INTERIM REPORT JULY-SEPTEMBER 2019 CEO Camilla Hoflund and CFO Claes Engvall October 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 Third Quarter 2019 2019-10-22 2
Q3 2019 STUDSVIK – IN SUMMARY ● Sales SEK 151.2 (167.2) million ● Operating profit SEK –4.1 (9.5) million ● Free cash flow SEK 1.9 (–0.8) million ● Production of the first set of medical isotopes to Elekta ● Underlying quarterly profit of MSEK 4.4 and margin of 2.9% ● Items affecting comparability MSEK 8.5 due to reductions within BA Waste Management Technology ● Improved free cash flow compared to last quarter ● Profitable German operation in the period, during the peak of revision work and efficient utilization of the staff 2019-10-22 Studsvik Interim Report Third Quarter 2019 3
Q3 2019 STUDSVIK – IN SUMMARY ● No major license sales ● Improved order situation for BA Fuel and Material ● Savings program in Waste Management Technology give positive financial impact of MSEK 10 in 2020 ● Savings program and customer negotiations in Germany give positive financial impact of MSEK 10 in 2020 ● Continued strong focus on cash flow and cost control 2019-10-22 Studsvik Interim Report Third Quarter 2019 4
Q3 2019 STUDSVIK - FINANCIALS July- July- January- January- September September September September Full year 2019 2018 2019 2018 2018 151.2 167.2 451.4 538.6 726.1 Sales, SEK million -4.1 9.5 -30.8 33.7 33.5 Operating Profit, SEK million -2.7 5.7 -6.8 6.3 4.6 Operating margin, % Profit after net financial -4.3 6.1 -36.8 22.3 18.7 items, SEK million -0.71 0.55 -4.83 1.81 1.06 Profit per share after tax, SEK 1.9 -0.8 -46.0 24.8 54.2 Free cash flow, SEK million 5.9 7.7 23.3 20.8 32.1 Investments, SEK million Net debt/Equity ratio, % 28.2 22.9 28.2 22.9 14.0 Average number of 570 632 564 631 624 employees 2019-10-22 Studsvik Interim Report Third Quarter 2019 5
Q3 2019 FUEL- & MATERIALS TECHNOLOGY July- July- January- January- September September September September Full year 2019 2018 2019 2018 2018 40.3 40.0 134.9 159.9 224.3 Sales, SEK million 3.1 0.7 18.3 18.4 30.1 Operating Profit, SEK million Operating Profit margin, % 7.7 1.8 13,6 11.5 13.4 3.5 6.4 17.6 15.7 23.2 Investments, SEK million Average number of employees 103 97 104 97 98 ● First isotope set produced to Elekta on 2 nd of October and two more sets planned this year ● Several business opportunities and improved order situation ● Improved utilization ratio during the quarter ● Continued focus on cash flow and cost control 2019-10-22 Studsvik Interim Report Third Quarter 2019 6
Q3 2019 WASTE MANAGEMENT TECHNOLOGY July- July- January- January- Septemb September September September Full year er 2019 2018 2019 2018 2018 12.3 18.8 42.1 59.4 78.3 Sales, SEK million Operating Profit, SEK -13.2 -8.7 -29.8 -7.6 -10.7 million Operating Profit n/a -46.3 -70.8 -12.8 -13.7 margin, % Investments, SEK 1.8 0.6 2.7 2.0 2.4 million Average number of 48 54 48 54 51 employees ● Re-focus of the business ● On-going cost savings program ● UK: Substantial headcount reduction and closing offices ● Sweden: 50% headcount reduction and closing offices ● Total items affecting comparability MSEK 8.5 ● No major license sales Studsvik Interim Report Third Quarter 2019 7 2019-10-22
Q3 2019 SCANDPOWER July- July- January- January- September September September September Full year 2019 2018 2019 2018 2018 19.6 31.2 68.9 97.8 137.2 Sales, SEK million Operating Profit, SEK -1.7 1.2 -4.2 20.9 26.8 million Operating Profit margin, % -8.7 3.8 -6.1 21.4 19.5 0.0 0.3 0.3 0.5 0.5 Investments, SEK million Average number of 34 32 35 32 33 employees ● On-going commercial negotiations for license sales, however delayed customer decisions ● Increased opportunities in China supported by the new legal entity ● Closely monitoring and addressing trade regulations ● Continued focus on cash flow and cost control 2019-10-22 Studsvik Interim Report Third Quarter 2019 8
Q3 2019 GERMANY July- July- January- January- September September September September Full year 2019 2018 2019 2018 2018 78.0 78.3 201.3 219.6 285.4 Sales, SEK million Operating Profit, SEK 8.6 2.5 -5.6 -2.6 -9.3 million Operating Profit margin, 11.0 3.2 -2.8 -1.2 -3.3 % 0.3 -0.1 0.4 0.1 0.3 Investments, SEK million Average number of 367 423 359 423 417 employees ● Strong financial performance during the peak of the revision period and efficient utilization of the staff ● On-going cost savings program ● Improved commercial contracts for services and decommissioning projects ● High staff demand in Germany and Switzerland 2019-10-22 Studsvik Interim Report Third Quarter 2019 9
Q3 2019 STUDSVIK SUMMARY Current situation ● Several business opportunities that we need to close ● Top management focus on cost saving programs ● Profit improvement of MSEK 20 in 2020 Threats ● Delayed license sales ● Escalating trade conflicts Opportunities in near term ● Increasing customer demand for solutions within waste management ● Sales of fuel qualification services to the Asia market 2019-10-22 Studsvik Interim Report Third Quarter 2019 10
Thank you! 2019-10-22 Studsvik Interim Report Third Quarter 2019 11
Recommend
More recommend
