Enbw Energie Baden-wuerttemberg Ag · XETR:EBK
Enbw Energie Baden-wuerttemberg — EnBW Energie Baden-Württemberg — FY2021 Earnings Presentation
30 slides from Enbw Energie Baden-wuerttemberg's earnings presentation, Mar 23, 2022
Slide 1: Investor and analyst conference call FY 2021
Investor and analyst conference call FY 2021» Thomas Kusterer Chief Financial Officer Marcel Münch Head of Finance, M&A and Investor Relations 23 March 2022
Slide 2: Resilient business model in times of market volatility and geopolitical change
Investor and analyst conference call FY 2021 Resilient business model in times of market volatility and geopolitical change Strategy EnBW 2025 – shaping the infrastructure world of tomorrow Our exposure to Russia Natural gas Coal EnBW EnBW No direct import contracts VNG 86% imported from Russia (~3.
Slide 3: EnBW manages risk proactively and successfully
Investor and analyst conference call FY 2021 EnBW manages risk proactively and successfully Planning cash flow and hedging generation margins forward Hedge levels1 Generation hedge (Own generation 2021: 42 TWh) 2022: 100% › Margins locked in by selling generation forward into the market 2023: 60 – 9
Slide 4: Positive earnings development at upper end of forecast range
Investor and analyst conference call FY 2021 Positive earnings development at upper end of forecast range Adjusted EBITDA Share of adjusted EBITDA by segments1 in € m Smart Infrastructure for Customers 2,959 System Critical Infrastructure 2,781 Renewable Energies Sustainable Generation Infrastructur
Slide 5: Smart Infrastructure for Customers
Investor and analyst conference call FY 2021 Smart Infrastructure for Customers Positive development in underlying business overcompensated by rising procurement costs for basic service Adjusted EBITDA in € m 335 Electricity and gas sales 323 Improved earnings in commodity business Unpredictable inc
Slide 6: System Critical Infrastructure
Investor and analyst conference call FY 2021 System Critical Infrastructure Higher expenses to maintain security of supply Adjusted EBITDA in € m 1,347 1,289 Transmission and distribution grids Higher grid revenues Higher expenses for plants in grid reserve and procurement of balancing energy to mai
Slide 7: Sustainable Generation Infrastructure
Investor and analyst conference call FY 2021 Sustainable Generation Infrastructure Forecast range exceeded due to high market volatility Adjusted EBITDA in € m 1,535 1,278 Renewable Energies 794 Lower wind yields compared to previous year and long-term average 836 Thermal Generation and Trading +20%
Slide 8: Thermal Generation high due to market-driven developments
Investor and analyst conference call FY 2021 Thermal Generation high due to market-driven developments Electricity generation volume CO2 intensity Electricity generation capacity1 in TWh in g/kWh in % Target range 2025: 387 - 470g/kWh Renewable Energies Thermal Generation 42.4 40% Renewable Energies
Slide 9: Investments focused on energy transition
Investor and analyst conference call FY 2021 Investments focused on energy transition Total investments Net cash investment by segments in € m 72% growth 2,809 Smart Infrastructure for Customers 2,526 System Critical Infrastructure Sustainable Generation Infrastructure 10% +11% 30% 59% 2020 2021 9
Slide 10: Higher RCF mainly due to increase in EBITDA
Investor and analyst conference call FY 2021 Higher RCF mainly due to increase in EBITDA EBITDA in € m Retained cash flow in € m in € m 2,804 2,663 Provisions -104 Taxes -201 1,784 1,639 Non-cash items -396 Net interest/ dividends received +45 Contribution from dedicated financial assets +185 Divide
Slide 11: Reduction of net debt driven by significantly reduced working capital
Investor and analyst conference call FY 2021 Reduction of net debt driven by significantly reduced working capital, higher RCF and increased pension discount rate in € m -39% Adjusted for EEG account: Net debt development -25% 14,407 Debt repayment potential 17% -2,331 547 -5,495 8,786 RCF: -1,784 -
Slide 12: Adjusted Group net profit driven by improvement in financial result; Dividend proposal of €1.10
Investor and analyst conference call FY 2021 Adjusted Group net profit driven by improvement in financial result Dividend proposal of € 1.10 Adjusted Group net profit1 Dividend per share in € m in € 1,203 380 €298 m IFRS 9 Distribution valuation effects 683 +76% 36% 1.00 1.103 Payout ratio 20212 Div
Slide 13: Outlook 2022 – adjusted EBITDA
Investor and analyst conference call FY 2021 Outlook 2022 – adjusted EBITDA in € m Group 3,025 to 3,175 Smart Infrastructure for Customers System Critical Infrastructure Sustainable Generation Infrastructure 323 1,289 1,535 2021 2021 2021 350 1,225 1,650 to to to 425 1,325 1,750 13
Slide 14: Questions & Answers
Investor and analyst conference call FY 2021 Questions & Answers 14
Slide 15: Appendix
Investor and analyst conference call FY 2021 Appendix › Additional information ……………………………………………………………..……….. Page 16 › Service information ……….………………………………………………….…………………. Page 29 15
Slide 16: EU taxonomy
Investor and analyst conference call FY 2021 EU taxonomy EU taxonomy compliant activities Smart Infrastructure for Customers System Critical Infrastructure Sustainable Generation Infrastructure › Electricity distribution networks › Wind onshore › Electricity transmission networks › Wind offshore 202
Slide 17: Smart Infrastructure for Customers: Sales volume
Investor and analyst conference call FY 2021 Smart Infrastructure for Customers Sales volume Sales volume electricity Sales volume gas in TWh in TWh 265 18 217 17 B2C 38 34 14 B2C 14 +11% +22% 247 B2B 200 24 B2B 20 2020 2021 2020 2021 17
Slide 18: System Critical Infrastructure: Transmission volume
Investor and analyst conference call FY 2021 System Critical Infrastructure Transmission volume Transmission volume electricity Transmission volume gas in TWh in TWh 59 60 36 34 +2% +4% 2020 2021 2020 2021 18
Slide 19: Non-operating result
Investor and analyst conference call FY 2021 Non-operating result in € m 2021 2020 Change in % Income/expenses relating to nuclear power 70.5 43.7 61.3 Income from the reversal of other provisions 8.6 38.3 -77.5 Result from disposals -6.6 2.4 - Reversals of/additions to the provisions for onerous co
Slide 20: Calculation of net debt
Investor and analyst conference call FY 2021 Calculation of net debt1 in € m 12,051 -6,477 -1,746 12,362 8,786 -7,403 2,901 Financial debt 50% equity Operating cash & Net financial Pension and nuclear Dedicated Net debt and others credit cash equivalents Liabilities power provisions (net) financial
Slide 21: Working capital effects
Investor and analyst conference call FY 2021 Working capital effects1 in € m -1,247 -2,889 -868 -492 -5,495 Trade receivables/payables Derivatives Inventories Others Change in Working capital 1 1.1. – 31.12.2021 21
Slide 22: Income statement
Investor and analyst conference call FY 2021 Income statement in € m 2021 2020 Change in % Revenue 32,147.9 19,694.3 63.2 Changes in inventories/other own work capitalized 276.9 245.1 13.0 Cost of materials -25,951.0 -14,280.9 81.7 Personnel expenses -2,457.5 -2,178.7 12.8 Other operating income/exp
Slide 23: Retained cash flow
Investor and analyst conference call FY 2021 Retained cash flow in € m 2021 2020 Change in % EBITDA 2,803.5 2,663.3 5.3 Changes in provisions -103.9 -553.3 -81.2 Non-cash-relevant income/expenses -396.3 -26.1 - Income tax paid -200.6 -207.8 -3.5 Interest and dividends received 358.0 264.5 35.3 Inter
Slide 24: Electricity generation hedge levels
Investor and analyst conference call FY 2021 Electricity generation hedge levels1 in % 100 60-90 30-50 2022 2023 2024 1 As of 31 December 2021 24
Slide 25: EnBW has flexible access to various financing sources
Investor and analyst conference call FY 2021 EnBW has flexible access to various financing sources 1,2 in € bn 7.0 2.3 3.5 4.7 2.0 1.8 0.2 Debt issuance Subordinated bonds Commercial programme paper programme Thereof €4.7 bn utilised Thereof €0.2 bn utilised Other sources 1.5 1.3 › Project financing
Slide 26: Maturities of EnBW's bonds
Investor and analyst conference call FY 2021 Maturities of EnBW’s bonds in €m Green subordinated bonds Green senior bond First call dates of subordinated bonds as of 31 December 2021 Subordinated bonds First call dates of green subordinated bonds Senior bonds 9931 1,000 1,000 1,000 1,000 9938 1,000
Slide 27: Fixed income: Credit ratings
Investor and analyst conference call FY 2021 Fixed income: Credit ratings Baa1 / stable A- / stable 18 May 2021 2 June 2021 › Leadership position as vertically integrated utility within Baden-Württemberg › Well positioned amid the European energy transition, with a business mix that is proving resil
Slide 28: Major sustainability ratings
Investor and analyst conference call FY 2021 Major sustainability ratings Climate Rating ESG Risk Rating ESG Rating ESG Rating CDP1 Sustainalytics2 ISS ESG3 MSCI4 2020 2021 2020 2021 2020 2021 2020 2021 Risk A B 32.8 31.0 B- B AA A Leader- Manage- High High Prime Prime Outper- Average ship ment Stat
Slide 29: EnBW IR contacts
Investor and analyst conference call FY 2021 EnBW IR contacts Marcel Münch Peter Berlin Julia von Wietersheim Head of Finance, M&A and Director Capital Markets Senior Manager Investor Relations Investor Relations +49 721 – 63 16 102 +49 721 – 63 12 844 +49 721 – 63 12 060 investor.relations@enbw.com
Slide 30: Financial calendar
Investor and analyst conference call FY 2021 Financial calendar 5 May 2022 Annual General Meeting 2022 Publication figures Q1 2022 13 May 2022 Investor and analyst conference call: 01:00 pm Upcoming 12 August 2022 Publication figures Q2 2022 events Investor and analyst conference call: 01:00 pm Publ
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