ENBW Energie Baden-Wuerttemberg AG · XETR:EBK
ENBW Energie Baden-Wuerttemberg — EnBW Energie Baden-Württemberg — H1 2017 Earnings Presentation
24 slides from ENBW Energie Baden-Wuerttemberg's earnings presentation, Jul 27, 2017
Slide 1: Investor Conference Call First six months 2017
Investor Conference Call First six months 2017 » Thomas Kusterer, Chief Financial Officer Julia v. Wietersheim, Senior Manager Investor Relations
Slide 2: Release of nuclear storage obligations; Refund of nuclear fuel tax
Release of nuclear storage obligations; Refund of nuclear fuel tax Transfer of funds to federal state Final decision on nuclear fuel tax Contract signing on 26 June enabling to Between 2011 and 2016 EnBW paid an long-term legal security for all parties involved overall sum of € 1.44bn No law-conform
Slide 3: The VNG full consolidation enables EnBW to become a leading gas player
The VNG full consolidation enables EnBW to become one of the leading gas players in Germany Full consolidation contributes € 41m to EnBW’s adjusted EBITDA H1 2017 EnBW is now number 2 in gas transportation business and number 3 in gas supply ~50% of VNG‘s future earnings will be regulated and theref
Slide 4: Rating decisions reflecting nuclear payments and market situation
Rating decisions reflecting nuclear payments and market situation One-notch downgrade by Moody´s - S&P and Fitch ratings confirmed All agencies with stable outlook Long-term rating: Baa1 Long-term rating: A- Long-term rating: A- Investor Conference Call 27 July 2017 Outlook: stable Outlook: stable O
Slide 5: Increased adjusted EBITDA temporarily above forecast; strong group profit
Increased adjusted EBITDA temporarily above forecast; Strong group profit due to refund of nuclear fuel tax Adjusted EBITDA Group profit/loss1 in € million in € million 1,073 1,679 968 +11% Investor Conference Call 27 July 2017 -194 H1 2016 H1 2017 H1 2016 H1 2017 1 Profit/loss shares attributable t
Slide 6: Sales and Grids with positive development
Sales and Grids with positive development Adjusted EBITDA in € million 181 Sales 138 + Positive effects from withdrawal from the unprofitable EnBW and Watt B2B commodity +31% business in 2016 + Temporary prior-year effects H1 2016 H1 2017 Investor Conference Call 27 July 2017 Adjusted EBITDA in € mi
Slide 7: Renewable Energies on prior-year level; Generation & Trading negative effects
Renewable Energies on prior-year level; Generation & Trading mainly characterised by negative effects Adjusted EBITDA in € million + Higher wind yields compared to previous year, in particular offshore wind farms 153 152 Renewable - Reduced water level of our run-of-river power plants Energies -0.5%
Slide 8: Significant FFO increase mainly due to refund of nuclear fuel tax
Significant FFO increase mainly due to refund of nuclear fuel tax EBITDA FFO Retained CF in € million in € million in € million 2,640 -238 1,914 1,885 Provisions Taxes 122 Investor Conference Call 27 July 2017 Non-cash items -584 888 Net interest/ +33 dividends received 290 Contribution to dedica- -
Slide 9: Net debt decreased mainly due to refund of nuclear fuel tax
Net debt decreased mainly in the light of the refund of the nuclear fuel tax Net debt -11% Net debt in € million in € million 10,003 FFO -1.914 8,948 Working Capital +51 Investor Conference Call 27 July 2017 Net investments +392 Other effects -85 Hybrid bond repaid (50%) +500 9 31.12.2016 30.06.2017
Slide 10: Confirmation of outlook 2017
Confirmation of outlook 2017 Renewable Generation and Sales Grids Group Energies Trading 250 1,004 295 337 1,939 Adj. EBITDA 2016 in € million Investor Conference Call 27 July 2017 Forecast 2017 +15 to -5 to +5 to -10 to 0 to in % +25 +5 +15 -20 +5 10
Slide 11: Questions & Answers
Questions & Answers 11
Slide 12: Appendix
Appendix › Additional information Page 13 › Service information Page 21 Investor Conference Call 27 July 2017 12
Slide 13: Non-operating result
Non-operating result (in € million) H1 2017 H1 2016 Variance in % Income/expenses relating to nuclear power 1,317.8 -7.3 - Result from disposals 272.3 11.5 - Restructuring -29.2 -77.8 -62.5 Other non-operating result 6.1 -6.1 - Investor Conference Call 27 July 2017 Non-operating EBITDA 1,567.0 -79.7
Slide 14: Calculation of net debt
Calculation of net debt (in € million) -11,038 16,421 8,948 7,145 -996 Investor Conference Call 27 July 2017 -2,584 3,565 Financial debt 50% equity Operating Net financial Pension and Dedicated Net Debt and others credit cash & cash liabilities nuclear power financial equivalents provisions assets (
Slide 15: Working capital effects
Working capital effects (in € million) 51 188 Investor Conference Call 27 July 2017 120 13 -270 Trade Derivatives Inventories Others Change in WC receivables/ payables 15
Slide 16: Income statement
Income statement (in € million) H1 2017 H1 2016 Variance in % Revenue 10,475.8 9,811.4 6.8 Changes in inventories/other own work capitalised 97.6 76.6 27.4 Cost of materials -8,532.6 -7,814.4 9.2 Personnel expenses -849.1 -849.2 - Other operating income/expenses 1,447.6 -336.6 - EBITDA 2,639.6 887.8
Slide 17: Cash flow statement
Cash flow statement (in € million) H1 2017 H1 2016¹ Variance in % EBITDA 2,639.6 887.8 - Changes in provisions -237.8 -132.1 80.0 Non-cash-relevant expenses/income -584.3 -45.3 - Income tax paid/received 121.9 -232.5 - Interest and dividends received 216.6 190.2 13.9 Interest paid for financing acti
Slide 18: Hedge levels
Hedge levels1 Investor Conference Call 27 July 2017 90-100% 30-70% 0-20% 2018 2019 2020 1 As of 30 June 2017 18
Slide 19: EnBW has flexible access to various financing sources
EnBW has a flexible access to various financing sources1 Debt Issuance Commercial Paper Hybrid bonds Programme Programme €7 billion €2 billion2 €2 billion Thereof € 3 bn utilised2 undrawn Investor Conference Call 27 July 2017 Syndicated credit line Bilateral free credit lines Project financing and €
Slide 20: Maturities of EnBW's bonds
Maturities of EnBW’s bonds (in € million) First call dates of hybrid bonds Senior bonds 1,0002 9933;4 1,000 9937 Hybrid bonds 8411 700 500 500 Investor Conference Call 27 July 2017 915 100 1706 50 …. …. …. …. …. …. 2018 2021 2022 2023 2025 2026 2034 2038 2039 2044 2076 2077 1 Includes CHF 100 millio
Slide 21: Financial calendar 2017 and 2018
Financial calendar 2017 and 2018 20.09.2017 Capital Markets Day 2017 Quarterly Statement January to September 2017 10.11.2017 Conference time: 01:00 pm Annual Report January to December 2017 22.03.2018 Conference time: 03:00 pm Investor Conference Call 27 July 2017 08.05.2018 Annual General Meeting
Slide 22: EnBW IR contacts
EnBW IR contacts Investor Conference Call 27 July 2017 Ingo Peter Voigt Julia von Wietersheim Head of Finance, M&A and Senior Manager Investor Relations Investor Relations T +49 721 – 6314375 T +49 721 – 6312060 i.voigt@enbw.com j.vonwietersheim@enbw.com 22
Slide 23: Important links
Important links Check further information on our webpage: Quarterly Statement H1 2017 Financial Calender Investor Conference Call 27 July 2017 EnBW Investor Relations contact Financing facilities Maturities of EnBW‘s bonds 23
Slide 24: Disclaimer
Disclaimer Unless indicated otherwise, all data contained hereinafter the context, but may also be identified by the use of the words refers to the EnBW group and is calculated according to IFRS. “may”, “will”, “should”, “plans”, “intends”, “expects”, “believes”, “assumes”, “forecasts”, “potentially
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