Uniper Se · XETR:UN0
Uniper — Q3 2022 Earnings Presentation
29 slides from Uniper's earnings presentation, Nov 3, 2022
Slide 1: 9M 2022 Interim Results
9M 2022 Interim Results Tiina Tuomela – CFO 3 November 2022
Slide 2: Highlights – High Russian gas curtailment losses masking solid underlying business performance
Highlights – High Russian gas curtailment losses masking solid underlying business performance € Financial performance € -4,755m Adjusted EBIT and Adjusted Net Income impacted by ~ €10bn of realized PY: €614m Russian gas curtailment losses1 Adjusted EBIT Underlying operating business with solid deve
Slide 3: Current daily gas curtailment losses at record low – Stabilization package in execution mode
Current daily gas curtailment losses at record low – Stabilization package in execution mode Daily gas curtailment losses driven by current Key messages day-ahead prices German state to become Uniper’s major shareholder with a €m 98.6% stake 200 Pillars of the financial stabilization package: 1. KfW
Slide 4: Operating indicators – Increased fossil generation
Operating indicators – Increased fossil generation Global Commodities European Generation Russian Power Gen. Carbon emissions Gas storage filling (%)1 Production volume (TWh)2 Production volume (TWh)2 Scope-1 (m tons)3 -7% +3% +21% +13% 46.0 47.4 95% 88% 14.3 38.0 36.34 41.24 31.3 7.8 14.3 30.2 9.3
Slide 5: Key financials 9M 2022 – Reflecting substantial gas curtailment losses
Key financials 9M 2022 – Reflecting substantial gas curtailment losses Adjusted EBIT Adjusted EBITDA Operating Cash Flow (OCF) €m €m €m 614 2,244 1,100 -4,755 -4,139 -10,877 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 Adjusted Net Income (ANI) Net Income1 Economic Net Debt (END) €m €m €m 487 -4,
Slide 6: Adjusted EBIT – Stronger underlying gas mid-stream and stable European generation business
Adjusted EBIT – Stronger underlying gas mid-stream and stable European generation business Reconciliation Adj. EBIT 9M 2021 to 9M 2022 €m Adj. EBIT 9M 2021 614 Commodity Gas Breakdown ~ €-10bn realized Carbon phasing re-procurement losses related to Russian gas curtailments European Generation ~ €4.
Slide 7: Adjusted Net Income to IFRS Net Income – Future gas curtailment losses reflected in unadjusted Net Income
Adjusted Net Income to IFRS Net Income – Future gas curtailment losses reflected in unadjusted Net Income Reconciliation Adj. Net Income 9M 2022 to Net Income1 9M 2022 €bn -3.2 PY: €487m -40.3 -31.0 7.3 PY: €-4,829m -2.4 -11.0 Adj. Net Income Anticipated Impairments (Nord Fair-value Other Net Income
Slide 8: Operating Cash flow – Driven by gas storage injections
Operating Cash flow – Driven by gas storage injections Reconciliation Adj. EBIT 9M 2022 to Operating Cash Flow 9M 2022 €m -4,139 -4,755 617 99 PY: 1,100 PY: 614 -355 -10,438 -10,877 PY: 2,363 PY: 2,244 -5,380 -663 -97 -342 Adj. EBIT Depreciation Adj. EBITDA Non-cash Provision Changes in Other (incl.
Slide 9: Economic Net Debt – Mainly influenced by OCF
Economic Net Debt – Mainly influenced by OCF Reconciliation of Economic Net Debt YE 2021 to 9M 2022 €m 10,877 392 52 10,906 -66 -549 1,280 1,228 -1,969 516 1,065 NFP Pensions ARO 9,110 324 -124 Economic Net Debt Divest OCF Investments Other NFP 1 Pensions ARO Economic Net Debt YE 2021 9M 2022 AROs2
Slide 10: Outlook – Management’s immediate priority actions
Outlook – Management’s immediate priority actions 1 2 3 Stabilize and de-risk Contribute to security of supply1 Prepare the way ahead Implement stabilization package Complete construction of Germany’s Rapid establishment of a trusting Balancing the hedging policy with first LNG terminal Wilhelmshave
Slide 11: Appendix
uni per Appendix
Slide 12: Commodity prices – Coming down from August record high levels
Commodity prices – Coming down from August record high levels Gas prices1 Carbon prices2 Electricity prices3 Dark & spark spreads4 €/MWh €/t CO2 €/MWh €/MWh 400 125 1,250 1,000 CDS Base Germany Nordic CSS Base CSS Peak 320 100 1,000 750 240 75 750 500 160 50 500 250 80 25 250 0 0 0 0 -250 Sep 21 Mar
Slide 13: Outright power hedging in Germany and Nordic – Physical asset positions
Outright power hedging in Germany and Nordic – Physical asset positions Hedged prices and hedge ratios Germany1 Hedged prices and hedge ratios Nordic1, 2 €/MWh €/MWh -13 -57 20 28 22 12 30 29 TWh TWh 8 24 18 6 85% 4 12 85% 2 6 55% 95% 90% 20% 0 0 9M 20223 2022 2023 2024 9M 20223 2022 2023 2024 (fron
Slide 14: Contractual power position – Impact from proxy hedges
Contractual power position – Impact from proxy hedges Nordic/German power price exposure related to Key messages contractual positions1 Uniper has a significant Nordic outright contractual power Proxy hedges TWh position related to a compensation for earlier shut-downs 0.9 Hedges Nordic of nuclear a
Slide 15: Generation capacity
Generation capacity In MW 1 30 Sep 2022 31 Dec 2021 Gas Russia 7,156 7,139 United Kingdom 4,193 4,180 Germany 2,912 2,912 Netherlands 525 525 Hungary 428 428 Hard coal Germany 3,197 3,197 United Kingdom 2,000 2,000 Netherlands 1,070 1,070 Lignite Russia 1,895 1,895 Hydro Germany 1,919 1,918 Sweden 1
Slide 16: Net electricity generation volumes
Net electricity generation volumes In TWh1 9M 2022 9M 2021 Gas Russia 30.2 28.6 United Kingdom 8.3 9.2 Germany 3.1 2.8 Netherlands 0.7 0.7 Hungary 2.1 1.6 Sweden 0.1 0.0 Hard coal Germany 7.5 5.5 United Kingdom 3.2 2.7 2 Netherlands 3.6 3.4 Lignite Russia 7.8 2.7 Germany3 – 1.7 4 Hydro Germany 3.1 3
Slide 17: Adjusted EBIT(DA) by sub-segment
Adjusted EBIT(DA) by sub-segment 9M 2022 9M 2021 9M 2022 9M 2021 €m Adj. EBITDA Adj. EBITDA Adj. EBIT Adj. EBIT European Generation Subtotal 257 540 -93 271 Hydro 127 265 81 219 Nuclear 104 103 62 59 Fossil 77 209 -182 36 Other / Consolidation -51 -37 -54 -42 Global Commodities Subtotal -4,564 893 -
Slide 18: Adjusted EBIT – Development by sub-segment
Adjusted EBIT – Development by sub-segment European Generation Global Commodities Russian Power Generation €m €m €m 771 163 3 271 -138 -4,727 331 -93 37 168 -218 -11 -5,197 -339 9M 2021 Hydro Nuclear Fossil Other 9M 2022 9M 2021 Gas Internat./ Power 9M 2022 9M 2021 Russia 9M 2022 Other Hydro: Nega
Slide 19: Reconciliation of income/loss before financial results & taxes
Reconciliation of income/loss before financial results & taxes €m 9M 2022 9M 2021 Income / Loss before financial results and taxes -45,303 -6,489 Net income / loss from equity investments 3 10 EBIT -45,300 -6,479 Non-operating adjustments 40,545 7,093 Net book gains (-) / losses (+) 1 -12 Impact of
Slide 20: Reconciliation of Adjusted EBIT to (Adjusted) Net Income
Reconciliation of Adjusted EBIT to (Adjusted) Net Income €m 9M 2022 9M 2021 Adjusted EBIT -4,755 614 Economic interest result 103 84 Interest results for leasing -17 -15 Interest from financial assets / liabilities -134 62 Interest cost from provisions for pensions and similar obligations -9 -9 Accr
Slide 21: Cash-effective investments
Cash-effective investments €m 9M 2022 9M 2021 European Generation 273 394 Global Commodities 55 30 Russian Power Generation 44 89 Administration / Consolidation 21 10 Total 392 523 thereof Growth 103 262 thereof Maintenance and replacement 289 260 9M 2022 Presentation, 3 November 2022 21
Slide 22: Economic Net Debt
Economic Net Debt €m 30 Sep 2022 31 Dec 2021 Liquid funds (-) 2,248 2,966 Non-current securities (-) 91 111 Margining receivables (-) 9,897 7,866 Financial liabilities and liabilities from leases (+) 21,347 8,975 Net financial position 9,110 -1,969 Provisions for pensions and similar obligations (+)
Slide 23: Consolidated balance sheet (1/2) – Assets
Consolidated balance sheet (1/2) – Assets €m 30 Sep 2022 31 Dec 2021 Goodwill – 1,783 Intangible assets 703 708 Property, plant and equipment and right-of-use assets 10,262 10,055 Companies accounted for under the equity method 335 322 Other financial assets 1,545 859 Financial receivables and other
Slide 24: Consolidated balance sheet (2/2) – Equity & liabilities
Consolidated balance sheet (2/2) – Equity & liabilities €m 30 Sep 2022 31 Dec 2021 Capital stock 622 622 Additional paid-in capital 10,825 10,825 Retained earnings -40,624 -1,388 Accumulated other comprehensive income -2,841 -3,756 Equity attributable to shareholders of Uniper SE (deficit) -32,018 6
Slide 25: Consolidated statement of cash flows (1/2)
Consolidated statement of cash flows (1/2) €m 9M 2022 9M 2021 Net income / loss -40,374 -4,768 Depreciation, amortization and impairment of intangible assets, of property, plant and equipment, and of right- of-use assets 3,133 701 Changes in provisions 23,315 2,191 Changes in deferred taxes -6,038 -
Slide 26: Consolidated statement of cash flows (2/2)
Consolidated statement of cash flows (2/2) €m 9M 2022 9M 2021 Cash proceeds / payments arising from changes in capital structure1 -6 -2 Cash dividends paid to shareholders of Uniper SE -26 -501 Cash dividends paid to other shareholders – -15 Proceeds from new financial liabilities 14,193 4,951 Repay
Slide 27: Financial calendar & further information
Financial calendar & further information Financial calendar 17 February 2023 Annual Report 2022 Stay informed about Uniper uniper.energy/investors
Slide 28: Uniper – Contact your Investor Relations team
Uniper – Contact your Investor Relations team Stefan Jost Adam Strzyz Executive Vice President Head of Investor Relations (SVP) Group Finance & Investor Relations +49 171 778 8215 stefan.jost@uniper.energy adam.strzyz@uniper.energy Peter Wirtz Jan Houben Sabine Burkhardt Manager Investor Relations M
Slide 29: Disclaimer
Disclaimer This document and the presentation to which it relates contains information relating to Uniper SE, ("Uniper" or the "Company") that must not be relied upon for any purpose and may not be redistributed, reproduced, published, or passed on to any other person or used in whole or in part for