Uniper Se · XETR:UN0
Uniper — FY 2022 Earnings Presentation
35 slides from Uniper's earnings presentation, Feb 17, 2023
Slide 1: FY 2022 Results
FY 2022 Results Tiina Tuomela – CFO 17 February 2023
Slide 2: Highlights
Highlights FY 2022 Results and Outlook Appendix
Slide 3: Highlights – German federal government as new main shareholder of Uniper
Highlights – German federal government as new main shareholder of Uniper € Business performance & major events Financial stabilization package agreed between German federal government, Uniper and € -10,859m PY: €955m Fortum ensures continuation of operations Adjusted EBIT German federal government w
Slide 4: Financial stabilization takes effect – Equity position materially recovering
Financial stabilization takes effect – Equity position materially recovering Equity position Key messages €bn German federal government bailed out Uniper with a 10 financial stabilization package finalized in December 2022 0 Substantial recovery of Uniper’s equity position already in Q4 2022 boosted
Slide 5: Financial burden of Russian gas curtailment floats with gas prices
Financial burden of Russian gas curtailment floats with gas prices € Sensitivities – Additional gas replacement costs Key messages €bn Financial equity shield totaling up to €33bn to cover 40 Russian gas curtailment loss 30 Additional costs for procuring replacement gas volumes added up to about €13
Slide 6: Net margining position clearly improving
Net margining position clearly improving Net margining position Key messages €bn First benefits of initiated project to optimize future margining requirements Main drivers for the reduced cash-out for margining requirements: 8.8 Lower commodity prices 7.1 4.3 Cautious hedging strategy in gas and Nor
Slide 7: Sufficient financial headroom
Sufficient financial headroom € Financing instruments and use of funds Key messages €bn Stabilization package implemented in line with financial 20 €12bn undrawn stakeholders’ expectations (banks, credit rating agencies) credit facilities 15 Solid liquidity headroom with undrawn KfW facilities of €1
Slide 8: Portfolio rotation to meet the regulatory requirements of EU Commission
Portfolio rotation to meet the regulatory requirements of EU Commission EU Commission set out structural remedies European asset base remains Unipro Power stations largely intact Pipeline assets Trading and sales units No fire sales – Divestments to be finalized by the end of 2026 Proceeds of portfo
Slide 9: FY 2022 Results and Outlook
Highlights FY 2022 Results and Outlook Appendix
Slide 10: Operating indicators – Solid performance in shrinking markets
Operating indicators – Solid performance in shrinking markets Global Commodities European Generation Group carbon emissions Gas storage filling (%)1 Production volume (TWh)2 Scope-1 (m tons)3 +39% -7% -7% 65.6 60.8 55% 94% 19.0 27.5 25.5 19.2 10.4 12.2 FY 2021 FY 2022 FY 2021 FY 2022 FY 2021 FY 2022
Slide 11: Key financials FY 2022 – Offbeat results in an exceptional year
Key financials FY 2022 – Offbeat results in an exceptional year Adjusted EBIT Adjusted EBITDA Operating Cash Flow (OCF)1 €m €m €m 955 1,512 3,296 -10,175 -15,637 -10,859 FY 2021 FY 2022 FY 2021 FY 2022 FY 2021 FY 2022 Adjusted Net Income (ANI) Net Income2 Economic Net Debt (END) €m €m €m 743 -4,169
Slide 12: Adjusted EBIT – Healthy underlying operating result but big blow from Russian gas business
Adjusted EBIT – Healthy underlying operating result but big blow from Russian gas business Reconciliation Adj. EBIT FY 2021 to FY 2022 €m Adj. EBIT FY 2021 955 Russian gas curtailment Commodity Gas & International Commodity Power & carbon trading Outright power European fossil generation Other Adj.
Slide 13: Operating Cash flow – Driven by operating loss and working capital effects
Operating Cash flow – Driven by operating loss and working capital effects due to gas storage injections Reconciliation Adj. EBIT FY 2022 to Operating Cash Flow1 FY 2022 €m -10,175 -10,859 524 PY: 955 684 PY: 1,512 -463 -14,969 -15,637 PY: 3,506 PY: 3,296 -4,848 -7 -322 -345 Adj. EBIT Depreciation A
Slide 14: Economic Net Debt – Fresh equity restores debt balance
Economic Net Debt – Fresh equity restores debt balance Reconciliation of Economic Net Debt YE 2021 to YE 2022 €m 15,637 552 1,228 537 -1,969 629 1,065 NFP Pensions ARO 653 3,049 324 -13,435 -528 -156 Economic Net Debt Divest OCF Investments Other NFP 1 Pensions ARO Economic Net Debt YE 2021 YE 2022
Slide 15: Financial Outlook FY 2023
Financial Outlook FY 2023 Adjusted EBIT and Adjusted Net Income for FY 2023 to be above prior year1 Uniper Group FY 2023 – Fundamentally higher average price level A transition year European Generation Absence of negative one-off effects Lower expenditures for procurement of gas Global replacement v
Slide 16: Way forward – Portfolio optimization & repair of balance sheet
Way forward – Portfolio optimization & repair of balance sheet Initial Strategy Implementation of EU End of stabilization stabilization review remedy measures phase FY 2022 Presentation, 17 February 2023 16
Slide 17: Appendix
Highlights FY 2022 Results and Outlook Appendix
Slide 18: Commodity prices – Slipping from record levels
Commodity prices – Slipping from record levels Gas prices1 Carbon prices2 Electricity prices3 Dark & spark spreads4 €/MWh €/t CO2 €/MWh €/MWh 400 125 1,250 1,000 Germany CDS Base Nordic CSS Base 320 100 1,000 750 240 75 750 500 160 50 500 250 80 25 250 0 0 0 0 -250 Feb 22 Aug 22 Feb 23 Feb 22 Aug 22
Slide 19: 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 9 20 28 145 26 31 35 30 TWh TWh 8 24 6 18 4 12 2 6 60% 90% 85% 25% 0 15% 0 5% 20223 2023 2024 2025 20223 2023 2024 2025 1. As of 31 De
Slide 20: European generation capacity
European generation capacity In MW 1 31 Dec 2022 31 Dec 2021 Gas United Kingdom 4,193 4,180 Germany 3,333 3,333 Netherlands 525 525 Hungary 428 428 Hard coal Germany 3,197 3,197 United Kingdom 2,000 2,000 Netherlands 1,070 1,070 Hydro Germany 1,983 1,982 Sweden 1,579 1,579 Nuclear Sweden 1,400 1,400
Slide 21: Electricity production
Electricity production In TWh1 FY 2022 FY 2021 Gas United Kingdom 11.9 13.0 Germany 3.7 4.9 Netherlands 0.9 1.0 Hungary 2.5 2.3 Sweden 0.2 0.1 Hard coal Germany 10.2 8.8 United Kingdom 4.2 3.9 2 Netherlands 4.6 5.6 3 Lignite Germany – 2.5 4 Hydro Germany 4.6 5.2 Sweden 7.6 7.3 Nuclear Sweden 10.4 11
Slide 22: Adjusted EBIT(DA) by sub-segment
Adjusted EBIT(DA) by sub-segment FY 2022 FY 2021 FY 2022 FY 2021 €m Adj. EBITDA Adj. EBITDA Adj. EBIT Adj. EBIT European Generation Subtotal 1,242 845 741 473 Hydro 410 394 347 332 Nuclear -306 70 -361 12 Fossil 1,224 442 844 200 Other / Consolidation -85 -61 -89 -70 Global Commodities Subtotal -11,
Slide 23: Adjusted EBIT – Development by sub-segment
Adjusted EBIT – Development by sub-segment European Generation Global Commodities €m €m 644 756 -19 16 741 -11,214 473 691 -373 -11,963 -698 FY 2021 Hydro Nuclear Fossil Other FY 2022 FY 2021 Gas Internat./ Power FY 2022 Other Hydro: Extraordinary weak inflows in Hydro GER compensated Gas midstr
Slide 24: Reconciliation of income/loss before financial results & taxes
Reconciliation of income/loss before financial results & taxes €m FY 2022 FY 2021 Income / Loss before financial results and taxes -11,530 -4,817 Net income / loss from equity investments – 6 EBIT -11,530 -4,812 Non-operating adjustments 671 5,767 Net book gains (-) / losses (+) -8 -15 Impact of der
Slide 25: Reconciliation of Adj. EBIT to (Adj.) Net Income
Reconciliation of Adj. EBIT to (Adj.) Net Income €m FY 2022 FY 2021 Adjusted EBIT -10,859 955 Economic interest result -98 61 Interest results for leasing -23 -23 Interest from financial assets / liabilities -375 75 Interest cost from provisions for pensions and similar obligations -10 -11 Accretion
Slide 26: Cash-effective investments
Cash-effective investments €m FY 2022 FY 2021 European Generation 426 520 Global Commodities 97 54 Administration / Consolidation 29 16 Total 552 589 thereof Growth 189 293 thereof Maintenance and replacement 363 297 FY 2022 Presentation, 17 February 2023 26
Slide 27: Economic Net Debt
Economic Net Debt €m 31 Dec 2022 31 Dec 2021 Liquid funds (-) 4,634 2,966 Non-current securities (-) 95 111 Margining receivables (-) 6,217 7,866 Financial liabilities and liabilities from leases (+) 11,575 8,975 Net financial position 629 -1,969 Provisions for pensions and similar obligations (+) 5
Slide 28: Consolidated balance sheet (1/2) – Assets
Consolidated balance sheet (1/2) – Assets €m 31 Dec 2022 31 Dec 2021 Goodwill – 1,783 Intangible assets 687 708 Property, plant and equipment and right-of-use assets 9,228 10,055 Companies accounted for under the equity method 291 322 Other financial assets 1,137 859 Financial receivables and other
Slide 29: Consolidated balance sheet (2/2) – Equity & liabilities
Consolidated balance sheet (2/2) – Equity & liabilities €m 31 Dec 2022 31 Dec 2021 Capital stock 14,160 622 Additional paid-in capital 10,825 10,825 Retained earnings -19,840 -1,388 Accumulated other comprehensive income -917 -3,756 Equity attributable to shareholders of Uniper SE 4,228 6,303 Equity
Slide 30: Consolidated statement of cash flows (1/3)
Consolidated statement of cash flows (1/3) €m FY 2022 FY 2021 Net income / loss -19,124 -4,106 Income/loss from discontinued operations 4,824 36 Depreciation, amortization and impairment of intangible assets, of property, plant and equipment, and of right- of-use assets 2,451 905 Changes in provisio
Slide 31: Consolidated statement of cash flows (2/3)
Consolidated statement of cash flows (2/3) €m FY 2022 FY 2021 Proceeds from disposals 156 65 Purchases of investments -552 -589 Proceeds from disposals of securities (> 3 months) and of financial receivables and fixed-term deposits 2,229 488 Purchases of securities (> 3 months) and of financial rece
Slide 32: Consolidated statement of cash flows (3/3)
Consolidated statement of cash flows (3/3) €m FY 2022 FY 2021 Cash provided by financing activities of continuing operations 16,081 6,567 Cash provided by financing activities of discontinued operations -47 -5 Cash provided by financing activities 16,035 6,561 Net increase / decrease in cash and cas
Slide 33: Financial calendar & further information
Financial calendar & further information Financial calendar 04 May 2023 Quarterly Statement January – March 2023 24 May 2023 Annual Shareholders Meeting 2023 Stay informed about Uniper 01 August 2023 Interim Report January – June 2023 uniper.energy/investors 31 October 2023 Quarterly Statement Janua
Slide 34: Uniper – Contact your Investor Relations team
Uniper – Contact your Investor Relations team Stefan Jost Sebastian Veit Executive Vice President Head of Investor Relations (SVP) Group Finance & Investor Relations +49 1515 504 9337 stefan.jost@uniper.energy sebastian.veit@uniper.energy Peter Wirtz Sabine Burkhardt Manager Investor Relations Assis
Slide 35: 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