Slide 1: 9M 2021 Results
9M 2021 Results 11 November 2021 Michael Müller, CFO Thomas Denny, Head of Investor Relations
Slide 2: Disclaimer
Disclaimer This document contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management, and are based on information currently available to the management. Forward-looking statements shall not be construed as a promi
Slide 3: Good performance and strong progress towards 13GW Wind/Solar target in 2022
Good performance and strong progress towards 13GW Wind/Solar target in 2022 • Good 9M results with core adj. EBITDA of €1.7bn. Adj. EBITDA of RWE Group at €2.4bn • FY2021 outlook reiterated after guidance raised in July due to an outstanding trading performance • Net debt at €2.9bn at the end of Sep
Slide 4: Very good 9M performance apart from shortfall in Wind/Solar business
Very good 9M performance apart from shortfall in Wind/Solar business Core adj. EBITDA 9M 2021 vs. 9M 2020, € million -11% 1,880 • Offshore Wind earnings down because of below normal 1,677 wind conditions this year and a very strong previous year 399 • Onshore Wind/Solar earnings decreased significan
Slide 5: Wind/Solar buildout well on track to reach 13GW target
Wind/Solar buildout well on track to reach 13GW target Capacity development Wind/Solar, as of 30 Sep 2021 GW pro rata • Capacity additions (0.8GW), of which 80MW increase from Rampion • Farm-down: US-windfarms Texas in > 13.0 1.5 Q1 and Q3 (0.6GW) 9.5 3.0 9.4 0.1 0.8 1.4 Offshore 0.8 Offshore 0.1 On
Slide 6: Offshore Wind: Lower earnings due to unfavourable wind speeds partly compensated by Rampion full consolidation
Core Offshore Wind: Lower earnings due to unfavourable wind speeds partly compensated by Rampion full consolidation Key financials 9M - Offshore Wind Adj. EBITDA 9M 2021 vs. 9M 2020 € million 9M 2021 9M 2020 change Below normal wind speeds in 9M 2021 Very high wind speeds in Q1 2020 Adj. EBITDA 656
Slide 7: Onshore Wind/Solar: Earnings setback mainly based on one-off from Texas cold snap in Q1 2021
Core Onshore Wind/Solar: Earnings setback mainly based on one- off from Texas cold snap in Q1 2021 Key financials 9M - Onshore Wind/Solar Adj. EBITDA 9M 2021 vs. 9M 2020 Below normal wind speeds in 9M 2021 € million 9M 2021 9M 2020 change Very high wind speeds in Q1 2020 Adj. EBITDA 36 373 -337 Incr
Slide 8: Hydro/Biomass/Gas: Good 9M performance due to higher earnings from day-to-day optimisation and British capacity payments
Core Hydro/Biomass/Gas: Good 9M performance due to higher earnings from day-to-day optimisation and British capacity payments Key financials 9M - Hydro/Biomass/Gas Adj. EBITDA 9M 2021 vs. 9M 2020 € million 9M 2021 9M 2020 change Higher earnings from the day-to-day optimisation of our power plant dis
Slide 9: Supply & Trading: Outstanding trading performance in the first nine months
Core Supply & Trading: Outstanding trading performance in the first nine months Key financials 9M - Supply & Trading Adj. EBITDA 9M 2021 vs. 9M 2020 € million 9M 2021 9M 2020 change Outstanding trading performance and higher contribution from Gas & LNG business Adj. EBITDA 609 399 210 t/o non-recurr
Slide 10: Coal/Nuclear: Solid earnings on back of higher realised hedged generation margins
Coal/Nuclear: Solid earnings on back of higher realised hedged generation margins Key financials 9M - Coal/Nuclear Adj. EBITDA 9M 2021 vs. 9M 2020 € million 9M 2021 9M 2020 change Higher realised hedged generation margins Costs associated with the German coal phaseout Adj. EBITDA 720 381 339 t/o non
Slide 11: Adj. net income in line with the good development of adj. EBITDA
Adj. net income in line with the good development of adj. EBITDA Adj. net income, € million 9M 2020 9M 2021 Adj. EBITDA • Adj. EBITDA excludes non-operating result 2,261 2,397 9M 2021 • Adj. financial result includes payment of E.ON -1,079 Adj. depreciation -1,058 dividend of €186 million. It is mai
Slide 12: Adj. operating cash flow driven by good operational result
Adj. operating cash flow driven by good operational result Reconciliation to adj. operating cash flow, € million 9M 2021 2,397 -124 • Changes in provisions/(Non-) Cash items mainly -326 19 1,781 driven by legacy and restructuring provisions as -185 well as book gains from the farm-down of Texas wind
Slide 13: Net debt decreased thanks to a very good adj. operating cash flow and timing effects
Net debt decreased thanks to a very good adj. operating cash flow and timing effects Development of net debt, € billion 9M 2021 4.4 0.7 -1.9 -1.8 2.2 2.9 -0.8 Net debt Adj. operating Net cash Dividends Other changes in Changes in Net debt 31 Dec 20 cash flow investments net financial debt provisions
Slide 14: Outlook for fiscal year 2021 confirmed
Outlook for fiscal year 2021 confirmed Group outlook FY2021, € million Divisional outlook FY2021– adj. EBITDA, € million Outlook Outlook Outlook Outlook (July 2021) (March 2021) (July 2021) (March 2021) Core adj. EBITDA 2,150 – 2,550 1,800 – 2,200 Offshore Wind 1,050 – 1,250 1,050 – 1,250 Adj. EBITD
Slide 15: Appendix
Appendix 11 Nov 2021 9M 2021 Results
Slide 16: Reconciliation to adj. net income
Reconciliation to adj. net income 9M 2021 (€ million) Reported Adjustments Adjusted Adjusted EBITDA 2,397 - 2,397 Depreciation -1,058 - -1,058 Adjusted EBIT 1,339 - 1,339 Non-operating result 2,050 -2,050 - Financial result 70 -179 -109 -632 447 Taxes on income -185 Income 2,827 -1782 1,045 of which
Slide 17: Economic net debt
Economic net debt Net debt (€ million) 30 Sep 2021 31 Dec 2020 +/- Net debt definition Cash and cash equivalents 3,576 4,774 -1,198 • Net debt does not Marketable securities 3,799 4,517 -718 contain mining Other financial assets 10,453 2,507 7,946 provisions, which essentially cover our Financial as
Slide 18: Key sensitivities to our planning assumptions for FY2021
Key sensitivities to our planning assumptions for FY2021 Driver Segment Type Sensitivity Group impact1 Wind levels Offshore Wind P&L +/- 10% production +/- €160 million Onshore Wind/Solar P&L +/- 10% production +/- €100 million Power prices Offshore Wind and Onshore Wind/Solar P&L +/- 10% +/- €70 mi
Slide 19: Your contacts in Investor Relations
Your contacts in Investor Relations Important Links Financial Calendar • Annual and interim reports & statements • 15 November 2021 ADR programme available Capital Market Day • Investor and analyst conferences • 15 March 2022 Further information on our homepage Annual Report for fiscal 2021 • IR pre