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A Leading Global Nuclear Services Company

A Leading Global Nuclear Services Company. Presentation of financial statement for 2005 on 24 February, 2006. Magnus Groth , President and CEO Phone: +46 155 22 10 86 Cell: +46 (0)709-67 70 86 e-mail: magnus.groth@studsvik.se

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A Leading Global Nuclear Services Company

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  1. ALeading Global Nuclear Services Company Presentation of financial statement for 2005 on 24 February, 2006

  2. Magnus Groth, President and CEO Phone: +46 155 22 10 86 Cell: +46 (0)709-67 70 86 e-mail: magnus.groth@studsvik.se Jerry Ericsson, Executive Vice President, Deputy Executive Officer and CFO Phone: +46 155 22 10 32 Cell: +46 (0)709 67 70 32 e-mail: jerry.ericsson@studsvik.se Presentation

  3. Financial targets

  4. A strong year after restructuring • Strong earnings development after restructuring • Materials testing reactors terminated after 45 years • Reduction by approx. 90 employees • Acquired engineering company in UK, acquired health physics business in Sweden • Break-through order for TTT in USA • Staff reduction in German operations, by approx. 100 employees • Treatment of a 310-tonne steam generator from Ringhals initiated • SEK 2,00 dividend per share

  5. 2005 in figures 4Q-05 4Q-04 2005 2004

  6. Services to the nuclear power industry

  7. Operating Efficiency and Safety • The world leader in test and analysis of nuclear fuel and materials • Software for optimizing operations and consultancy services • A leading position in a global market

  8. Operating Efficiency and Safety 2005 • Strong demand for industrial software • Strong new business • Growing maintenance consulting income • Favourable development of order intake and earnings in materials testing • Reactor operations terminated as planned • Strategic partnership with Norwegian IFE develops well, with satisfied customers

  9. Outlook Materials testing Growth market, a few years ahead Strong offering in materials testing through partnership with IFE/Halden Industrial software Large market share Leading edge products Challenges Position operations in Materials testing as a solution provider Outlook, Operating Efficiency and Safety

  10. Service and Maintenance • Decontamination, chemical cleaning, mechanical services and process cleaning • Health physics and dosimetry services • Leading position in Sweden and Germany

  11. Service and Maintenance 2005 • More outage hours than in 2004 • Organizational adjustments in Swedish operations had a positive impact on profitability • Decision on organizational adjustments in Germany • Reduction by 85 employees • Costs already accounted for • Positive impact on profitability from 2006 • Acquired ISS health physics business • Gains a business network in UK and Canada

  12. Outlook Customers plan for fewer outage hours in 2006 Business opportunities a few years ahead through extensive Swedish investment programs Life extension programs Increased effect programs Challenges Ability to handle short outages and seasonal variations Improved margins Higher technical content Improved resource utilization Outlook , Service and Maintenance

  13. Waste Treatment • Treats low- and intermediate-level waste • Facilities in Studsvik and Erwin, USA

  14. Waste Treatment 2005 • Increased demand for waste treatment • Technology development concerning large components • Development project; Ringhals Steam generator treatment • Temporarily lower margins 2005 • Stable volume – temporarily lower margins in USA • TTT contracted to build waste treatment facility at the Idaho National Laboratory – presented to client in 2007 • Sale of 30% ownership in WTI

  15. Outlook Growing waste volumes Life extension program Increased effect program Decommissioning of older facilities Large volumes of metallic waste may be forthcoming on the UK market Challenges Production capacity in facilities Improved margins in USA THOR:s waste treatment technology Commercial NPP:s Older waste from research and weapons manufacture Establish UK facility Outlook, Waste Treatment

  16. Decommissioning Full service decommissioning service based on more than 20 years of experience

  17. Decommissioning 2005 • Siemens project ended • German decommissioning market in temporary phase of lower activity • Organization reduced by 15 employees • Three NPP:s awaiting decommissioning permit • UK market established through NDA • Acquisition and integration of Environmental Remediation Services Ltd according to plan • Important platform in UK • Rapid organic growth

  18. Outlook Firm sales in 2006 NDA accelerates UK nuclear decommissioning Procurements in 2006 Germany A large number of smaller commissions Larger procurements towards the end of 2006 Growing market in the midterm view Challenges Readiness for future large German procurements Strengthened position in UK Build organization Work up market Win procurements Supplementary acquisitions Outlook, Decommissioning

  19. Net Sales per Business Area SEKm 4Q-05 4Q-04 2005 2004 Operating Efficiency and Safety 54.6 52.7 192.1 208.1 Service and Maintenance 66.7 54.6 279.7 237.7 Waste Treatment 96.7 75.2 333.7 302.8 Decommissioning 57.0 62.4 242.4 298.1 Discontinuing Operations -0.4 19.9 28.2 70.4

  20. Operating Profit per Business Area SEKm 4Q-05 4Q-04 2005 2004 Operating Efficiency and Safety 10.8 -85.0 28.6 -80.8 Service and Maintenance 3.1 -4.1 11.9 6.8 Waste Treatment 10.2 10.7 39.8 49.7 Decommissioning 5.4 1.1 23.3 37.7 DiscontinuingOperations -0.4 -84.9 13.6 -95.4

  21. Market and trends • Growing market for nuclear-powered electricity • Extended lifetime and increased effect programs • Decommissioning of older facilities • Strong increase in demand for waste treatment • Growing service market in a few years time • Increased demand for specialist materials know-how • ”Cleaning up” after 50 years of research and weapons manufacture • USA, UK • Long lead times

  22. The Studsvik share

  23. Outlook 2006 General market conditions for the Group’s business areas are favorable. The nuclear industry as a whole is growing, with the strongest short term growth in waste treatment. All in all, the assessment is that the Group’s earnings before tax for 2006 will be in line with 2005.

  24. Focus 2006 • UK • Expand operations • Win contracts • Germany • Organizational resource utilization on the 2005 level • Positioning for future procurements • USA • Improved margins • Participate in the next federal procurement cycle • Europe • Develop the “large components” concept • Increased capacity in the Swedish facility

  25. A Leading Global Nuclear Services Company

  26. Group Income Statement SEKm4Q-05 4Q-04 2005 2004

  27. Group Balance Sheet SEKm 2005 2004

  28. Group Cash Flow Statement SEKm 2005 2004

  29. Key Figures and Ratios SEKm 4Q-05 4Q-04 2005 2004

  30. Major Shareholders

  31. Organization Studsvik AB Service and Maintenance Studsvik Stensand AB SINA Industrie-service GmbH & Co IFM Industrie-anlagen GmbH & Co Studsvik UK Ltd Waste Treatment Studsvik Nuclear AB Studsvik Processing Facility, LLC THOR Treatment Technologies, LLC Studsvik UK Ltd Decom-missioning SINA Industrie-service GmbH & Co IFM Industrie-anlagen GmbH & Co Studsvik UK Ltd Operating Efficiency and Safety Studsvik Nuclear AB Studsvik Scandpower Group

  32. Legal structure

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