Q Presentation February 15, 2018

Transcription

1 Q Presentation February 15, 2018

2 Our Focus and Offerings We develop, sell and deliver innovative technical solutions to create superior value by improving performance and reducing risk. Focus on products and services within: Fuel and materials testing Fuel and reactor management software Life cycle management of nuclear and radioactive hazards Year-end 2017 Presentation 2

3 Financial performance October December 2017 October December 2016 Full year 2017 Full year 2016 Sales, SEK million Gross margin,% ,5 Operating Profit, SEK million Operating margin, % Profit after net financial items, SEK million Profit per share after tax, SEK Free cash flow, SEK million* Investments, SEK million Net debt/equity ratio, % Average number of employees * Includes Waste Treatment which was divested Year-end 2017 Presentation 3

4 Analysis of key ratio development Q4 Sales SEK 165 (246) million decrease with 33 percent Gross margin 18 (37) percent Operating result SEK -36 (27) million Restructuring costs SEK 15 (8) million Free cash flow SEK -31 (-22) million (2016 excl. divestment of Waste Treatment) YTD operating result SEK -42 (25) million (includes restructuring) No FBSR license sale in Q4 vs SEK 23 million in Q Consultancy Services weak in Germany and Sweden Fuel & Materials Technology weak Q4 following the unplanned stop in the Hot Cell facility Studsvik Scandpower continues to suffer from customers longer procurement processes Restructuring of head office and business areas increased customer focus at reduced cost Year-end 2017 Presentation 4

5 Business Area Consultancy Services Fuel and Materials Technology Studsvik Scandpower KEY OFFERINGS CONSULTANCY SERVICES We manage Radioactive Hazards to keep our customers Safe Repository Optimization - Safety Analysis, Licensing and Planning Engineering Waste Mgmt Processes Radioactive Waste Management Nuclear Decommissioning -Radiological inventory, characterization & clearance Environmental Services - Norm Radiation Safety & Protection Year-end 2017 Presentation 5

6 Business Area Consultancy Services Fuel and Materials Technology Studsvik Scandpower Financial performance October - December 2017 October - December 2016 Full year 2017 Full year 2016 Sales, SEK million Operating Profit, SEK million Operating Profit margin, % Investments, SEK million Average number of employees Year-end 2017 Presentation 6

7 Business Area Consultancy Services Fuel and Materials Technology Studsvik Scandpower Operational highlights Sales SEK 84 (129) million Operating profit SEK -13 (8) million Restructuring costs SEK 1 (6) million YTD operating profit SEK 3 (14) million. No FBSR license sale in Q4 vs SEK 23 million in Q Low demand and utilization ratio in Germany and Sweden USA and UK improving performance over last year Continued focus on FBSR-technology and related engineering services Progress in Japan with Kobe Steel joint venture Progress in China with Dynatech license agreement Projects in France (Areva) and USA (Department of Energy) moving forward Year-end 2017 Presentation 7

8 Business Area Consultancy Services Fuel and Materials Technology Studsvik Scandpower KEY OFFERINGS FUEL & MATERIALS TECHNOLOGY Fuel & Materials Life Cycle Fuel Qualification Plant Life Management Hot Cell Technologies Final & Interim Storage Research Transport of Irradiated Materials Engineering Year-end 2017 Presentation 8

9 Business Area Consultancy Services Fuel and Materials Technology Studsvik Scandpower Financial performance October December 2017 October December 2016 Full year 2017 Full year 2016 Sales, SEK million Operating Profit, SEK million Operating Profit margin, % Investments, SEK million Average number of employees Year-end 2017 Presentation 9

10 Business Area Consultancy Services Fuel and Materials Technology Studsvik Scandpower Operational highlights Sales SEK 54 (66) million Operating profit SEK -2 (10) million Restructuring costs SEK 1 (1) million YTD operating profit SEK 5 (30) million Incident in Hot cell facility in September reduced Q4 revenue and profit with SEK 12 million Hot cell in full operation since mid December and no customer orders lost 400 MSEK contract signed with Elekta for supply of medical isotopes over initially nine years Continued strong demand for services offered by business area Year-end 2017 Presentation 10

11 Business Area Consultancy Services Fuel- and Materials Technology Studsvik Scandpower KEY OFFERINGS - STUDSVIK SCANDPOWER Nuclear Analysis Software & Services Fuel Design, Core Design, Core Monitoring & Plant Performance Optimization Used Fuel Analysis & Management (Interim and Permanent Storage) New and Advanced Reactor Design & Licensing Operator Training Simulation Consulting, Engineering Services & Knowledge Transfer Year-end 2017 Presentation 11

12 Business Area Consultancy Services Fuel- and Materials Technology Studsvik Scandpower Financial Performance October - December 2017 October - December 2016 Full year 2017 Full year 2016 Sales, SEK million Operating Profit, SEK million Operating Profit margin, % Investments, SEK million Average number of employees Year-end 2017 Presentation 12

13 Business Area Consultancy Services Fuel- and Materials Technology Studsvik Scandpower Operational highlights Sales SEK 25 (42) million Operating profit SEK -2 (14) million Restructuring costs SEK 3 (0) million YTD operating profit SEK -12 (3) million Continued demand for Software and services but procurement processes are longer Export approval for China being processed but uncertain when approval will be granted Broaden offering by adding application for spent fuel and additional consultancy services Focus on increasing and expanding commercial activities and reach Year-end 2017 Presentation 13

14 Challenges & Opportunities Across the Globe Mixed picture Europe Strong growth in Asia Profitability issues New reactors Cost reduction initiatives China, Russia and Korea investing Germany phasing out Japan to start a limited number Finland & UK invest R&D new fuel and reactor types Decommissioning of several units Life time extension Cost focus in North America Profitability issues Nuclear promise reduce cost 30 % Decommissioning Life time extension R&D new fuel and reactor types Year-end 2017 Presentation 14

15 Studsvik Customer Values Risk Mitigation - 70 years of EXPERIENCE in the global nuclear community Safety and Efficiency - Helping our customers meet regulatory compliance while minimising cost Commitment - Supporting our customers through long term relationships

16 Studsvik executive management team Camilla Hoflund CEO Pål Jarness CFO Joakim Lundström Business Area President Fuel & Materials Technology Stefan Bergström Business Area President Consultancy Services Steven Freel Business Area President Studsvik Scandpower Corporate Presentation 16

17 Appendix

18 Balance sheet December 2017 December 2016 Assets Non-current assets Current assets Total assets Equity and liabilities Equity Non-controlling interest Non-current liabilities Current liabilities Total equity and liabilities Year-end 2017 Presentation 18

19 Year-end 2017 Presentation 19