit, SEK million -5.1 1.1 -8.9 6.5 4.6 Operating margin, % Profit after net financial -9.2 -2.3 -32.5 16.3 18.7 items, SEK million -1.31 -0.27 -4.12 1.27 1.06 Profit per share after tax, SEK -14.9 4.0 -47.9 25.6 54.2 Free cash flow, SEK million 10.6 6.2 17.4 13.1 32.1 Investments, SEK million 31.2 22.3 31.2 22.3 14.0 Net debt/Equity ratio, % Average number of 561 632 579 635 624 employees 2019-07-22 Studsvik Interim Report Second Quarter 2019 4
Q2 2019 FUEL- & MATERIALS TECHNOLOGY April-June April-June Jan-June Jan-June Full year 2019 2018 2019 2018 2018 52.2 53.2 94.6 119.9 224.3 Sales, SEK million 14.9 7.4 15.2 17.7 30.1 Operating Profit, SEK million Operating Profit margin, % 28.5 13.9 16.1 14.8 13.4 9.0 3.9 14.1 9.3 23.2 Investments, SEK million 103 97 103 97 98 Average number of employees ● Restatements of provision with positive financial impact ● Strong focus on cash flow and cost control ● Medical isotope open up a new market ● First delivery of medical isotopes re-scheduled to Q3 2019-07-22 Studsvik Interim Report Second Quarter 2019 5
Q2 2019 CONSULTANCY SERVICES April-June April-June Jan-June Jan-June Full year 2019 2018 2019 2018 2018 13.5 19.4 29.8 40.6 78.3 Sales, SEK million Operating Profit, SEK -11.1 1.1 -16.6 1.1 -10.7 million Operating Profit -82.5 5.7 -55.7 2.7 -13.7 margin, % Investments, SEK 0.5 1.4 0.9 1.4 2.4 million Average number of 45 55 48 54 51 employees ● No major license sales within waste treatment technologies ● Strong focus on cash flow and cost control ● Re-focus of business towards waste treatment technologies ● Headcount reductions within consulting in the UK and Middle East ● Resources in place to enter the US for waste treatment technologies Studsvik Interim Report Second Quarter 2019 6 2019-07-22
Q2 2019 SCANDPOWER April-June April-June Jan-June Jan-June Full year 2019 2018 2019 2018 2018 25.0 23.8 49.3 66.6 137.2 Sales, SEK million Operating Profit, SEK -3.5 -1.0 -2.5 19.7 26.8 million -14.0 -4.2 -5.1 29.6 19.5 Operating Profit margin, % 0.1 0.2 0.3 0.2 0.5 Investments, SEK million Average number of 34 33 34 33 33 employees ● No major license sales within software ● Strong focus on cash flow and cost control ● Closely monitoring and addressing trade regulations ● Support fuel market with software upgrades and engineering services in US 2019-07-22 Studsvik Interim Report Second Quarter 2019 7
Q2 2019 GERMANY April-June April-June Jan-June Jan-June Full year 2019 2018 2019 2018 2018 71.1 77.4 123.3 141.3 285.4 Sales, SEK million Operating Profit, SEK -2.3 -0.3 -14.2 -5.1 -9.3 million Operating Profit margin, -3.2 -0.4 -11.5 -3.6 -3.3 % 0.1 -0.1 0.1 0.2 0.3 Investments, SEK million Average number of 360 418 376 424 417 employees ● Financial performance below target due to lower ratio of high margin business and sickness absence ● Strong focus on cash flow and cost control ● High market demand drives recruitments of engineers and radiation protection staff ● Revision period ongoing in Germany and Swiss ● On-going commercial negotiations for long term contracts 2019-07-22 Studsvik Interim Report Second Quarter 2019 8
Q2 2019 STUDSVIK CONCLUSION ● Current situation ● Challenging financial performance ● Re-focusing and reductions on-going in several areas ● Strong focus on cash flow and cost control ● Threats ● Trade conflicts including export control related to US ● Lengthy selling-in process generates uncertainty about timing ● Opportunities ● Medical isotopes opens for a new market ● Increasing customer request for waste treatment technologies 2019-07-22 Studsvik Interim Report Second Quarter 2019 9
Thank you! 2019-07-22 Studsvik Interim Report Second Quarter 2019 10
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