Slide 1: FY 2018 Results
FY 2018 Results Christopher Delbrück – CFO 12 March 2019
Slide 2: Agenda
Agenda 1. Essentials 2. Financial Results 2018 and Outlook 2019 3. Appendix
Slide 3: Essentials – Goals for FY2018 reached, dividend above outlook
Essentials – Goals for FY2018 reached, dividend above outlook Executing strategy in still challenging environment Operations pushed Continuing efforts to finalize our large asset projects ahead FY2018 First projects initiated in strategic growth areas Adj. EBIT 2018: €865m – within Q3 specif
Slide 4: Commodity markets – Strong uptrend is flattening
Commodity markets – Strong uptrend is flattening Electricity baseload forwards1 Carbon trading prices2 Gas forwards1 EUR/MWh EUR/t CO2 EUR/MWh 60 25 25 Germany 50 20 Nordic 20 40 15 30 10 15 20 5 EUA TTF 10 0 10 Feb 17 Aug 17 Feb 18 Aug 18 Feb 19 Feb 17 Aug 17 Feb 18 Aug 18 Feb 19 Feb 17 Aug 17 Feb
Slide 5: Energy policy – Germany's coal consensus awaits implementation
Energy policy – Germany’s coal consensus awaits implementation Germany: Coal phase-out plan1 Uniper: Solid German mix3 Uniper: EBIT contribution GW 120 90 60 10.2 GW €865m 30 0 2018 2018 2018 2022 Plan 2030 Plan Hard coal Lignite Nuclear Other 2 Hard coal Lignite Gas Oil Hydro Group Fossil Germany P
Slide 6: Germany's coal phase-out – What's next
Germany’s coal phase-out – What’s next1 Feb BMU2: draft of National Government Climate Protection law 2050 April Year-end Federal Gov. with cornerstones on measures for National Climate climate targets 2030; Government/States starts Protection law negotiations on regional and structural support 2050
Slide 7: Large asset projects – Continuing efforts to finalize projects
Large asset projects – Continuing efforts to finalize projects Datteln IV hard coal plant Berezovskaya III lignite plant Nord Stream 2 pipeline project Plant repair on track Commissioning date ahead Pipe laying progressing well Dismantling of boiler walls executed Additional regulatory requireme
Slide 8: Growth initiatives – Projects initiated and project pipeline filling up
Growth initiatives – Projects initiated and project pipeline filling up LNG terminal Wilhelmshaven Scholven gas CHP plant Irsching gas CHP plant Project planning in advanced Flagship project for Industrial Contributing in new German stage Solutions security mechanism Germany supports construction
Slide 9: ESG – Our way going forward
ESG – Our way going forward Enabling the energy transition due to Providing a safe work environment and excellent position in gas and hydro ensuring equal opportunities Committed to maintain a 1.75 combined TRIF1 Social t CO2 threshold at the Group level through 2019 80 About 12,000 employees re
Slide 10: Agenda
Agenda 1. Essentials 2. Financial Results 2018 and Outlook 2019 3. Appendix 10
Slide 11: Key financials – FY 2018 fully in line with latest guidance
Key financials – FY 2018 fully in line with latest guidance Adj. EBIT(DA) Operating Cash Flow, Adj. FFO Economic Net Debt €bn 1.7 €bn €bn 1.5 3.2 1.4 2.4 1.1 1.2 0.9 0.8 0.8 FY 2017 FY 2018 OCF OCF Adj. FFO Adj. FFO YE 2017 YE 2018 FY 2017 FY 2018 FY 2017 FY 2018 EBIT EBITDA Adjusted EBIT(DA) down O
Slide 12: Adjusted EBIT – FY 2018 earnings reduction largely due to structural effects
Adjusted EBIT – FY 2018 earnings reduction largely due to structural effects Reconciliation Adjusted EBIT FY 2018 vs. FY 2017 €bn Adj. EBIT FY 2017 1.11 Structural effects (YR, FX, lapse of Berezovskaya III insurance payments) Regulation (Nordic tax, capacity markets) Outright price / volume LNG pro
Slide 13: Adj. EBIT to OCF – Healthy cash conversion due to lower provision utilization
Adj. EBIT to OCF – Healthy cash conversion due to lower provision utilization Reconciliation Adjusted EBIT to Operating Cash Flow (OCF) €m 341 678 173 67 -103 -16 -773 1,543 1,189 1,241 865 Adj. EBIT Depreci- Adj. EBITDA Non-cash Provision Changes in Payments OCFbIT Interest Tax OCF FY 2018 ation an
Slide 14: Economic Net Debt up due to margining, IFRS 16 and NS 2 financing
Economic Net Debt (END) up due to increased margining, IFRS 16 impact and NS 2 financing Reconciliation Economic Net Debt YE 2018 vs. YE 2017 For information purpose only €bn 0.3 3.2 0.3 Incl. Margining 0.7 Receivables 0.3 0.9 2.4 0.3 Incl. SWE KAF 0.3 -0.1 receivables not 0.3 recognized on 1.0 bala
Slide 15: 2019 Outlook – Proposed earnings range with upside potential
2019 Outlook – Proposed earnings range with upside potential Reconciliation from Adjusted EBIT FY 2019E vs. FY 2018 €bn Adj. EBIT FY 2018 0.87 Lapse of H1 2018 one-offs Regulation Outright price / volume LNG proxy hedging Commodity trading Other (i.e. FX) Adj. EBIT FY 2019E 0.55 Range 0.85 Uniper SE
Slide 16: 2019 Outlook – Dividend path reiterated
2019 Outlook – Dividend path reiterated Adj. EBIT Dividend €bn €bn Key highlights 0.87 0.85 European Generation 0.39 Lapse of 2018 one-offs Range 0.33 Improving price / volume outright position 0.55 Laps of regulated income as UK capacity 0.9 market income has not been included in 2019 outlook
Slide 17: Agenda
Agenda 1. Essentials 2. Financial Results 2018 and Outlook 2019 3. Appendix
Slide 18: Outright power hedging in Germany and Nordic
Outright power hedging in Germany and Nordic Outright position – Baseload power price >85% >80% ~0% €/MWh >70% >55% >5% 40 35 30 25 20 Status: December 2018 15 2019 2020 2021 Hedged price Germany Hedge ratio Germany Hedged price Nordic Hedge ratio Nordic Uniper SE, Presentation FY 2018, 12 Mar 2019
Slide 19: Group EBIT(DA) – Structural effects driving earnings development in FY 2018
Group EBIT(DA) – Structural effects driving earnings development in FY 2018 Adj. EBIT development by segment in FY 2018 Highlights €m European Generation (-) Lower outright prices and spreads 49 -23 (-) Closure of Maasvlakte 1 + 2 and 63 Oskarshamn 1 in 2017 1,114 -338 (+) Swedish tax relief o
Slide 20: European Generation – Positive regulation and one-off effects
European Generation – Positive regulation and one-off effects Adj. EBIT development by sub-segment in FY 2018 Main effects €m Hydro (+) Net provision one-off 46 21 (+) Reduced hydro property tax -35 17 (-) Lower achieved prices 386 (-) Lower volumes 337 Nuclear FY 2017 Hydro Nuclear Fossil A
Slide 21: Global Commodities – Yushno-Russkoye deconsolidation and normalization of Power Opt.
Global Commodities – Yushno-Russkoye deconsolidation and normalization of Power Opt. Adj. EBIT development by sub-segment in FY 2018 Main effects TBU €m Gas 269 (-) Settlement of Yuzhno-Russkoye hedging result in Gas (-) Lapse of renegotiation result with 341 -161 318 Gazprom (-) Provisioning
Slide 22: International Power – Lapse of insurance payment
International Power – Lapse of insurance payment Adj. EBIT development by sub-segment in FY 2018 Main effects TBU €m Russia (-) Lapse of Berezovskaya insurance payment 5 (-) Decreased electricity margins 616 due to lower generation volumes and higher fuel costs -343 278 (-) Negative FX effects
Slide 23: Uniper Group – Adjusted EBIT(DA) by segment
Uniper Group – Adjusted EBIT(DA) by segment Adj. EBITDA €m FY 2018 FY 2017 % European Generation 847 780 9 Global Commodities 430 420 2 International Power 373 714 -48 Administration / Consolidation -107 -173 38 Total 1,543 1,741 -11 Adj. EBIT €m FY 2018 FY 2017 % European Generation 386 337 15 Glob
Slide 24: Uniper Group – Adjusted EBIT(DA) by sub-segment
Uniper Group – Adjusted EBIT(DA) by sub-segment Adj. EBITDA and EBIT FY 2018 FY 2017 FY 2018 FY 2017 €m Adj. EBITDA Adj. EBITDA Adj. EBIT Adj. EBIT European Generation Hydro 363 381 288 323 Nuclear 99 85 39 22 Fossil 408 360 86 40 Other/ Consol. -23 -46 -27 -48 Subtotal 847 780 386 337 Global Commod
Slide 25: Uniper Group – Key P&L items at a glance
Uniper Group – Key P&L items at a glance Key P&L items €m FY 2018 FY 2017 Sales 78,176 72,238 Adjusted EBITDA 1,543 1,741 Economic depreciation and amortization / reversals 678 627 Adjusted EBIT 865 1,114 Non-operating adjustments 1,017 1,226 EBIT -152 -112 Net interest income / expense1 -254 26 Oth
Slide 26: Uniper Group – Adjusted EBITDA to net income
1,362 Uniper Group – Adjusted EBITDA to net income Reconciliation Adj. EBITDA to Net Income €m 1,543 - 678 865 - 329 -343 -452 218 -681 -182 1 Adj. D&A Adj. Economic MTM Net Other Taxes on Net EBITDA EBIT interest, taxes, Derivatives impairments non- Income 3 FY 2018 FY 2018 minorities operating FY
Slide 27: Uniper Group – Economic interest expense (net)
Uniper Group – Economic interest expense (net) Economic interest expense Uniper Group €m FY 2018 FY 2017 Interest from financial assets / liabilities 14 -3 Interest cost from provisions for pensions and similar provisions -17 -19 Accretion of provisions for retirement and obligation and other provis
Slide 28: Uniper Group – Non-operating adjustments
Uniper Group – Non-operating adjustments Non-operating adjustments €m FY 2018 FY 2017 Net book gains / losses 31 890 Fair value measurement of derivative financial instruments 343 -88 Restructuring / cost management expenses -73 18 Non-operating impairment charges / reversals 681 400 Miscellaneous o
Slide 29: Uniper Group – Cash effective investments
Uniper Group – Cash effective investments Investments by segment €m FY 2018 FY 2017 % European Generation 397 518 -23 Global Commodities 32 49 -35 International Power 190 222 -14 Administration / Consolidation 23 54 -57 Total 642 843 -24 Investment split – Maintenance and growth €m FY 2018 FY 2017 %
Slide 30: Uniper Group – Net financial position
Uniper Group – Net financial position Net financial position Uniper Group €m 31 Dec 2018 31 Dec 2017 Liquid funds 1,400 1,027 Non-current securities 83 104 Financial liabilities -2,939 -1,923 Net financial position -1,456 -792 Provisions for pensions and similar obligations -804 -676 Asset retiremen
Slide 31: Uniper Group – Consolidated balance sheet (1/2)
Uniper Group – Consolidated balance sheet (1/2) Balance sheet Uniper Group – Assets €m 31 Dec 2018 31 Dec 2017 Goodwill 1,816 1,890 Intangible assets 768 819 Property, plant and equipment 10,612 11,496 Companies accounted for under the equity method 440 448 Other financial assets 866 814 Equity inve
Slide 32: Uniper Group – Consolidated balance sheet (2/2)
Uniper Group – Consolidated balance sheet (2/2) Balance sheet Uniper Group – Equity and liabilities €m 31 Dec 2018 31 Dec 2017 Capital stock 622 622 Additional paid-in capital 10,825 10,825 Retained earnings 3,032 3,399 Accumulated other comprehensive income -3,531 -2,699 Equity attributable to the
Slide 33: Uniper Group – Consolidated statement of cash flows
Uniper Group – Consolidated statement of cash flows Statement of cash flows Uniper Group €m FY 2018 FY 2017 Net income / loss -492 -538 Depreciation, amortization and impairment of intangibles / property, plant, equipment 1,532 1,198 Changes in provisions -267 -608 Changes in deferred taxes -136 309
Slide 34: Uniper – Contact your Investor Relations team
Uniper – Contact your Investor Relations team Contact Uniper SE Udo Giegerich Investor Relations Executive Vice President E.ON-Platz 1 Group Finance & Investor Relations 40479 Duesseldorf udo.giegerich@uniper.energy Germany +49 211 4579 4400 ir@uniper.energy Carlo Beck Mikhail Prokhorov Peter Wirtz
Slide 35: Financial calendar & further information
Financial calendar & further information Financial calendar Further information 07 May 2019 https://ir.uniper.energy Quarterly Statement January – March 2019 22 May 2019 Annual General Meeting 08 August 2019 Interim Report January – June 2019 12 November 2019 Quarterly Statement January – September
Slide 36: 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