Uniper Se · XETR:UN0
Uniper — Q1 2023 Earnings Presentation
31 slides from Uniper's earnings presentation, May 4, 2023
Slide 1: Q1 2023 Interim Results
Q1 2023 Interim Results Jutta Dönges – CFO 04 May 2023
Slide 2: Highlights
Highlights Q1 2023 Results and Outlook Appendix
Slide 3: New leadership team at Uniper
New leadership team at Uniper Board of Management Board of Management’s main focus in 2023 Further stabilize and de-risk Uniper Implementation and execution of EU remedy measures Define pathway ahead with development and execution of new strategy Q1 2023 Presentation, 04 May 2023 3
Slide 4: Highlights – Uniper's business consolidating after successful stabilization
Highlights – Uniper’s business consolidating after successful stabilization € Business performance & major events New Board of Management nominated and assumed office to lead Uniper into future € 749m PY: €-917m1 Uniper’s business further stabilizing Adjusted EBIT Q1 2023 Strong performance in Q1 20
Slide 5: Stabilization taking shape
Stabilization taking shape Natural gas prices coming down significantly1 Key messages €/MWh In current market environment in aggregate no additional 300 losses for procuring replacement gas volumes expected in 2023 240 €~19.5bn of financial equity shield to cover for potential 180 future losses from
Slide 6: Financials – Improvements on the back of sound operative performance
Financials – Improvements on the back of sound operative performance € Equity Margining Financing instruments/use of funds €bn €bn €bn 11.0 14.0 3.1 4.4 undrawn credit facilities 8.8 -31.5 18.3 4.3 Available facilities Utilized Utilized facilities faciliteis end 0.9 Q1 2023 Q1 2023 Q1 2022 Q3 2022 Y
Slide 7: Q1 2023 Results and Outlook
Highlights Q1 2023 Results and Outlook Appendix
Slide 8: Operating indicators – Solid performance in downward energy markets
Operating indicators – Solid performance in downward energy markets Global Commodities European Generation Group carbon emissions Gas storage filling (%)1 Production volume (TWh)2 Scope-1 (m tons)3 +269% -16% -15% 18.5 15.6 19% 69% 4.9 7.4 6.3 5.0 2.7 3.1 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2
Slide 9: Key financials Q1 2023
Key financials Q1 2023 – Driven by earnings in power generation and easing gas market prices 1 Adjusted EBIT Adjusted EBITDA Operating Cash Flow (OCF) €m €m €m 964 749 727 -737 -917 -1,990 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Adjusted Net Income (ANI) Net Income2 Economic Net Debt (END) €
Slide 10: Adjusted EBIT – European fossil generation as strongest earnings driver
Adjusted EBIT – European fossil generation as strongest earnings driver Reconciliation Adj. EBIT Q1 2022 to Q1 2023 €m Adj. EBIT Q1 2022 -917 European fossil generation Outright power Gas (incl. Russian gas curtailment) International (LNG, other fuels) & Power Other Adj. EBIT Q1 2023 749 Q1 2023 Pre
Slide 11: Operating cash flow – Corresponding to adjusted operating result
Operating cash flow – Corresponding to adjusted operating result Reconciliation Adj. EBIT Q1 2023 to Operating Cash Flow 1 Q1 2023 €m 1,298 1,210 23 85 119 215 144 964 990 749 727 PY: -917 PY: -737 PY: -1,955 PY: -1,990 Adj. EBIT Depreciation Adj. EBITDA Non-cash Provision Changes in Other (incl. OC
Slide 12: Economic net debt – Improved with positive operating cash flow
Economic net debt – Improved with positive operating cash flow Reconciliation of Economic Net Debt YE 2022 to Q1 2023 €m 7 727 3,049 110 6 54 61 2,316 Economic Net Debt Divest OCF Investments Other NFP 1 Pensions ARO Economic Net Debt YE 2022 Q1 2023 AROs2 Pensions Net financial position3 1. NFP – N
Slide 13: Financial Outlook FY 2023
Financial Outlook FY 2023 Adjusted EBIT and Adjusted Net Income for FY 2023 expected to be above prior year and back in positive territory1 Uniper Group Higher price level and noticeably higher hedged spread margins European Generation Global Lower expenditures for procurement of gas replacement vol
Slide 14: Appendix
Highlights FY 2022 Results and Outlook Appendix
Slide 15: 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 400 150 1,250 Germany 1,000 CDS Base Nordic CSS Base 320 120 1,000 800 240 90 750 600 160 60 500 400 80 30 250 200 0 0 0 0 Apr 22 Oct 22 Apr 23 Apr 22 Oct 22
Slide 16: Outright power hedging in Germany and Nordic
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 7 32 28 146 58 26 40 36 TWh TWh 8 24 6 18 4 12 60% 2 6 95% 85% 30% 0 15% 0 5% 3 3 Q1 2023 Q2-Q4 2023 2024 2025 Q1 2023 Q2-Q4 2023 2024
Slide 17: European generation capacity
European generation capacity In MW 1 31 Dec 2022 Gas United Kingdom 4,193 Germany 3,333 Netherlands 525 Hungary 428 Hard coal Germany 3,197 United Kingdom 2,000 Netherlands 1,070 Hydro Germany 1,983 Sweden 1,579 Nuclear Sweden 1,400 Other Germany 1,418 Sweden 1,175 United Kingdom 221 Total 22,523 1.
Slide 18: Electricity generation
Electricity generation In TWh1 Q1 2023 Q1 2022 Gas Subtotal 5.0 5.1 United Kingdom 3.0 2.6 Germany 1.2 1.4 Netherlands 0.2 0.4 Hungary 0.5 0.7 Hard coal Subtotal 4.9 6.4 Germany 2.6 3.3 United Kingdom 0.9 1.8 2 Netherlands 1.4 1.3 Hydro Subtotal 3.1 3.5 Germany3 1.1 1.1 Sweden 1.9 2.4 Nuclear Sweden
Slide 19: Adjusted EBIT(DA) by sub-segment
Adjusted EBIT(DA) by sub-segment Q1 2023 Q1 2022 Q1 2023 Q1 2022 €m Adj. EBITDA Adj. EBITDA Adj. EBIT Adj. EBIT European Generation Subtotal 1,199 -32 1,011 -152 Hydro 212 24 195 8 Nuclear 90 57 74 43 Fossil 912 -97 756 -187 Other / Consolidation -14 -15 -14 -16 Global Commodities Subtotal -270 -563
Slide 20: Adjusted EBIT – Development by sub-segment
Adjusted EBIT – Development by sub-segment European Generation Global Commodities €m €m 31 2 187 1,011 791 943 -291 -618 135 15 -152 177 Q1 2022 Fossil Hydro Nuclear Other Q1 2023 Q1 2022 Gas Internat./ Power Q1 2023 Other Fossil: Strong underlying performance due to successful hedging Gas midst
Slide 21: Reconciliation of income/loss before financial results & taxes
Reconciliation of income/loss before financial results & taxes €m Q1 2023 Q1 2022 Income / Loss before financial results and taxes 7,431 -2,339 Net income / loss from equity investments 0 0 EBIT 7,431 -2,339 Non-operating adjustments -6,682 1,422 Net book gains (-) / losses (+) -1 – Impact of deriva
Slide 22: Reconciliation of Adjusted EBIT to Adjusted Net Income
Reconciliation of Adjusted EBIT to Adjusted Net Income €m Q1 2023 Q1 2022 Adjusted EBIT 749 -917 Economic interest result -118 55 Interest results for leasing -5 -6 Interest from financial assets / liabilities -76 -24 Interest cost from provisions for pensions and similar obligations -5 -3 Accretion
Slide 23: Cash-effective investments
Cash-effective investments €m Q1 2023 Q1 2022 European Generation 79 80 Global Commodities 26 12 Administration / Consolidation 5 4 Total 110 97 thereof Growth 47 41 thereof Maintenance and replacement 63 56 Q1 2023 Presentation, 04 May 2023 23
Slide 24: Economic net debt
Economic net debt €m 31 Mar 2023 31 Dec 2022 Financial liabilities and liabilities from leases (+) 8,157 11,575 Liabilities to banks (+) 4,427 8,627 Lease liabilities (+) 676 690 Margining liabilities (+) 2,707 1,890 Liabilities from shareholder loans towards Uniper shareholders and co-shareholders
Slide 25: Consolidated balance sheet (1/2) – Assets
Consolidated balance sheet (1/2) – Assets €m 31 Mar 2023 31 Dec 2022 Intangible assets 683 687 Property, plant and equipment and right-of-use assets 8,105 9,228 Companies accounted for under the equity method 305 291 Other financial assets 887 1,137 Financial receivables and other financial assets 2
Slide 26: Consolidated balance sheet (2/2) – Equity & liabilities
Consolidated balance sheet (2/2) – Equity & liabilities €m 31 Mar 2023 31 Dec 2022 Capital stock 14,160 14,160 Additional paid-in capital 10,825 10,825 Retained earnings -13,297 -19,840 Accumulated other comprehensive income -897 -917 Equity attributable to shareholders of Uniper SE 10,791 4,228 Equ
Slide 27: Consolidated statement of cash flows (1/2)
Consolidated statement of cash flows (1/2) €m Q1 2023 Q1 2022 Net income/loss 6,744 -3,154 Income/loss from discontinued operations – 576 Depreciation, amortization and impairment of intangible assets, of property, plant and equipment, and of 1,077 344 right-of-use assets Changes in provisions -5,35
Slide 28: Consolidated statement of cash flows (2/2)
Consolidated statement of cash flows (2/2) €m Q1 2023 Q1 2022 Proceeds from disposal 7 79 Purchases of investments -110 -97 Proceeds from disposal of securities (> 3 months) and of financial receivables and fixed-term deposits 2,665 2,127 Purchases of securities (> 3 months) and of financial receiva
Slide 29: Financial calendar & further information
Financial calendar & further information Financial calendar 24 May 2023 Annual Shareholders Meeting 2023 01 August 2023 Interim Report January – June 2023 Stay informed about Uniper 31 October 2023 Quarterly Statement January – September 2023 uniper.energy/investors
Slide 30: 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 31: 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