q2 2009 presentation - studsvikinvestors.studsvik.com/files/studsvik_presentation_q22009.pdf ·...
Post on 20-Aug-2020
4 Views
Preview:
TRANSCRIPT
Rank the picture
below the Core
on the template
slideSlide title
36pt
Slide subtitle
18pt
Q2 2009 presentationJuly 21, 2009
Slide title
pt
Text
24 pt
Bullets level 2
20 pt
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)
Slide title
pt
Text
24 pt
Bullets level 2
20 pt
3
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
Slide title
pt
Text
24 pt
Bullets level 2
20 pt
4
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
Slide title
pt
Text
24 pt
Bullets level 2
20 pt
• 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
Slide title
pt
Text
24 pt
Bullets level 2
20 pt
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
Slide title
pt
Text
24 pt
Bullets level 2
20 pt
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
Slide title
pt
Text
24 pt
Bullets level 2
20 pt
8
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
Slide title
pt
Text
24 pt
Bullets level 2
20 pt
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
Slide title
pt
Text
24 pt
Bullets level 2
20 pt
10
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
Slide title
pt
Text
24 pt
Bullets level 2
20 pt
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
Slide title
pt
Text
24 pt
Bullets level 2
20 pt
12
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
Slide title
pt
Text
24 pt
Bullets level 2
20 pt
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
Slide title
pt
Text
24 pt
Bullets level 2
20 pt
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
Slide title
pt
Text
24 pt
Bullets level 2
20 pt
15
• 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
Slide title
pt
Text
24 pt
Bullets level 2
20 pt
16
Q2 report 2009
Slide title
pt
Text
24 pt
Bullets level 2
20 pt
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
top related