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Annual Report 2019 Studsvik Annual Report 2019 Årsredovisning 2018 ANNUAL REPORT 2019 Studsvik AB (publ) SE-611 82 Nyköping Telephone +46 155 22 10 00 www.studsvik.com INFORMATION TO SHAREHOLDERS Worldwide ANNUAL GENERAL MEETING OF SHAREHOLDERS, APRIL 29, 2020 The Annual General Meeting will be held in Stockholm, World Trade Center, Klarabergsviadukten 70 / Kungsbron 1, on Wednesday, April 29, 2020, at 4 p.m. Notification Shareholders wishing to participate must be registered in the share register kept by Euroclear Sweden AB by Thursday, April 23, 2020, and must give notification of their intention to attend by Thursday, April 23, 2020. • via Studsvik’s website, www.studsvik.se. • by telephone, + 46 155 22 16 42, • by mail to Studsvik AB, SE-611 82 Nyköping, Sweden • by email to [email protected], or • by fax, +46 155 26 30 70 The shareholder’s notification should state • name • personal/corporate identity number • address and telephone number • number of shares For entitlement to vote at the Annual General Meeting, shareholders with nominee-registered holdings must apply to the bank or broker managing their shares for temporary re-registration a couple of banking days before Thursday, April 23, 2020. FORTHCOMING FINANCIAL INFORMATION 2020 SWEDEN JAPAN SWITZERLAND GERMANY USA • Interim Report January-March 2020 April 29 , 2020 Studsvik AB Studsvik Japan Ltd Studsvik Suisse AG Studsvik Scandpower GmbH Studsvik Scandpower, Inc. SE-611 82 Nyköping Rinku Gate Tower Schlösslistrasse 12, Rathausallee 28 101 North Third Street, Suite • Interim Report January–June 2020 July 21, 2020 Visiting address: Studsvik Building 1409, CH-5408 Ennetbaden, DE-22846 Norderstedt 202 • Interim Report January–September 2020 October 23, 2020 Tel: + 46 155 22 10 00 1 Rinku Oraikita, Switzerland Germany Wilmington, NC 28401 USA • Year-end report 2020 February 2021 Fax: + 46 155 26 30 70 Izumisano-city, Tel: + 41 79 501 42 08 Tel: +49 40 3098 088 10 Tel: +1 910 777 2553 Osaka, 598-0048 Japan Fax: +49 40 3098 088 88 Fax: + 1 910 769 3249 • Annual Report 2020 April 2021 Studsvik Nuclear AB Tel / Fax: +81 (0)72 493 7418 UNITED KINGDOM SE-611 82 Nyköping Studsvik Ltd Studsvik GmbH & Co. KG Studsvik, Inc. The reports will be available at www.studsvik.com on the publication dates. Visiting address: Studsvik CHINA Ribble Hurse Walter-Krause-Str. 11 5605 Glenridge Dr Tel: +46 155 22 10 00 Studsvik Engineering Meany Gate DE-68163 Mannheim Suite 670 Fax: + 46155 26 30 70 Technology Ltd Bamber Bridge, Preston Germany Atlanta, GA 30342 Level 26, Fortune Financial PR5 6UP, United Kingdom Tel: + 49 (0) 621 950 403 01 USA Studsvik Waste Management Center, No. 5, Central East Tel: +44 (0) 1772 646880 Fax: + 49 (0) 621 950 403 02 Tel: +1 404 497 4900 Technology AB 3rd Ring Rd., Chaoyang Fax: +44 (0) 1772 646899 Fax: +1 404 497 4901 SE-611 82 Nyköping District, Beijing, China Tel: +46 155 22 10 00 Tel: +86 10 5775 0535 Fax: + 46 155 26 30 70 Studsvik Scandpower AB Stensborgsgatan 4 SE-721 32 Västerås Tel: +46 21 41 57 83 Studsvik AB (publ) Annual Report 2019 Corporate identity number 556501-0997 © Studsvik AB (publ) STUDSVIK AB (PUBL) ANNUAL REPORT 2019 CONTENTS Facts about Studsvik 2 2019 in review 4 Events during the year 5 President’s comments 7 Strategies and goals 8 From impossible to possible – waste treatment that enables final disposal 9 Administration report 10 - Fuel and Materials Technology 12 - Waste Management Technology 15 - Scandpower 16 - Germany 19 Sustainability report and risk management 23 Proposed distribution of profit 30 The Studsvik Share 30 Financial statements 32 - Group 32 - Parent company 36 Notes to the consolidated accounts 40 Notes to the parent company accounts 63 Auditor’s report 67 Corporate Governance 70 - Board of Directors and auditors 74 - Executive Group Management 76 Five-year review 78 Definitions of key figures and ratios 80 FACTS ABOUT STUDSVIK 1 STUDSVIK AB (PUBL) ANNUAL REPORT 2019 Studsvik stands for safe and effective solutions We offer specialized services in materials testing, software and waste management methods to companies, mainly in nuclear technology, but are also engaged as experts in other radiological areas. SALES ADJUSTED OPERATING MARGIN ADJUSTED OPERATING PROFIT 654 0.7 4.4 MILLION KRONOR PER CENT MILLION KRONOR Studsvik's vision is to making it easy to benefit from clean nuclear energy. Studsvik's mission is to create effective, customer- focused solutions to complex problems, through Studsvik's proven ability to innovate. 2 FACTS ABOUT STUDSVIK STUDSVIK AB (PUBL) ANNUAL REPORT 2019 Nuclear power is one of several types of energy that NET DEBT/EQUITY RATIO reduce greenhouse gases and our 70-years’ experience contributes to even safer solutions and higher efficiency in the nuclear power industry 27.4 and to the production of PER CENT medical isotopes for hospitals. NUMBER OF EMPLOYEES 552 IN SEVEN COUNTRIES FREE CASH FLOW -38.8 MILLION KRONOR FACTS ABOUT STUDSVIK 3 STUDSVIK AB (PUBL) ANNUAL REPORT 2019 250 200 197.4 202.6 187.6 174.0 150 167.2 160.3 151.2 139.9 100 50 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2019 30 20 22.2 20.4 10 2.0 9.5 0 -0.3 -8.1 -4.1 -10 2019 IN-18.6 REVIEW -20 Sales by Key ratios -30 Radical changes have been implemented in the Waste Aarea of operation -40 2019 2018 Q1 Q2 Q3ManagementQ4 TechnologyQ1 andQ2 GermanyQ3 businessQ4 areas. 2018 2019 Sales, SEK million 654.0 726.1 During the year Scandpower developed as expected, while 31% Operating profit, SEK million –10.4 33.5 Fuel and Materials Technology was affected by delays 40% 250 Profit/loss after net financial associated with starting deliveries to Elekta. In the latter part –22.8 18.7 items, SEK million 30 of the year the effects of changes made started to make an 200 29.4 X 197.4 Earnings per share, SEK –3.41 202.61.06 20 increasing impact on the Group’s earnings. As a consequence 9% 187.6 21.6 X 174.0 Operating margin, % –1.6 4.6 150 20% 167.2 160.3 10 of poor profitability and major investments in production 151.2 Free cash flow, 139.9SEK m –38.8 54.2 4.0 equipment, the Group’s freeX cash flow was weakened. n 0 100Fuel and Materials Net debt-equity ratio, % 27.4 14.0 0.8 X Technology -10 Equity per share, SEK 36.84 38.47 n50 Waste Management -20 Technology Average number of employees 552 624 n Scandpower -30 0 n GermanyQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2019 -40 Q1 Q2 Q3SalesQ4 in SEK millionQ1 Q2 Q3 Q4 Adjusted operatingNyckeltal profit in SEK million 2018 2019 250 30 20 200 22.2 20.4 197.4 202.6 187.6 10 174.0 2.0 9.5 150 167.2 160.3 151.2 0 -0.3 -8.1 139.9 -4.1 100 -10 -18.6 -20 50 -30 A 0 -40 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2019 2018 2019 31% 40% 30 20 30 22.2 20.4 29.4 X 9% 10 20 21.6 X 2.0 9.5 20% 0 10 -0.3 -8.1 -4.1 4.0 X 4 FACTS-10 ABOUT STUDSVIK 0 -18.6 0.8 X -20 -10 -30 -20 A -40 -30 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2019 -40 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Nyckeltal 2018 31% 2019 40% 30 29.4 X 9% 20 21.6 X 20% 10 0 4.0 X 0.8 X -10 -20 -30 -40 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Nyckeltal 2018 2019 STUDSVIK AB (PUBL) ANNUAL REPORT 2019 EVENTS IN 2019 RESTRUCTURING OF WASTE MANAGEMENT TECHNOLOGY FINANCING The business area Waste Management Technology (formerly Studsvik has bank financing totaling SEK 150 million. Of this, SEK 50 Consultancy Services) was restructured. The business area focuses million is a corporate loan with a maturity of five years and the on our technical platforms for conditioning and volume reduction remaining SEK 100 million is an overdraft facility. The financing was of radioactive waste. The restructuring means that only extended in autumn 2019 and applies to the year-end 2020/2021. engineering services linked to the sale of licenses in this area will be retained. The operations in England will continue to only CHANGES IN THE EXECUTIVE GROUP MANAGEMENT include partnership in and services related to the storage of low- level waste in Cumbria. Claes Engvall was appointed as Chief Financial Officer and member of the Executive Group Management. He took up the position at the beginning of June 2019. ELEKTA Two deliveries of packaged medical isotopes were made in the fourth quarter. The production rate in 2020 is expected to increase. OFFICE ESTABLISHMENT IN CHINA The establishment of the legal entity in China was an important strategic step to get closer to Chinese customers and may give us the opportunity to grow in the Chinese market. FACTS ABOUT STUDSVIK 5 STUDSVIK AB (PUBL) ANNUAL REPORT 2019 6 FACTS ABOUT STUDSVIK STUDSVIK AB (PUBL) ANNUAL REPORT 2019 IMPORTANT STEPS TAKEN FOR 2020 Towards the end of the year we saw positive effects of qualification of a new fuel, where customers are offered the improvements made. software-driven hot-cell testing and optimization of fuel Several license transactions were completed in the last that is unique in the world. Other good examples of the quarter in Scandpower for software negotiated in the broadening of the Fuel and Materials Technology business past year.
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