Enbw Energie Baden-wuerttemberg Ag · XETR:EBK
Enbw Energie Baden-wuerttemberg — EnBW Energie Baden-Württemberg — Q2 2022 Earnings Presentation
26 slides from Enbw Energie Baden-wuerttemberg's earnings presentation, 2022
Slide 1: Thomas Kusterer Chief Financial Officer
Thomas Kusterer Chief Financial Officer Marcel Minch = SVP Finance, M&A and Investor Relations
Slide 2: Adjusted EBITDA slightly reduced by 4% – outlook 2022 unchanged
Adjusted EBITDA slightly reduced by 4% – outlook 2022 unchanged at Group level Net debt 14% reduced to €7.5 bn Manageable risk from direct Russian gas procurement Comfortable liquidity position and access to diversified funding sources • Cash and cash equivalents € 6.5bn • € 0.5bn debut promissory n
Slide 3: Russian gas exposure and LNG supply
• EnBW: No direct import contracts • VNG: 2 contracts affected by delivery restrictions (100 TWh p.a. in 2021); only 1 contract as of 2023 (65 TWh p.a.) • € 545m impact to adjusted EBITDA in the first six months of 2022 • Expanding LNG supply and regasification capacity covering the complete LNG cha
Slide 4: Adjusted EBITDA and Group net profit Q2
in € m in € m 1,479 594 1,424 300 -4% -50% Q2 2021 Q2 2022 Q2 2021 Q2 2022 1 Attributable to the shareholders of EnBW AG 4
Slide 5: Electricity and gas sales
in € m 223 Electricity and gas sales Increased procurement costs which will be partially passed on to customers as of 1/10/2022 115 -49% Q2 20211 Q2 2022 1 Previous year’s figures restated 5
Slide 6: Transmission and distribution grids
in € m 646 588 Transmission and distribution grids Higher expenses for grid reserve and redispatch to maintain security of supply -9% Q2 20211 Q2 2022 1 Previous year’s figures restated 6
Slide 7: Renewable Energies and Thermal Generation and Trading
in € m 852 Renewable Energies 728 Marketing above the fixed EEG tariff 547 Expansion of solar parks 382 Better wind yields +17% Thermal Generation and Trading 346 Replacement procurement costs due to reduced gas supply 305 Q2 20211 Q2 2022 1 Previous year’s figures restated 7
Slide 8: Cash flow: EBITDA to retained cash flow
in € m in € m 1,642 Provisions -45 836 792 Taxes -102 1,167 Non-cash items -285 Net interest/ dividends received +47 Contribution from dedicated financial assets -43 Dividends paid -422 Q2 2021 Q2 2022 Q2 2022 Q2 2021 8
Slide 9: Net debt development
in € m -14.3% 8,786 496 1,084 -2,062 -1,214 422 -209 7,531 228 RCF: -792 Net debt FFO Dividends payd Working capital Investments, 50% subordinated Change in Others Net debt 31.12.2021 acquisitions and bonds pension 30.6.2022 divestments discount rate 9
Slide 10: Outlook 2022
in € m 3,025 to 3,175 2021 350 344 to 425 1,225 2021 Higher expenses for grid reserve and to 1,263 1,325 redispatch to maintain security of supply 1,650 2021 to Continuing high market price level 1,540 1,750 The Russia-Ukraine war, high market volatility and the risk of a gas shortage increase uncer
Slide 11: Questions & Answers
—EnBW > Questions & Answers
Slide 12: Appendix
Appendix —EnBW 1. Additional information 2. Service information
Slide 13: Non-operating result
in € m Q2 2022 Q2 2021 Change in % Income/expenses relating to nuclear power -307.0 27.8 - Result from disposals 18.0 -4.8 - Reversals/increase of provisions for onerous contracts relating to electricity and gas procurement agreements 211.8 -301.4 - Income from reversals of impairment losses 235.7 0
Slide 14: Net debt composition
in € m 11,223 -1,250 -6,067 10,109 7,531 -6,484 3,489 Financial debt and others 50% equity Operating cash Net financial Pension and nuclear Dedicated financial assets Net debt credit & cash liabilities power provisions equivalents (net) 1 As of 31 March 2022 14
Slide 15: Change in working capital
in € m 371 -209 -1,288 2,002 -1,294 Trade receivables/payables Derivatives Inventories Others Change in Working capital 1 1.1. – 30.6.2022 15
Slide 16: Income statement Q2 2022
in € m Q2 2022 Q2 2021 Change in % Revenue 27,119.5 12.654,7 114,3 Changes in inventories/other own work capitalized 172.3 127,2 35,5 Cost of materials -24,389.9 -10.136,2 140,6 Personnel expenses -1,242.0 -1.180,9 5,2 Other operating income/expenses -17.6 -297,6 -94,1 EBITDA 1,642.3 1.167,2 40,7 Am
Slide 17: Cash flow Q2 2022
in € m Q2 2022 Q2 2021 Change in % EBITDA 1,642.3 1,167.2 40.7 Changes in provisions -45.0 36.5 - Non-cash-relevant income/expenses -285.3 -19.0 - Income tax paid -101.9 -79.2 28.7 Interest and dividends received 200.8 163.9 22.5 Interest paid for financing activities -153.6 -195.5 -21.4 Dedicated f
Slide 18: Hedging status of generation
in % 80-100 50-70 10-30 2023 2024 2025 1 As of 30 June 2022 18
Slide 19: Liquidity and financing instruments
in € bn Other sources2 undrawn Project financing and EIB loans utilised 10.0 Financing activities in the form of bank loans and promissory notes in subsidiaries 5.3 2.9 2.5 4.7 2.0 1.5 1.5 1.2 2.8 0.5 1.4 0.8 0.1 0.1 Debt issuance Commercial Subordinated bonds Schuldschein3 Sustainable Committed
Slide 20: Bond maturity and first call dates
in € m, as of 30 June 2022 Green subordinated bonds First call dates of green subordinated bonds Subordinated bonds First call dates of subordinated bonds Green senior bond Senior bonds 1,000 1,000 1,000 1,000 1,000 1,000 5003 5004 500 700 500 5002 5002 500 5005 500 500 500 500 1706 500 1001 100 75
Slide 21: Credit rating assessments Moody's and S&P
Baa1 / stable A- / stable 4 July 2022 5 July 2022 Leadership position as vertically integrated utility Exposure to Russian gas through its subsidiary VNG AG is manageable within Baden-Württemberg because of the group's overall integrated position High share of regulated transmission and distri
Slide 22: ESG ratings
2021 B Top 32% of all Electric Utilities (Electric Utilities Sector) Management 31.0 Top 32% of all Utilities (Utilities Sector) High B Top 10% of all Multi Utilities (Utilities/Multi Utilities Sector) Prime Status A Top 47% of all Utilities (Utilities Sector) Average 1 CDP Scale: A to D (Leadership
Slide 23: Investor Relations team
SVP Finance, M&A and Director Capital Markets Senior Manager Manager Manager Manager Investor Relations Investor Relations Investor Relations Investor Relations Investor Relations +49 721 63 16 102 +49 721 63 12 844 +49 721 63 12 060 +49 721 63 13 646 +49 721 63 13 613 +49 721 63 12 697 23
Slide 24: Financial calendar: Q3 2022 figures
11 November 2022, 01:00 pm CET Publication figures Q3 2022 Investor and analyst conference call 24
Slide 25: Disclaimer
No offer or investment recommendation No Obligation to Update Information This presentation is provided for information purposes only and may not be reproduced either in full or in part, nor may it be passed on In giving this presentation, none of EnBW, the Joint Bookrunners or their respective agen
Slide 26: Investor Relations contact
Investor Relations investor.relations@enbw.com +49 721 63-12060 Durlacher Allee 93 76131 Karlsruhe Companies registered office: Karlsruhe Local court Mannheim ⋅ HRB no. 107956 Chairman of the Supervisory Board: Lutz Feldmann Board of management: Dr. Frank Mastiaux (Chairman), Dirk Güsewell, Thomas K
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