YEAR-END REPORT 2019 CEO Camilla Hoflund and CFO Claes Engvall - - PowerPoint PPT Presentation

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YEAR-END REPORT 2019 CEO Camilla Hoflund and CFO Claes Engvall - - PowerPoint PPT Presentation

Mar 22, 2023 659 likes •865 views

YEAR-END REPORT 2019 CEO Camilla Hoflund and CFO Claes Engvall February 13, 2020 STUDSVIK IN BRIEF Key customers Nuclear industry Utilities, Vendors, Research Organizations and Regulators Radio isotope industry The company

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SLIDE 1

YEAR-END REPORT 2019

CEO Camilla Hoflund and CFO Claes Engvall February 13, 2020

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SLIDE 2

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 650 MSEK
  • 550 employees
  • Global presence

2020-02-13 Studsvik Year-end Report 2019 2

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SLIDE 3

OUR VISION AND MISSION

Studsvik’ s Vision Making it easy to benefit from clean nuclear energy Studsvik’ s Mission Create effective, customer-focused solutions to complex problems, through Studsvik’ s proven ability to innovate

Studsvik Year-end Report 2019 3 2020-02-13

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SLIDE 4

2020-02-13 Studsvik Year-end Report 2019

Q4 2019 STUDSVIK – IN SUMMARY

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October - December 2019 October - December 2018 Full year 2019 Full year 2018

Sales, MSEK 202.6 187.6 654.0 726.1 Adjusted operating profit , MSEK 20.4 3.3 4.4 28.8 Operating profit/loss 20.4

  • 0.3
  • 10.4

33.5 Operating profit/loss after tax, MSEK 11.7

  • 6.4
  • 28.0

8.7 Free cashflow, MSEK 7.2 29.4

  • 38.8

54.2

  • Positive development for

Scandpower and German Operation

  • Operating profit development for

2019 vs 2018 are negative in all segments except Germany The Group’s total available cash:

  • September 30, 2019 (Q3)

64 MSEK

  • December 31, 2019 (Q4):

66 MSEK

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SLIDE 5

Studsvik Year-end Report 2019 5

STUDSVIK PROVIDES SMART TECHNOLOGY ENABLING NUCLEAR UTILITIES, ADVANCED REACTORS, AND RESEARCH FACILITIES TO DELIVER CLEAN ENERGY AND ENSURE SAFE DISPOSAL EFFICIENTLY

2020-02-13

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SLIDE 6

CURRENT SITUATION

2020-02-13 Studsvik Year-end Report 2019 6

  • What will be the role of nuclear in the climate debate?
  • China is building reactors to support clean environment
  • UAE is to commission the first reactors in Middle East
  • Lifetime extension programs are needed for aging plants
  • Alternatives for LWR such as Small Modular Reactors
  • Handle the legacy from the industry
  • Radioactive waste needs solutions
  • Decommissioning in Germany and Sweden
  • Final disposal research and interim solutions
  • National programs need innovation for efficient solutions
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SLIDE 7

Q4 2019 FUEL- & MATERIALS TECHNOLOGY

2020-02-13

October - December 2019 October - December 2018 Full year 2019 Full year 2018

Sales, MSEK 65.2 64.4 200.1 224.3 Operating profit, MSEK 7.0 11.7 25.3 30.1 Operating profit margin, % 10.7 18.2 12.6 13.4 Investments, MSEK 5.3 7.5 22.9 23.2 Average number of employees 104 97 104 98

Highlights

  • Challenging year with

technical issues

  • First two sets of medical

isotopes produced to Elekta

  • Dissolved provision for

restoration cost in Q2 of 10 MSEK Outlook

  • Stable production in hot cell
  • Break through of fuel

qualification on new markets

  • Elekta plan ramp up 2020

Studsvik Year-end Report 2019 7

31

PERCENTAGE OF SALES

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SLIDE 8

October - December 2019 October - December 2018 Full year 2019 Full year 2018 Sales, MSEK 14.7 18.9 56.8 78.3 Operating profit/loss, MSEK

  • 3.8
  • 3.1
  • 33.6
  • 10.7

Operating profit/loss margin, %

  • 25.9
  • 16.4
  • 59.2
  • 13.7

Investments, MSEK 1.5 0.4 4.2 2.4 Average number of employees 47 52 46 51

Q4 2019 WASTE MANAGEMENT TECHNOLOGY

2020-02-13 Studsvik Year-end Report 2019 8

Highlights

  • Disappointing development
  • Major restructuring performed
  • Items affecting comparability at

14 MSEK Outlook

  • 10 MSEK EBIT improvement year
  • n year excl. items affecting

comparability

  • Focus on license business
  • Break through of new waste

concept InDRUM

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PERCENTAGE OF SALES

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SLIDE 9

Q4 2019 SCANDPOWER

2020-02-13 Studsvik Year-end Report 2019

October - December 2019 October - December 2018 Full year 2019 Full year 2018

Sales, MSEK 61.2 39.4 130.1 137.2 Operating profit, MSEK 17.2 5.9 13.0 26.8 Operating profit margin, % 28.1 15.0 10.0 19.5 Investments, MSEK 1.0 0.0 1.3 0.5 Average number of employees 35 31 35 33

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Highlights

  • Strong year end performance
  • Closing of license

agreements

  • Higher sales on home market

and Asia

  • Strong pipeline

Outlook

  • Chinese subsidiary close to

customers

  • Improved market and sales

capacity

  • Re-classification of export

control for software

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PERCENTAGE OF SALES

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SLIDE 10

2020-02-13 Studsvik Year-end Report 2019

Q4 2019 GERMANY

October- December 2019 October - December 2018 Full year 2019 Full year 2018

Sales, MSEK 61.7 65.9 263.0 285.4 Operating profit/loss, MSEK 4.6

  • 6.8
  • 1.0
  • 9.3

Operating profit/loss margin, % 7.5

  • 10.3
  • 0.4
  • 3.3

Investments, MSEK 1.3 0.2 1.7 0.3 Average number of employees 350 420 349 417

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Outlook

  • Improve operation efficiency
  • Increased demand for

engineering and radiation protection services

  • 10 MSEK EBIT improvement

YoY excl items affecting

comparability

Highlights

  • Improved financial

performance

  • Cost reductions
  • Re-negotiation of

contracts

  • Strong staff commitment
  • Full order book for 2020

40

PERCENTAGE OF SALES

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SLIDE 11

FINANCIAL HIGHLIGHTS

  • Full year adjusted EBIT at 4.4 MSEK
  • Net of items affecting comparability of 14,8

MSEK

  • Strong focus on cash and working

capital through-out the organization

  • The decision by the Land and

Environment Court of Appeal is to be communicated on the 21st of February.

  • Other alternatives to solve the guarantee

issue is being looked into

2020-02-13 Studsvik Year-end Report 2019 11

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SLIDE 12

STUDSVIK GROUP EARNINGS

2020-02-13 Studsvik Year-end Report 2019 12

October- December 2019 October- December 2018 Full year 2019 Full year 2018 Sales, SEK million 202.6 187.6 654.0 726.1 Operating profit, SEK million 20.4

  • 0.3
  • 10.4

33.5 Operating margin, % 10.1

  • 0.2
  • 1.6

4.6 Profit after net financial items, SEK million 14.0

  • 3.8
  • 22.8

18.7 Profit per share after tax, SEK 1.42

  • 0.78
  • 3.41

1.06 Free cash flow, SEK million 7.2 29.4

  • 38.8

54.2 Investments, SEK million 9.4 11.3 32.7 32.1 Net debt/Equity ratio, % 27.4 14.0 27.4 14.0 Average number of employees 554 625 552 624

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SLIDE 13

Q4 2019 VS Q4 2018

2020-02-13 Studsvik Year-end Report 2019 13

Group EBIT MSEK

Q4 2019 20.4 Q4 2018 0.3 Deviation 20.7 SPECIFICATION OF DEVIATION Improved sales and margin driven by Scandpower 25.3 Improvements in Germany 11.4 Fuel and Material Technology

  • 4.7

Other

  • 11.3

Deviation 20.7

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SLIDE 14

2019 VS 2018

2020-02-13 Studsvik Year-end Report 2019 14

Group EBIT MSEK

2019

  • 10.4

2018 33.5 Deviation

  • 43.9

SPECIFICATION OF DEVIATION Lower sales (all BA) but gross profit margin stable at 24%

  • 17.8

Items affecting comparability (14,8 MSEK for 2019)

  • 5.9

Sale of Horsvik premises

  • 13.6

Other

  • 6.6

Deviation

  • 43.9
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SLIDE 15

CASHFLOW

2020-02-13 Studsvik Year-end Report 2019 15

October - December 2019 October - December 2018 Full year 2019 Full year 2018

EBITDA 27.7 4.8 18.6 52.9 Change in working capital

  • 5.3

35.1 14.9 51.3 Cash flow from investments

  • 9.4
  • 11.9
  • 25.3
  • 26.1

Financial items

  • 4.4
  • 3.6
  • 9.2
  • 14.4

Tax paid

  • 1.2
  • 0.1
  • 9.7
  • 6.4

Other

  • 0.2

5.1

  • 28.1
  • 3.1

Free cash flow 7.2 29.4

  • 38.8

54.2

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SLIDE 16

FINANCIAL OUTLOOK

  • Fuel and Material Technology
  • Stability in operations and potentials in new

markets

  • Scandpower
  • Stable business with business opportunities

in the US and China

  • Waste Management Technology
  • 10 MSEK EBIT improvement year on year and

potential for new license business

  • Germany
  • 10 MSEK EBIT improvement year on year and

continued focus on efficiencies

2020-02-13 Studsvik Year-end Report 2019 16

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SLIDE 17

FINANCIAL OUTLOOK

  • Risks
  • Technical ramp-up of Elekta deliveries
  • Trade conflicts
  • Issues concerning export control
  • Long decision processes among customers
  • No major restructurings or items

affecting comparability planned for 2020

  • Expected cash improvements during

first half of 2020

2020-02-13 Studsvik Year-end Report 2019 17

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SLIDE 18

Studsvik Year-end Report 2019 18

We turn complicated conditions into

pragmatic solutions

2020-02-13

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SLIDE 19

2020-02-13 Studsvik Year-end Report 2019

Thank you!

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