Slide 1: FY 2021 Results
15 March 2022 FY 2021 Results Markus Krebber, CEO Michael Müller, CFO Susanne Lange, Head of Institutional Investors
Slide 2: Disclaimer
Disclaimer This document contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management, and are based on information currently available to the management. Forward-looking statements shall not be construed as a promi
Slide 3: Strategic update
Strategic update Markus Krebber, CEO 15 Mar 2022 FY results 2021
Slide 4: Review 2021: strong financial and strategic performance drives continuous shareholder value creation
Review 2021: strong financial and strategic performance drives continuous shareholder value creation Financial targets exceeded: adj. EBITDA €3.65bn Continuous shareholder and adj. Net income €1.57bn value creation Transformational growth is forging ahead - 1.3 GW of green capacity added Total Share
Slide 5: Russian invasion of Ukraine makes energy security top priority
Russian invasion of Ukraine makes energy security top priority – even stronger push for green transition expected Short term focus: Medium/long-term focus: ensure energy security sustainable and secure energy supply Preparation to bring back/extend Further acceleration of energy transition in Europe
Slide 6: Active risk management: immediate measures taken to increase company resilience
Active risk management: immediate measures taken to increase company resilience Commodity exposure with Russian counterparties: Gas: 15 TWh by 2023, 50% within the next 12 months Active position management and exposure Hard coal: 12m tonnes by 2025, of which 2m tonnes reduction within the next 12 mo
Slide 7: Our Growing Green strategy is set – Execution continues as planned
Our Growing Green strategy is set – Execution continues as planned – Acceleration to be explored GROWING GREEN EXECUTION ACCELERATION Our long-term strategy continues as planned all options will be explored is set • €50bn gross cash • 5.6 GW of green capacity • Utilising strong push for green invest
Slide 8: Decisive year 2022 – Financial targets confirmed
Decisive year 2022 – Financial targets confirmed Core adj. EBITDA € million Adj. EBITDA RWE Group € million Adj. Net income € million 2,900 – 3,300 2,761 3,600 – 4,000 3,650 1,300 – 1,700 1,569 2022e 2021 2022e 2021 2022e 2021 We confirm our financial targets for 2022 We are rigorously executing our
Slide 9: FY2021 - Financial highlights
FY2021- Financial highlights Michael Müller, CFO 15 Mar 2022 FY results 2021
Slide 10: Financial highlights FY 2021
Financial highlights FY 2021 Very strong business performance with earnings exceeding outlook: EBITDA of €3.65bn and adj. net income of €1.57bn €3.7bn gross cash investments into green growth – currently 5.6 GW of green generation capacity under construction Almost 90% of capex complies with the pro
Slide 11: Very good business performance in 2021
Very good business performance in 2021 Core adj. EBITDA FY 2021 vs. FY 2020, € million Offshore Wind earnings up on the back of a +1% consolidation effect from Rampion and pre- commissioning income from Triton Knoll, 2,761 despite earnings shortfalls caused by lower 2,727 than normal wind speeds Sup
Slide 12: Strong adj. net income due to good operational performance
Strong adj. net income due to good operational performance Adj. net income, € million Adj. EBITDA excludes non-operating FY 2020 FY 2021 result Adj. EBITDA Adj. financial result includes payment 3,286 3,650 FY 2021 of E.ON dividend of €186 million. It is -1,463 Adj. depreciation -1,465 mainly adjust
Slide 13: Adj. operating cash flow marked by good operational result and effects in operating working capital
Adj. operating cash flow marked by good operational result and effects in operating working capital Reconciliation to adj. operating cash flow for FY 2021 Changes in provisions/(Non-) Cash items mainly driven by legacy and restructuring € million provisions as well as book gains from the farm-down o
Slide 14: Net debt decreased substantially as a result of timing effects from hedging and trading activities
Net debt decreased substantially as a result of timing effects from hedging and trading activities Development of net debt in 2021, € billion 0.7 4.4 2.9 -1.5 -5.9 -1.1 -0.4 Net debt Adj. operating Net cash Dividends Other changes in Changes in Net debt 31 Dec 20 cash flow investments net financial
Slide 15: Our green generation portfolio is growing with 5.6 GW currently under construction
Our green generation portfolio is growing with 5.6 GW currently under construction Development of our green generation portfolio, GW pro rata +5.6 32.5 0.5 0.6 1.2 1.1 2.2 0.7 26.9 26.4 1.3 31.12.2020 Capacity Capacity 31.12.2021 Offshore Onshore Solar Batteries Flexible Total additions farm-downs W
Slide 16: Outlook for FY 2022 confirmed
Outlook for FY 2022 confirmed Group outlook FY 2022, Actuals FY 2021, Major value driver FY 2022 € million € million versus FY 2021 1,350 – 1,600 • Offshore Wind: Higher earnings expected Offshore Wind 1,110 mainly due to increase of wind yields and Onshore Wind/Solar 650 – 800 258 income from Trito
Slide 17: Appendix
Appendix 15 Mar 2022 FY results 2021
Slide 18: Outlook for FY 2022
Outlook for FY 2022 Group outlook FY 2022, € million Divisional outlook FY 2022– adj. EBITDA, € million Outlook(Feb 2022) Outlook (Nov 2021) Outlook (Feb 2022) Outlook (Nov 2021) Core adj. EBITDA 2,900 – 3,300 2,750 – 3,050 Offshore Wind 1,350 – 1,600 1,350 – 1,550 Adj. EBITDA RWE Group 3,600 – 4,00
Slide 19: Key sensitivities to our planning assumptions for FY2022
Key sensitivities to our planning assumptions for FY2022 Driver Segment Type Sensitivity Group impact1 Wind levels Offshore Wind P&L +/- 10% production +/- €200 million Onshore Wind/Solar P&L +/- 10% production +/- €150 million Main f/x (USD & GBP) RWE Group P&L +/- 10% +/- €180 million CO2 prices R
Slide 20: Offshore Wind: Earnings up mainly due to a consolidation effect and pre-commissioning income from Triton Knoll
Core Offshore Wind: Earnings up mainly due to a consolidation effect and pre-commissioning income from Triton Knoll Outlook 2021 Key financials €1,050m – €1,250m FY 2021 – Offshore Wind Adj. EBITDA FY 2021 vs. FY 2020 Higher earnings contribution from Rampion due to consolidation effect, RWE stake i
Slide 21: Onshore Wind/Solar: 2021 earnings slightly above guidance due to stronger than expected fourth quarter
Core Onshore Wind/Solar: 2021 earnings slightly above guidance due to stronger than expected fourth quarter Outlook 2021 Key financials €50m – €250m FY 2021 – Onshore Wind/Solar Adj. EBITDA FY 2021 vs. FY 2020 Below normal wind speeds in FY 2021, while FY 2020 was above normal € million FY 2021 FY 2
Slide 22: Hydro/Biomass/Gas: Very strong year-end performance pushed earnings above guidance
Core Hydro/Biomass/Gas: Very strong year-end performance pushed earnings above guidance Outlook 2021 Key financials €500m – €600m FY 2021 – Hydro/Biomass/Gas Adj. EBITDA FY 2021 vs. FY 2020 Higher earnings from short-term asset optimisation Increase in earnings from Eemshaven power plant due to high
Slide 23: Supply & Trading: Outstanding trading performance
Core Supply & Trading: Outstanding trading performance Outlook 2021 Key financials Signif. >€350m FY 2021 – Supply & Trading Adj. EBITDA FY 2021 vs. FY 2020 Outstanding trading performance and higher contribution from Gas & LNG business € million FY 2021 FY 2020 change Outlook 2022 €150m - €350m Adj
Slide 24: Coal/Nuclear: Solid earnings on back of higher realised hedged generation margins
Coal/Nuclear: Solid earnings on back of higher realised hedged generation margins Outlook 2021 Key financials €800m – €900m FY 2021 – Coal/Nuclear Adj. EBITDA FY 2021 vs. FY 2020 Higher realised hedged generation margins Higher earnings from short-term asset optimisation € million FY 2021 FY 2020 ch
Slide 25: Reconciliation to adj. net income
Reconciliation to adj. net income 12M 2021 (€ million) Reported Adjustments Adjusted Adjusted EBITDA 3,650 - 3,650 Depreciation -1,465 - -1,465 Adjusted EBIT 2,185 - 2,185 Non-operating result -650 650 - Financial result -13 -196 -209 Taxes on income -690 394 -296 Income 832 848 1,680 of which Minor
Slide 26: Economic net debt
Economic net debt Net debt (€ million) 31 Dec 2021 31 Dec 2020 +/- Net debt definition Cash and cash equivalents 5,825 4,774 1,051 • Net debt does not Marketable securities 8,347 4,517 3,830 contain mining Other financial assets 12,403 2,507 9,896 provisions, which essentially cover our Financial as
Slide 27: Your contacts in Investor Relations
Your contacts in Investor Relations Important Links Financial Calendar • Annual and interim reports & statements • 28 April 2022 ADR programme available Virtual Annual General Meeting • Investor and analyst conferences • 03 May 2022 Further information on our homepage Dividend payment • IR presentat