q4 2017 presentation - studsvik · 2018-02-15 year-end 2017 presentation 3 * includes waste...
TRANSCRIPT
Q4 2017 PresentationFebruary 15, 2018
Focus on products and services within: • Fuel and materials testing• Fuel and reactor management software • Life cycle management of nuclear and radioactive hazards
We develop, sell and deliver innovative technical solutions to create superior value by improving performance and reducing risk.
Our Focus and Offerings
2018-02-15 2Year-end 2017 Presentation
October – December 2017
October – December 2016
Full year2017
Full year2016
Sales, SEK million 165.4 246.3 704.8 758.8
Gross margin,% 18.4 36.9 23.5 29,5
Operating Profit, SEK million -35.7 27.0 -41.6 24.7
Operating margin, % -21.6 11.0 -5.9 3.2
Profit after net financial items, SEK million -39.4 18.1 -58.7 -0.6
Profit per share after tax, SEK -3.65 0.22 -5.47 6.59
Free cash flow, SEK million* -30.6 -22.2 -84.2 129.6
Investments, SEK million 6.9 5.5 22.1 15.3
Net debt/Equity ratio, % 35.1 0.8 35.1 0.8
Average number of employees 667 695 662 687
Financial performance
2018-02-15 Year-end 2017 Presentation 3
* Includes Waste Treatment which was divested 2016
2018-02-15 Year-end 2017 Presentation 4
• Sales SEK 165 (246) million – decrease with 33 percent
• Gross margin 18 (37) percent
• Operating result SEK -36 (27) million
• Restructuring costs SEK 15 (8) million
• Free cash flow SEK -31 (-22) million (2016 excl. divestment of Waste Treatment)
• YTD operating result SEK -42 (25) million (includes restructuring)
• No FBSR license sale in Q4 vs SEK 23 million in Q4-2016
• Consultancy Services weak in Germany and Sweden
• Fuel & Materials Technology weak Q4 following the unplanned stop in the Hot Cell facility
• Studsvik Scandpower continues to suffer from customers longer procurement processes
• Restructuring of head office and business areas – increased customer focus at reduced cost
Analysis of key ratio development Q4
Consultancy ServicesBusiness Area Fuel and Materials Technology Studsvik Scandpower
2018-02-15 5
K E Y O F F E R I N G S – CO N S U LTA N C Y S E RV I C E SWe m a n a g e R a d i o a c t i v e H a za r d s t o ke e p o u r c u s t o m e r s S a fe
Environmental Services
- Norm
Engineering – Waste Mgmt Processes
Nuclear Decommissioning
-Radio logica l inventory, characterizat ion & c learance
Repository Optimization
- Safety Analys is , L icensing and P lanning
Radiation Safety & Protection
Radioactive Waste Management
Year-end 2017 Presentation
Consultancy ServicesBusiness Area Fuel and Materials Technology Studsvik Scandpower
October -December
2017
October -December
2016Full year
2017Full year
2016
Sales, SEK million 84.4 128.9 407.3 448.4
Operating Profit, SEK million -13.3 7.9 2.9 14.0
Operating Profit margin, % -15.8 6.1 0.7 3.1
Investments, SEK million 2.3 0.3 4.0 2.4
Average number of employees 497 525 492 523
Financial performance
2018-02-15 Year-end 2017 Presentation 6
Consultancy ServicesBusiness Area Fuel and Materials Technology Studsvik Scandpower
• Sales SEK 84 (129) million
• Operating profit SEK -13 (8) million
• Restructuring costs SEK 1 (6) million
• YTD operating profit SEK 3 (14) million.
• No FBSR license sale in Q4 vs SEK 23 million in Q4-2016
• Low demand and utilization ratio in Germany and Sweden
• USA and UK improving performance over last year
• Continued focus on FBSR-technology and related engineering services
• Progress in Japan with Kobe Steel joint venture
• Progress in China with Dynatech license agreement
• Projects in France (Areva) and USA (Department of Energy) moving forward
Operational highlights
2018-02-15 Year-end 2017 Presentation 7
Consultancy ServicesBusiness Area Fuel and Materials Technology Studsvik Scandpower
2018-02-15 Year-end 2017 Presentation 8
KEY OFFERINGS – FUEL & M ATERIALS TEC HNOLOGYF u e l & M a t e r i a l s L i f e C y c l e
Transport of Irradiated Materials
Final & Interim Storage Research
Engineering
Fuel Qualification Hot Cell Technologies
Plant Life Management
Consultancy ServicesBusiness Area Fuel and Materials Technology Studsvik Scandpower
Financial performance
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October –December 2017
October –December 2016
Full year 2017
Full year2016
Sales, SEK million 54.4 65.9 195.0 196.3
Operating Profit, SEK million -1.7 10.2 5.3 29.7
Operating Profit margin, % -3.1 15.5 2.7 15.1
Investments, SEK million 2.9 4.9 13.8 11.7
Average number of employees 101 93 101 93
Consultancy ServicesBusiness Area Fuel and Materials Technology Studsvik Scandpower
• Sales SEK 54 (66) million
• Operating profit SEK -2 (10) million
• Restructuring costs SEK 1 (1) million
• YTD operating profit SEK 5 (30) million
• Incident in Hot cell facility in September reduced Q4 revenue and profit with SEK 12 million
• Hot cell in full operation since mid December and no customer orders lost
• 400 MSEK contract signed with Elekta for supply of medical isotopes over initially nine years
• Continued strong demand for services offered by business area
Operational highlights
2018-02-15 Year-end 2017 Presentation 10
Consultancy ServicesBusiness Area Studsvik ScandpowerFuel- and Materials Technology
112018-02-15 Year-end 2017 Presentation
K E Y OF F E R I N GS - STUD SVI K S CA N D POWERN u c le a r A n a ly s i s S o f t ware & S e r v i ces
Fuel Design, Core Design, Core Monitoring & Plant Performance
Optimization
Consulting, Engineering Services
& Knowledge Transfer
Operator Training Simulation
Used Fuel Analysis & Management (Interim and
Permanent Storage)
New and Advanced Reactor Design &
Licensing
Consultancy ServicesBusiness Area Studsvik ScandpowerFuel- and Materials Technology
Financial Performance
122018-02-15 Year-end 2017 Presentation
October -December
2017
October -December
2016Full year
2017Full year
2016
Sales, SEK million 24.6 42.4 81.0 96.4
Operating Profit, SEK million -2.0 13.6 -11.8 2.8
Operating Profit margin, % -8.1 32.1 -14.6 2.9
Investments, SEK million 0.5 0.1 0.7 0.1
Average number of employees 34 32 34 34
Consultancy ServicesBusiness Area Studsvik ScandpowerFuel- and Materials Technology
Operational highlights
132018-02-15 Year-end 2017 Presentation
• Sales SEK 25 (42) million
• Operating profit SEK -2 (14) million
• Restructuring costs SEK 3 (0) million
• YTD operating profit SEK -12 (3) million
• Continued demand for Software and services but procurement processes are longer
• Export approval for China being processed but uncertain when approval will be granted
• Broaden offering by adding application for spent fuel and additional consultancy services
• Focus on increasing and expanding commercial activities and reach
Challenges & Opportunities Across the Globe
Mixed picture Europe• Profitability issues• Cost reduction initiatives• Germany phasing out• Finland & UK invest• Decommissioning of several units• Life time extension
Cost focus in North America• Profitability issues• Nuclear promise – reduce cost 30 %• Decommissioning• Life time extension• R&D new fuel and reactor types
Strong growth in Asia• New reactors• China, Russia and Korea investing• Japan to start a limited number• R&D new fuel and reactor types
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Studsvik Customer Values
• Risk Mitigation - 70 years of EXPERIENCE in the global nuclear community
• Safety and Efficiency - Helping our customers meet regulatory compliance while minimising cost
• Commitment - Supporting our customers through long term relationships
Studsvik executive management team
2018-01-01 Corporate Presentation 16
Camilla Hoflund
CEO
Pål Jarness
CFO
Steven Freel
Business Area PresidentStudsvik Scandpower
Stefan Bergström
Business Area PresidentConsultancy Services
Joakim LundströmBusiness Area President
Fuel & Materials Technology
Appendix
Balance sheet
December 2017 December 2016
Assets
Non-current assets 456.6 447.1
Current assets 368.3 453.9
Total assets 824.9 901.0
Equity and liabilities
Equity 288.1 348.1
Non-controlling interest 0.3 0.4
Non-current liabilities 364.7 359.9
Current liabilities 171.8 192.6
Total equity and liabilities 824.9 901.0
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