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Q1, 2009 presentationApril 22, 2009

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2Q1 report 2009

Continued losses in USA in Q1

• Net sales down to SEK 277.0 million (320.0)

• Operating loss of SEK -21.2 million (-7.0)

• Operating loss fully attributable to USA

– Operating loss in USA of SEK -33.7 million (-13.4)

– Very low capacity utilization in Erwin

– Credit loss of SEK 10.2 million in logistics

– Continued losses in logistics terminated by partnership with R&R Trucking

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Status and outlook for Erwin

• Four customer contracts signed to date

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

– Negotiations with further parties under way

• Waste receipts are expected to pick up in coming quarters

– B/C waste is generated after scheduled revisions in spring and fall

• Erwin remains the only option for B/C waste in the USA

Q1 report 2009

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UK recovering after weak Q4

• Low activity in Decommissioning

– Weak order book after closing of Sellafield project

• Risk level reduced in Decommissioning

– Lower costs

– Smaller contracts

– Wider customer base

• The UK revenue budget for 2009 is significantly more diversified

than previous years

– 1/3 Waste treatment, 1/3 Decommissioning, 1/3 Engineering services

Q1 report 2009

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AB SVAFO divested

• Non-commercial company assigned to take care of legacy waste

• Financed by the commercial nuclear plant owners through the

Nuclear Waste Fund

• Transfer to nuclear plant owners at book value

• The R2 reactor will be divested to AB SVAFO

• AB SVAFO’s net sales in 2008 were SEK 72 million

• No future liabilities for legacy waste

5Q1 report 2009

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• Cost reduction program with positive impact 2009 of MSEK 25

• Planned investments 2009 reduced to MSEK 35

– Primarily MRF in the UK and the rest in Sweden

• Salary freeze for Group management

• Continued focus on working capital and cash management

Groupwide measures to restore profitability

6Q1 report 2009

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Operating Profit per Segment

SEKm Q1-09 Q1 -08 2008

Sweden 6.7 0.9 30.7

United Kingdom 0.1 2.9 -3.2

Germany 4.9 4.7 23.3

USA -33.7 -13.4 -22.4

Global Services 9.3 4.3 13.0

Other -8.5 -6.4 -28.7

Group eliminations -

Q1 report 2009

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Sweden - Q1Waste Treatment for European customers

• Incineration facility operated at

full capacity

• Good utilization in metals

facility and large components

line

• Metals volumes up 35%

• Strong order book

Q1 report 2009

Focus for 2009

• Increase capacity to handle

growing volumes

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United Kingdom – Q1Decommissioning and Waste Treatment

• Waste treatment developed

positively

• Metals Recycling Facility (MRF)

will start operations in Q3

• Low utilization in

Decommissioning

• High sales activity with several

tenders ongoing

9Q1 report 2009

Focus for 2009

• Decommissioning order book

• MRF in operation Q3

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Germany – Q1Decommissioning and Engineering & Services

• Good utilization in Engineering &

services

• Projected revisions at 2008 level

• Continued strong demand for

Engineering & services

• Decommissioning project won for

Belgian MOX plant valued at MSEK 64

• French office shows small profit

Q1 report 2009

Focus for 2009

• Grow in engineering consulting

• Careful expansion in France

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USA – Q1Waste Treatment including Logistics

• Erwin main loss maker

– Only minor volumes processed

• Expected minor loss in Memphis

due to seasonality

• Continued but reduced loss in

Logistics

– Client loss of SEK 10.2 million

– Partnership with R&R Trucking

11Q1 report 2009

Focus for 2009

• Grow customer base for Erwin

• Grow non-utility customer base

for Memphis

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Global Services – Q1In-core fuel management software and Materials technology

• Materials technology continued to

develop well

– Order book remains strong

– Fuel shipments from BE scheduled

for Q2

– Consultancy continued to grow

• Strong results for software

– Japanese order for Gardel

Q1 report 2009

Focus for 2009

• Capitalize on strong order book

and prospect pipeline

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Studsvik GroupKey Figures and Ratios

SEKm Q1 -09 Q1-08 2008

Net sales for the Group, SEKm 277.0 320.0 1,285.9

Operating profit, SEKm -21.2 -7.0 12.7

Profit after tax, SEKm -19.8 -7.0 1.1

Earnings per share, SEK -2.41 -0.99 -0.05

Operating margin, % neg neg 1.0

Cash flow from operations -6.4 -18.2 29.5

Average number of Employees 1,112 1,158 1,130

Q1 report 2009

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Studsvik GroupKey Figures and Ratios

Q109 Q108 YE08

Capital employed, SEKm 1,016.2 831.2 999.00

Equity, SEKm 615.3 535.6 610.8

Cash & cash equivalents, SEKm 108.7 130.8 147.7

Net interest-bearing debt 292.3 165.0 240.5

Equity-assets ratio, % 39.7 42.3 40.4

Equity per share, SEK 74.82 65.17 74.32

Q1 report 2009

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15Q1 report 2009

USAReturn to

profitabilitySEKm 315

Turn-around

SwedenMaintain margins on

increasing volumes

GermanyGrow in engineering consultancy

Global ServicesCapitalize on strong order book

SEKm 735

Ongoing businesses

UKOpen MRF

Improve order

book

SEKm 150

Rapid growth

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• Modernization and upgrading programs are underway in several

countries

• Decommissioning of nuclear facilitites is expected to continue at

least at similar level as 2008

• Demand for the type of services Studsvik offers is strong

• Studsvik’s operations are only marginally affected by fluctuations in

the economic cycle

• With the exception of parts of the US operations, the financial

turbulence has not affected Studsvik’s operations

Outlook

Q1 report 2009

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17Q1 report 2009