Uniper Se · XETR:UN0
Uniper — Q1 2022 Earnings Presentation
33 slides from Uniper's earnings presentation, May 3, 2022
Slide 1: Q1 2022 Interim Results
Q1 2022 Interim Results 03 May 2022
Slide 2: Highlights; Q1 2022 Results and Outlook; Appendix
Highlights Q1 2022 Results and Outlook Appendix
Slide 3: Highlights – On track to achieve full-year outlook
Highlights – On track to achieve full-year outlook € Performance and outlook Further financial results in Q1 Solid operating performance shielded by unprecedented Net income1 (€-3,101m) impacted by i.a. impairments on effects from business optimization Nord Stream 2 loan and Unipro Adjusted EBIT Q1
Slide 4: Uniper’s positioning in a rapidly changing political environment
Uniper’s positioning in a rapidly changing political environment German government halts EU and Germany to secure Nord Stream 2 certification gas storage filling for winter Full impairment of Nord Stream 2 debt Active support to ensure functioning facility (€1.0bn) of the regulatory framework German
Slide 5: Ensuring security of supply – Uniper’s next steps
Ensuring security of supply – Uniper’s next steps 1 2 3 Wilhelmshaven as first LNG hub Gas storages with new regulations Coal power needed for longer Germany with up to four LNG German decree implemented to Uniper has accelerated fossil power terminals incentivize and fix minimum filling exit plans
Slide 6: Q1 2022 Results and Outlook
Highlights Q1 2022 Results and Outlook Appendix
Slide 7: Operating indicators – Increased fossil power generation
Operating indicators – Increased fossil power 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 -19% +4% +15% +7% 38% 19% 18.5 17.7 14.44 15.44 14.1 12.3 Q1 2021 Q1 2022 Q
Slide 8: Key financials Q1 2022 – Operating results driven by earnings shifts in gas commodity business
Key financials Q1 2022 – Operating results driven by earnings shifts in gas commodity business Adjusted EBIT Adjusted EBITDA Operating Cash Flow (OCF) €m €m €m 408 731 889 -829 -623 -1,894 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Adjusted Net Income (ANI) Net Income1 Economic Net Debt (END) €
Slide 9: Adjusted EBIT – Q1 mainly affected by intra-year optimization measures
Adjusted EBIT – Q1 mainly affected by intra-year optimization measures in gas commodity business Reconciliation Adj. EBIT Q1 2021 to Q1 2022 €m Adj. EBIT Q1 2021 731 Breakdown of effects Outright power prices & volumes ~€200m net margin already anticipated in Q4 2021 Carbon phasing ~€250m lapse of e
Slide 10: Significant shift of gas earnings from Q1 to remaining year
Significant shift of gas earnings from Q1 to remaining year General Uniper actively manages portfolio, i.e. In current high price environment, relatively churns positions as part of the ordinary small position changes can trigger large remarks business in order to maximize value earnings swings betw
Slide 11: Liquidity management – Impact on underlying business and financial backing
Liquidity management – Impact on underlying business and financial backing € Net margin requirement – Update Net position in margining €bn Despite continuously increasing tariffs for initial margining, significant decrease in overall cash-margining achieved: Roll-off of realized margining positions
Slide 12: Operating Cash flow – Negatively impacted by reversal of liquidity measures
Operating Cash flow – Negatively impacted by reversal of liquidity measures at year-end Reconciliation Adj. EBIT Q1 2022 to Operating Cash Flow Q1 2022 €m -623 -829 206 PY: 889 PY: 731 -61 -130 -126 -1,857 -1,894 PY: 425 PY: 408 -916 -28 -9 Adj. EBIT Depreciation Adj. EBITDA Non-cash Provision Chang
Slide 13: Economic Net Debt – Increase driven by negative OCF
Economic Net Debt – Increase driven by negative OCF Reconciliation of Economic Net Debt YE 2021 to Q1 2022 1,269 €m 813 -99 NFP Pensions ARO 1,228 -1,969 1,894 108 1,065 41 -52 NFP Pensions ARO -252 1,984 -80 324 Economic Net Divest OCF Investments Other NFP Pensions ARO Economic Net Debt YE 2021 De
Slide 14: FY 2022 outlook – On track due to strong Q2 - Q4 forecast
FY 2022 outlook – On track due to strong Q2 - Q4 forecast Full-year outlook confirmed on basis of strong Q2 - Q4 Major developments until year-end 2022 €m Backswing of intra-year gas margin shifts as well as Adj. EBIT Adj. Net Income carbon phasing until year-end (~€1bn in total) 1,300 High optimiza
Slide 15: Appendix
Highlights Q1 2022 Results and Outlook Appendix
Slide 16: Commodity prices – Continued volatile market environment
Commodity prices – Continued volatile market environment amidst Russia-Ukraine crisis Gas prices1 Carbon prices2 Electricity prices3 Dark & spark spreads4 €/MWh €/t CO2 €/MWh €/MWh 160 120 360 Germany 260 CDS Base Nordic CSS Base CSS Peak 120 90 270 190 80 60 180 120 40 30 90 50 0 0 0 -20 Apr 21 Oct
Slide 17: 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 TWh €/MWh TWh €/MWh 31 52 50 58 15 26 31 30 3 30 2 20 Front months Front months 95% 75% 1 95% 85% 10 50% 25% 0 0 Q1 20223 2022 2023 2024 Q1 20223
Slide 18: Contractual power position – Impact from proxy hedges
Contractual power position – Impact from proxy hedges Nordic/German power price exposure related to Uniper has a significant Nordic outright contractual power contractual positions position related to a compensation for earlier shut-downs of TWh Proxy hedges nuclear assets 1.4 Hedges Nordic Due to l
Slide 19: Generation capacity by technology & region
Generation capacity by technology & region In MW1 31 Mar 2022 31 Dec 2021 Gas Russia 7,139 7,139 United Kingdom 4,190 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 German
Slide 20: Net electricity generation volumes by technology & region
Net electricity generation volumes by technology & region In TWh1 Q1 2022 Q1 2021 Gas Russia 11.0 10.5 United Kingdom 2.6 3.0 Germany 1.4 1.2 Netherlands 0.4 0.5 Hungary 0.7 0.7 Hard coal Germany 3.3 2.0 United Kingdom 1.8 1.0 2 Netherlands 1.3 1.7 Lignite Russia 3.1 1.9 3 Germany – 0.5 4 Hydro Germ
Slide 21: Adjusted EBIT(DA) by sub-segment
Adjusted EBIT(DA) by sub-segment Q1 2022 Q1 2021 Q1 2022 Q1 2021 €m Adj. EBITDA Adj. EBITDA Adj. EBIT Adj. EBIT European Generation Subtotal -32 314 -152 224 Hydro 24 91 8 75 Nuclear 57 73 43 57 Fossil -97 165 -187 109 Other / Consolidation -15 -15 -16 -16 Global Commodities Subtotal -563 602 -618 5
Slide 22: Adjusted EBIT – Development by sub-segment
Adjusted EBIT – Development by sub-segment European Generation Global Commodities Russian Power Generation €m €m €m 34 224 560 -67 -14 -152 10 -618 89 18 54 -296 -1,206 Q1 2021 Hydro Nuclear Fossil Q1 2022 Q1 2021 Gas Internat./ Power Q1 2022 Q1 2021 Russia Q1 2022 Other Hydro: Mainly influenced b
Slide 23: Reconciliation of income/loss before financial results & taxes
Reconciliation of income/loss before financial results & taxes €m Q1 2022 Q1 2021 Income / Loss before financial results and taxes -2,958 825 Net income / loss from equity investments – – EBIT -2,958 825 Non-operating adjustments 2,130 -95 Net book gains (-) / losses (+) – -2 Impact of derivative fi
Slide 24: Reconciliation of Adjusted EBIT to (Adjusted) Net Income
Reconciliation of Adjusted EBIT to (Adjusted) Net Income €m Q1 2022 Q1 2021 Adjusted EBIT -829 731 Economic interest result 55 48 Interest results for leasing -6 -5 Interest from financial assets / liabilities -24 20 Interest cost from provisions for pensions and similar obligations -3 -3 Accretion
Slide 25: Cash-effective investments
Cash-effective investments €m Q1 2022 Q1 2021 European Generation 80 125 Global Commodities 12 8 Russian Power Generation 11 21 Administration / Consolidation 4 3 Total 108 157 thereof Growth 41 86 thereof Maintenance & replacement 67 72 Q1 2022 Presentation, 03 May 2022 25
Slide 26: Economic Net Debt
Economic Net Debt €m 31 Mar 2022 31 Dec 2021 Liquid funds (-) 3,897 2,966 Non-current securities (-) 106 111 Margining receivables (-) 5,950 7,866 Financial liabilities and liabilities from leases (+) 9,854 8,975 Net financial position -99 -1,969 Provisions for pensions and similar obligations (+) 8
Slide 27: Consolidated balance sheet (1/2) – Assets
Consolidated balance sheet (1/2) – Assets €m 31 Mar 2022 31 Dec 2021 Goodwill 1,312 1,783 Intangible assets 702 708 Property, plant and equipment and right-of-use assets 9,319 10,055 Companies accounted for under the equity method 332 322 Other financial assets 973 859 Financial receivables and othe
Slide 28: Consolidated balance sheet (2/2) – Equity & liabilities
Consolidated balance sheet (2/2) – Equity & liabilities €m 31 Mar 2022 31 Dec 2021 Capital stock 622 622 Additional paid-in capital 10,825 10,825 Retained earnings -4,184 -1,388 Accumulated other comprehensive income -4,599 -3,756 Equity attributable to shareholders of Uniper SE 2,665 6,303 Equity a
Slide 29: Consolidated statement of cash flows (1/2)
Consolidated statement of cash flows (1/2) €m Q1 2022 Q1 2021 Net income / loss -3,154 842 Depreciation, amortization and impairment of intangible assets, of property, plant and equipment, and of right-of-use assets 1,078 181 Changes in provisions 1,839 280 Changes in deferred taxes -841 26 Other no
Slide 30: Consolidated statement of cash flows (2/2)
Consolidated statement of cash flows (2/2) €m Q1 2022 Q1 2021 Cash proceeds / payments arising from changes in capital structure1 – – Cash dividends paid to shareholders of Uniper SE – – Cash dividends paid to other shareholders – – Proceeds from new financial liabilities 2,308 543 Repayments of fin
Slide 31: Financial calendar & further information
Financial calendar & further information Financial calendar 18 May 2022 2022 Annual Shareholders Meeting Stay informed 2 August 2022 about Uniper Interim Report January – June 2022 uniper.energy/investors 3 November 2022 Quarterly Statement January – September 2022
Slide 32: Uniper – Contact your Investor Relations team
Uniper – Contact your Investor Relations team Stefan Jost Adam Strzyz Christian Lösse Executive Vice President Head of Investor Relations (SVP) Manager Investor Relations Group Finance&Investor Relations +49 171 778 8215 +49 151 6772 5191 stefan.jost@uniper.energy adam.strzyz@uniper.energy christian
Slide 33: 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