Q4, 2008 presentationinvestors.studsvik.com/files/Studsvik_presentation_Q3.pdf · Q3 report 2009 2...
Transcript of Q4, 2008 presentationinvestors.studsvik.com/files/Studsvik_presentation_Q3.pdf · Q3 report 2009 2...
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Q3 2009 presentationNov 2, 2009
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2Q3 report 2009
Positive cash flow but continued loss
• Net sales in Q3 up to SEK 275.0 million (274.2)
– Continued growth in Germany and Global Services
– Erwin main reason for negative growth in the USA
• Operating loss in Q3 of -7.8 million (-4.4)
– Loss fully attributable to UK and USA
– Operating margin in profitable segments 8.9% (10.2)
• Cash flow from operations SEK 35.0 million (-0.7)
– Of which reduced working capital SEK 41.0 (-14.4)
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Key Figures and Ratios
Q3 -09 Q3 -08 9m -09 9m -08 2008
Net sales for the Group, SEKm 275.0 274.2 867.8 964.8 1,285.9
Operating profit, SEKm -7.8 -4.4 -68.1 20.7 12.7
Net profit, SEKm -9.7 -3.7 -63.0 8.4 1.1
Earnings per share, SEK -1.19 -0.31 -7.67 0.68 -0.05
Cash flow from operations, SEKm 35.0 -0.7 3.1 -14.9 29.5
Operating margin, % -2.8 -1.6 -7.9 2.2 1.0
Equity-assets ratio, % 37.9 42.3 40.4
Average number of Employees 1,163 1,115 1,130
Q3 report 2009 3
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Financial Targets and Outcome
Target 9m-09 2008
Organic growth 10% 1.0%-12.0%
(+6.0 % ex USA)
EBIT margin 8% n.m. 1.0%
Equity / assets 40% 37.9% 40.4%
Dividend 30% of EAT SEK 1.00
4Q3 report 2009
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Sweden - Q3Waste Treatment for European customers
• Full utilization of incineration facility
• 6 day unplanned technical outage in
metals facility
• Unfavorable product mix
• Less throughput of large components
– Bottlenecks are gradually being eliminated
• Strong order book
– SEK 73 mln order from SOGIN
Q3 report 2009
Current focus
• Increase capacity
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United Kingdom – Q3Decommissioning, Waste Treatment and Engineering & services
• MRF licensed and open to business
– Received first waste in September
– Several frame work agreements signed and
waste deliveries planned
• Slow decommissioning market
– “Wait and see” reaction to the governments
comprehensive spending review
– Further cost cuts in Q3
• Increased demand in Engineering
– Facility refurbishment and new build
6Q3 report 2009
Current focus
• Build order book
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Germany – Q3Decommissioning and Engineering & Services
• Outages in Q3 at normal levels
• Decommissioning projects in Germany
Belgium developed according to plan
• Engineering office in France fully
licensed for nuclear projects and with
growing order book
Q3 report 2009
Current focus
• Grow in engineering consulting
• Careful expansion in France
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USA – Q3Waste Treatment
• Erwin loss in Q3, but improved outlook
– 7 customers, 51 reactors contracted
– Customers continue to make decisions
based on reduction of cash flow
• Memphis recorded small loss
– Low waste volumes due to tight market
and some outages continuing until the
end of the quarter
• TTT wins 55 MUSD, 3 year project for
DOE Savannah River site
8Q3 report 2009
Current focus
• Get waste into Erwin
• Non-utility customers for Memphis
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Global Services – Q3In-core fuel management software and Materials technology
• Materials technology
– High capacity utilization in laboratories
and in consulting
• Fuel management Software
– Similar performance as last year
Q3 report 2009
Current focus
• Capitalize on strong order book
and prospect pipeline
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SEKm Q3 -09 Q3 -08 9m -09 9m -08 2008
Sweden 34.5 38.4 115.8 109.8 152.4
United Kingdom 18.4 34.2 65.8 113.9 148.6
Germany 126.8 98.1 337.0 277.5 387.9
USA 42.2 47.4 149.6 272.0 317.1
Global Services 51.2 41.6 177.1 133.6 196.0
Other 10.2 23.3 50.3 89.5 128.3
Group eliminations -8.3 -8.8 -27.8 -31.5 -44.4
GROUP 275.0 274.2 867.8 964.8 1 285.9
Net sales
10Q3 report 2009
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SEKm Q3 -09 Q3 -08 9m -09 9m -08 2008
Sweden 3.5 11.5 9.1 22.0 30.7
United Kingdom -7.3 0.6 -40.8 2.0 -3.2
Germany 9.6 3.1 20.2 14.4 23.3
USA -12.8 -17.3 -54.3 -5.2 -22.4
Global Services 5.8 -3.6 21.3 7.6 13.0
Other -6.6 -5.9 -23.6 -20.1 -28.7
Group eliminations - - - - -
GROUP -7.8 -4.4 -68.1 20.7 12.7
Operating profit
11Q3 report 2009
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• Modernization and upgrading programs are underway in several countries
• Decommissioning of nuclear facilitites is expected to continue at least at present
rate in 2009
• Demand for the type of services Studsvik offers is strong
• Good order volumes in Sweden, Germany and Global Services
• Contract negotiations underway for the UK MRF
• Current contracts should provide Erwin with profitability long term
• Conditions in place for Erwin to have satisfactory utilization in Q4
• Positive operating profit and cash flow are expected for the second half of the
year
Outlook
Q3 report 2009
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13Q3 report 2009
Summing up
Germany
32% of sales
Grow in Engineering and
France
Sweden
13% of sales
Restore margins while growing
Global Services
16% of sales
Capitalize on strong
order book
UK
12% of sales
Focus on MRF, Waste
services and Engineering
USA
26% of sales
Get waste in to Erwin
Share of sales
calculated on FY 2008
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Q3 report 2009