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Annual Report 2018 Studsvik Annual Report 2018 ANNUAL REPORT 2018 INFORMATION TO SHAREHOLDERS ANNUAL GENERAL MEETING OF SHAREHOLDERS, APRIL 29, 2019 The Annual General Meeting will be held in Stockholm, World Trade Center, Klarabergsviadukten 70 / Kungsbron 1, on Monday April 29, 2019 at 4 p.m. Notification Shareholders wishing to participate must be registered in the share register kept by Euroclear Sweden AB by Tuesday, April 23, 2019, and must give notification of their intention to attend by Tuesday, April 23 at the latest. • 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 Tuesday, April 23, 2019. Nomination Committee Studsvik’s Nomination Committee consists of: • Stina Barchan Di Maria, Briban Invest AB (chair) • Sven Ericsson, representative of the Karinen family • Carina Heilborn, Peter Gyllenhammar AB • Anders Ullberg, Chairman of the Board The task of the Nomination Committee is to submit proposals to the Annual General Meeting of Shareholders regarding election of the Board of Directors, auditors and alternate auditors and their fees. FORTHCOMING FINANCIAL INFORMATION 2019 • Interim Report January-March 2019 April 29, 2019 • Interim Report January–June 2019 July 22, 2019 • Interim Report January–September 2019 October 22, 2019 • Year-end report 2019 February 2020 • Annual report 2019 April 2020 The reports will be available at www.studsvik.com on the publication dates STUDSVIK AB (PUBL) ANNUAL REPORT 2018 CONTENTS Facts about Studsvik 3 2018 in review 4 Events during the year 5 President's comments 7 Strategies and goals 8 Thermal aging of stainless-steel welds and cast components 9 – Freeze-Tec 9 Administration report 10 – Fuel and Materials Technology 12 – Consultancy Services 15 – Scandpower 16 – Germany 19 Sustainability report and risk management 23 Proposed appropriation of earnings 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 62 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 STUDSVIK IN BRIEF 1 STUDSVIK AB (PUBL) ANNUAL REPORT 2018 2 STUDSVIK IN BRIEF STUDSVIK AB (PUBL) ANNUAL REPORT 2018 SALES OPERATING MARGIN 726 4.6 Studsvik stands for safe SEK MILLION PER CENT and effective solutions FREE CASH FLOW We offer specialized OPERATING PROFIT services in material testing, software and waste management methods to companies, mainly in nuclear technology but are 54.2 also engaged as experts in 33.5 SEK MILLION other radiological areas. SEK MILLION We have key skills and a unique facility for markets outside the nuclear industry, such as our proprietary robotized production of medical isotopes. Demand for electricity is growing in the world, due to both increased use of electricity for new technology and the phasing out of fossil fuels such as coal and oil. Nuclear power is one of NET DEBT-EQUITY RATIO NUMBER OF EMPLOYEES several types of energy that reduce greenhouse gases and our 70-years’ experience contributes to even safer solutions and 14.0 624 higher efficiency in the nuclear power industry and PER CENT IN SEVEN COUNTRIES to the production of medical isotopes for hospitals. STUDSVIK IN BRIEF 3 STUDSVIK AB (PUBL) ANNUAL REPORT 2018 2018 IN REVIEW The changes in the organization and business processes Share of Key figures initiated in previous years in Fuel and Materials Technology sales and Scandpower have led to improved sales and earnings for 2018 2017 these business areas. In 2018 similar changes were started in 31% Sales, SEK million 726.1 704.8 Consultancy Services and in Germany. The Executive Group 39% Operating profit, SEK million 33.5 –41.6 Management and administration have been adapted to current Profit/loss after net financial items, SEK million 18.7 –58.7 operations, resulting in considerably lower costs. The free cash Earnings per share, SEK. 1.06 –5.47 flow was improved by a stronger operating profit and positive 11% 19% Operating margin, % 4.6 –5.9 development of working capital, enabling refinancing of Free cash flow, SEK million 54.2 –84.2 Studsvik ahead of the bond loan repayment in February 2019. n Fuel and Materials Net debt-equity ratio, % 14.0 35.1 Technology Equity per share, SEK 38.47 35.09 n Consultancy Services n Scandpower Average number of employees 624 662 n Germany Sales in SEK million Adjusted operating profit in SEK million 200 30 197.4 187.6 179.6 183.3 20 176.6 174.0 167.2 22.2 150 165.4 10 15.5 2.0 9.5 0 100 -2.0 -0.3 -10 -19.4 50 -20 -30 -35.7 0 -40 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2018 2017 2018 4 STUDSVIK IN BRIEF STUDSVIK AB (PUBL) ANNUAL REPORT 2018 EVENTS IN 2018 ELEKTA The operations are being adapted to more clearly meet customers’ personnel needs in health physics and decommissioning projects, An agreement with Elekta Instrument was signed, which means mainly in the German and Swiss markets. that Studsvik provides isotopes for application in products sold globally. Elekta’s isotopes are packaged in special containers at CHANGES IN THE EXECUTIVE GROUP MANAGEMENT Studsvik's Hot Cell Laboratories, in conformance with current Mikael Karlsson was appointed on August 9, 2018 as head of the requirements. The agreement applies from 2018 to 2026 and Consultancy Services business area. covers deliveries valued at about SEK 400 million. Studsvik's Chief Financial Officer, Pål Jarness, will leave Studsvik Studsvik has a long history of supplying isotopes from the period at the end of February 2019 and on January 16, 2019 Annika when the research reactor was in operation and is now resuming Blondeau Henriksson was appointed as the new interim CFO. operations. TVEL HORSVIKS GÅRD Studsvik sold Horsviks gård to Nyköping municipality. The property Via its subsidiary Studsvik Scandpower, Studsvik signed two consists of a total of 100 hectares, of which 27 hectares land agreements with the Russian nuclear fuel manufacturer JSC TVEL, (including two islands) and the rest is water. The property includes in total worth about SEK 38 million. In 2018 Studsvik delivered a number of buildings, a small sandy beach, rocky swimming places, software licenses equivalent to SEK 25 million, as well as mainte- a garden and pastureland. Today the property is a Natura 2000 site, nance, consultancy and training services for SEK 13 million. an area of particular natural importance. The property was sold for SEK 14 million. GERMANY The company’s operations in Germany became a separate business area from April 1. Germany was previously part of the Consultancy Services business area. The new structure follows Studsvik's operations in Germany more clearly and provides a focus for the measures being taken to improve profitability there. STUDSVIK IN BRIEF 5 STUDSVIK AB (PUBL) ANNUAL REPORT 2018 6 STUDSVIK IN BRIEF STUDSVIK AB (PUBL) ANNUAL REPORT 2018 STABLE ORGANIZATION AND INCREASED PROFITABILITY We see that the need for services in nuclear power continues, both in new construction and decommissioning, while the need for our traditional services to nuclear power plants in operation is decreasing slightly or stagnating. In the current year we have adapted and further developed services in our areas of expertise, materials testing, software and waste technologies, to meet this change in the market. During the year we established effective cooperation within the Group regarding marketing and sales. This has created new business opportunities and new customer relations. Studsvik has a strong brand and one of our competitive advantages is that we are solution- oriented and can deliver to an industry with high requirements from both national and international regulatory frameworks. During the year we adapted the organization and appointed several new leaders with the ability to drive efficient and effective organizations and motivate our employees. Studsvik is a small organization with great global breadth, which places high demands on leadership, business capability and commitment. 2019 will be a year of increased focus on our capacity to deliver to customers, which is expected to have a positive impact on our profitability. We are continuing our initiatives outside the traditional markets in the USA and Europe. We consider that Studsvik’s services can support safety and the effective use of fuel optimization in important nuclear power nations such as China, Korea and Russia. The international initiative and broadening of Studsvik's technology transfer concept in decommissioning and waste management are also important tasks. Investment in isotope production is expected to contribute to our growth, while it makes us less sensitive to future fluctuations in the nuclear power industry that impact capacity utilization in the hot-cell facility in Studsvik. Our organization stands for knowledge, experience, innovation and effectiveness. We are looking forward to 2019 with the challenge of increasing our profitability while focusing on new services and business with unchanged cost structure. Stockholm, February 2019 Camilla Hoflund STUDSVIK IN BRIEF 7 STUDSVIK AB (PUBL) ANNUAL REPORT 2018 STRATEGIES AND GOALS One goal is profitability in all business areas of the Group in 2019. mainly in our areas of expertise such as materials testing, software, We will achieve this through continued organic growth in already decommissioning studies and waste technologies.
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