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Q2 2009 presentationJuly 21, 2009

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2Q2 report 2009

Reduced losses in USA but significant one-time losses in UK

• Net sales in Q2 down to SEK 315.8 million (370.6)

– USA received and processed 800 ft3 B/C-waste at end of quarter

– UK decommissioning projects terminated

– Germany, Sweden and Global Services; 5 per cent growth in local currency

• Operating loss in Q2 of -39.1 million (+32.1)

– Charges of SEK 22.8 million for UK re-evaluation and close-down of projects

and staff restructuring

– Operating losses in UK and USA

– Currency effects SEK -2.5 million (-3.2)

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Status and outlook for Erwin

• Results improved after 3 quarters of negative development

• Waste receipts picked up in Q2

– Clear improvement from Q1, 1 400 ft3 of B/C waste contracted

– Not enough to offset strong comparison in Q2 ’08

• Five customer contracts signed to date

– 36 out of 103 nuclear power plants covered by current contracts

– Negotiations with further parties under way

• The new business model profitable at lower volumes

Q2 report 2009

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UK restructured

• Projects terminated and re-evaluated

– Write down of SEK 12 million after re-evaluation

– Charges of SEK 8.2 million for advance termination of remaining large

project

• Sam Usher new head of UK operations

• Decision to focus on waste management, engineering consultancy

and smaller, less complex projects

Q2 report 2009

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• Cost reduction program with positive impact 2009 of SEK 25 million

• Additional cost reductions in the UK of SEK 5 million

• Investments 2009 reduced and focused on MRF

• Salary freeze for Group management

• Continued focus on working capital and cash management

Groupwide measures to restore profitability

5Q2 report 2009

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SEKm Q2 -09 Q2 -08 6mo -09 6mo -08 2008

Sweden 40.1 40.7 81.3 71.4 152.4

United Kingdom 20.7 39.2 47.4 79.7 148.6

Germany 113.3 102.0 210.2 179.4 387.9

USA 69.7 121.2 107.4 224.6 317.1

Global Services 61.9 44.8 125.9 92.0 196.0

Other 14.4 31.9 40.1 66.2 128.3

Group eliminations -4.3 -9.2 -19.5 -22.7 -44.4

Net sales per Segment

6Q2 report 2009

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SEKm Q2 -09 Q2 -08 6mo -09 6mo -08 2008

Sweden -1.1 9.6 5.6 10.5 30.7

United Kingdom -33.5 -1.5 -33.5 1.4 -3.2

Germany 5.7 6.6 10.6 11.3 23.3

USA -7.8 25.5 -41.5 12.1 -22.4

Global Services 6.2 -0.3 15.6 4.0 13.0

Other -8.6 -7.8 -17.0 -14.2 -28.7

Group eliminations - - - - -

Operating profit per Segment

7Q2 report 2009

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Sweden - Q2Waste Treatment for European customers

• Good utilization in metals facility

• Planned review temporarily halted

production at incineration facility

• Bottlenecks in large components line

lowered margins

• Strong order book

– SEK 250 mln order from Bruce Power

Q2 report 2009

Current focus

•Eliminate bottlenecks

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United Kingdom – Q2Decommissioning, Waste Treatment and Engineering & services

• Operations restructured

– Charges SEK 22.9 mln

• MRF to start operations in Q3

• High sales activity with several

tenders ongoing

9Q2 report 2009

Current focus

• Build order book

• Start operate MRF in Q3

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Germany – Q2Decommissioning and Engineering & Services

• Projected German outages for 2009 at

2008 level, but delayed from Q2 to Q3

• Decommissioning projects in Belgium

and at Obrigheim ramped up under Q2

• Good performance in Engineering

Consulting

Q2 report 2009

Current focus

• Grow in engineering consulting

• Careful expansion in France

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USA – Q2Waste Treatment

• Operations improved in Erwin

• Memphis operated profitably,

benefiting from improved

efficiency

• Logistics operation divested in

Q1

11Q2 report 2009

Current focus

• Grow customer base at Erwin

and get waste in

• Grow non-utility customer base

for Memphis

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Global Services – Q2In-core fuel management software and Materials technology

• Materials technology continued to

develop well

– Order book remains strong

– Fuel shipments from BE received in

Q2

– Consultancy continued to grow

• Good profitability for software

Q2 report 2009

Current focus

• Capitalize on strong order book

and prospect pipeline

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Financial Targets and OutcomeGroup

Target 6mo -09 2008

Organic growth 10 % -15.1 % -12.0 %

EBIT margin 8 % n.m. 1.0 %

Equity / assets 40 % 37.7 % 40.4 %

Dividend 30 % of EAT SEK 1.00

13Q2 report 2009

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Key Figures and Ratios

Q2 -09 Q2 -08 6mo -09 6mo -08 2008

Net sales for the Group, SEKm 315.8 370.6 592.8 690.6 1,285.9

Operating profit, SEKm -39.1 32.1 -60.3 25.1 12.7

Net profit, SEKm -33.5 19.1 -53.3 12.1 1.1

Earnings per share, SEK -4.06 1.97 -6.48 0.99 -0.05

Cash flow from operations, SEKm -25.5 4.0 -31.9 -14.2 29.5

Operating margin, % -12.4 8.7 -10.2 3.6 1.0

Equity-assets ratio, % 37.7 42.7 40.4

Average number of Employees 1,117 1,145 1,130

14Q2 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 the present rate in 2009

• Demand for the type of services Studsvik offers is strong

• Good volume of orders for the second half of 2009 in Sweden,

Germany and Global services.

• In the USA the contract customer base indicates a break in the

negative trend

• Positive operating profit and cash flow are expected for the second

half of the year.

Outlook

Q2 report 2009

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Q2 report 2009

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17Q2 report 2009

Summing up

Germany

32 % of sales -

Grow in engineering

consultancy

Sweden

13 % of sales – Grow with

maintained margins

Global Services

16 % of sales - Grow

sales and margin

UK

12 % of sales

Keep up momentum after

restructuring

USA

26 % of sales-

Return to profitability

Share of sales

calculated on FY 2008