Uniper Se · XETR:UN0
Uniper — Investor Presentation (February 2023)
42 slides from Uniper's investor presentation, February 2023
Slide 1: Capital Markets Story
Capital Markets Story February 2023
Slide 2: Uniper at a Glance
Uniper at a Glance Capital Markets Story FY 2022 Results Appendix
Slide 3: Uniper's business activities at a glance
Uniper’s business activities at a glance TRADING Two business segments ENERGY SOURCES TRANSPORT AND SALES AND AND GENERATION STORAGE SERVICES European Generation NATURAL POWER Global Commodities GAS & LNG WIND & SOLAR CARBON COAL HYDROPOWER 3.6 GW Ramp-up ~7,000 employees, CLEAN FINANCIAL GASES PROD
Slide 4: Uniper's key figures at a glance
Uniper’s key figures at a glance Adj. EBIT 2022 External sales Investments by segment €m €m 274,121 743 720 163,979 642 657 €0.7bn €-11bn 91,813 552 European Global 65,804 50,968 Generation Commodities 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Adj. EBIT Operating cash flow (OCFbIT) €m €m 3,8
Slide 5: European Generation – A well diversified North-Western European portfolio
European Generation – A well diversified North-Western European portfolio Net capacity Net electricity Net capacity by country and fuel type (GW)1 (GW)1 generation (TWh) Hydro 3.6 12.2 Sweden Nuclear 1.4 10.4 UK 4.2 Netherlands Hard coal2 6.3 19.0 UK 1.6 Germany 6.4 Gas 8.5 19.2 9.9 Hungary Other 2.
Slide 6: Global Commodities – Strong asset base along the entire gas value chain
Global Commodities – Strong asset base along the entire gas value chain Supply portfolio Infrastructure portfolio Sales & Trading ~1,660 TWh of natural gas No. 4 storage operator in Europe ~1,660 TWh of gas sales, thereof procurement with 7.4 bcm of storages in GER, ~240 TWh B2B sales ~356 TWh gas L
Slide 7: Sustainability – Top of the agenda
Sustainability – Top of the agenda Planet People & Society Governance Carbon neutral by 2050 Diversity strategy Industry-leading structures Group target: Carbon neutrality by 2050 Adoption of a company-wide diversity, Organizational structures implemented (Scope 1, 2 and 3) equity, and inclusion (DE
Slide 8: Uniper at a Glance
Uniper at a Glance Capital Markets Story FY 2022 Results Appendix
Slide 9: 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 Capital Markets Story, Feb 2023 9
Slide 10: Initial stabilization – Equity position and financial headroom materially improving
Initial stabilization – Equity position and financial headroom materially improving Equity position Financing instruments and use of funds €bn €bn 10 20 €12bn undrawn 0 15 credit facilities -10 KfW 10 Bank loans -20 5 Promissory notes € -30 0 -40 Available facilities Utilized facilities facilities Y
Slide 11: Implementation of EU remedy measures
Implementation of EU remedy measures EU Commission set out structural remedies Unipro Power stations European asset base remains Pipeline assets Trading and sales units largely intact Key messages No fire sales – Divestments to be finalized by the end of 2026 Proceeds of portfolio rotation available
Slide 12: Clear transition agenda towards carbon neutrality
Clear transition agenda towards carbon neutrality Carbon-free Gas generation Coal generation & gas midstream generation Growth Transition Exit H2 Vision for a clean energy portfolio Hydro Nuclear Clean thermal Renewables Green gas generation Capital Markets Story, Feb 2023 12
Slide 13: Coal generation – Exit path reflecting temporary security of supply measures
Coal generation – Exit path reflecting temporary security of supply measures Uniper’s coal fleet Main messages MW Accelerated coal exit path in 2021 – 8,000 Schkopau (900 MW) Maasvlakte 3 only plant left after 2026 Wilhelmshaven 1 (757 MW) Datteln 4 on EU Commission’s remedy list – 6,000 to be sold
Slide 14: Uniper developing a diversified renewables platform in Europe
Uniper developing a diversified renewables platform in Europe Uniper’s European core 1.7 GW markets for Nuclear capacity (Sweden) Renewables ~5 TWh p.a. 3.7 GW contracted renewable Hydro capacity energy sourcing (PPAs) (Germany, Sweden) from 2023 onwards PPA Core Markets Opportunistic Markets Note:
Slide 15: Gas generation & gas midstream – Way forward to decarbonize our platform
Gas generation & gas midstream – Way forward to decarbonize our platform for supply security CO2 TOMORROW Security of supply solutions for TSOs – Carbon capture, e.g. commissioning of CCGT plant Irsching 6 usage and storage Decarbonization of gas flows as long-term (300 MW) in spring 2023 goal with
Slide 16: Building a hydrogen portfolio along the value chain
Building a hydrogen portfolio along the value chain Uniper’s H2 strategy Exemplary projects Uniper’s ambition Production & Bad Lauchstädt Green Conversion Energiepark Wilhelmshaven Renewables Supply Imports H2 Ratcliffe H2 to Maasvlakte (green) Perstorp – Killingholme / Project AIR Humber H2 Hub >1
Slide 17: Uniper at a Glance
Uniper at a Glance Overview Stabilization Package Capital Markets Story FY 2022 Results 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
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: 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 21: 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 22: 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 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: 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 Flow 1 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
Slide 25: 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 26: Financial Outlook FY 2023 – Burden of Russian gas curtailment floats with gas prices
Financial Outlook FY 2023 – 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 add
Slide 27: Financial Outlook FY 2023 – A transition year
Financial Outlook FY 2023 – A transition year 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
Slide 28: Uniper at a Glance
Uniper at a Glance Overview Stabilization Package Capital Markets Story FY 2022 Results Appendix
Slide 29: 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 Lignite Germany 3 – 2.5 4 Hydro Germany 4.6 5.2 Sweden 7.6 7.3 Nuclear Sweden 10.4 11
Slide 30: 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 31: 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 32: 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 33: 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 Capital Markets Story, Feb 2023 33
Slide 34: 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 35: 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 36: 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 37: 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 38: 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 39: 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 40: 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 41: 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 42: 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