Slide 1: 9M 2017 Interim Results
9M 2017 Interim Results Christopher Delbrück – CFO 07 November 2017
Slide 2: Agenda – Interim reporting 9M 2017
Agenda – Interim reporting 9M 2017 1. Timeline Fortum bid 2. Highlights 3. Financial results 4. Appendix 2
Slide 3: Expected timeline – 'reasoned statement' to be published within 14 days
Expected timeline – ‘reasoned statement’ to be published within 14 days after bid publication Up to 14 days to respond Publication: ‘Reasoned Statement’ by the Management Board and 6 June Supervisory Board of Uniper Uniper AGM 2017 2018 Sep Oct Nov Dec Jan Feb 26 Sep 2017 24 Oct Up to 10 working 07
Slide 4: Agenda – Interim reporting 9M 2017
Agenda – Interim reporting 9M 2017 1. Timeline Fortum bid 2. Highlights 3. Financial results 4. Appendix 4
Slide 5: Highlights of 9M 2017 and outlook
Highlights of 9M 2017 and outlook • Continued upswing of power prices Markets and • Forward spreads with initial signals of tightening market Politics • European Union to empower Emission Trading Scheme • Action Plan widely executed Action Plan and • Closing of Yuzhno Russkoye sale expected in the 4
Slide 6: Politics – Power sector remains in focus for climate policy objectives
Politics – Power sector remains in focus for climate policy objectives Uniper - Net capacity by country and fuel type Key messages European policy makers tackling CO2 emission reduction New ETS rules set to reduce oversupply in the Fuel type early 2020ties New EU BREF (Best Available Techniques
Slide 7: Markets – Power continued bullish trend
Markets – Power continued bullish trend Germany – Baseload power 2020 Germany – CDS 2020 vs 2018 Key message €/MWh €/MWh 40 8 Short-term price levers CDS 2018 CDS 2020 Strong coal prices 6 35 Again unplanned outages of French nuclear reactors 30 4 Ongoing exit or mothballing of 25 2 convention
Slide 8: Agenda – Interim reporting 9M 2017
Agenda – Interim reporting 9M 2017 1. Timeline Fortum bid 2. Highlights 3. Financial results 4. Appendix 8
Slide 9: Key financials 2017 first nine month
Key financials 2017 first nine month Adj. EBIT(DA) Economic net debt Key highlights €bn €bn 1.8 Adj. EBIT(DA) down Lapse of 2016 one-off effects in the gas 1.4 business (LTC-settlement and weaker gas optimization results) … 4.2 4.2 4.1 4.1 1.3 … partly offset by strong Unipro results 1.0 Seasona
Slide 10: European Generation in 9M 2017 – solid performance across all activities
European Generation in 9M 2017 – solid performance across all activities Adj. EBIT development by sub-segment in 9M 2017 Main effects €m Hydro + 127 (+) Lapse of 2016 restructuring one-off 80 (+) Reduced hydro property tax 71 -12 -13 Nuclear 280 (+) Ringhals 2 back in operation 153 (+) Nuclear
Slide 11: Global Commodities in 9M 2017 - normalization in midstream gas business
Global Commodities in 9M 2017 - normalization in midstream gas business Adj. EBIT development by sub-segment in 9M 2017 Main effects TBU €m Gas - 1.017 (-) Lapse of 2016 one-offs Gazprom provision release Extraordinary optimization gains 1,295 not repeated 61 - 955 -12 - 112 278 Yuzhno Russkoy
Slide 12: International Power 9M 2017 – significant one-off effects and strong underlying earnings
International Power 9M 2017 – significant one-off effects and strong underlying earnings Adj. EBIT development by sub-segment in 9M 2017 Main effects TBU €m + 554 Russia 552 2 (+) Significant one-off effects: Lapse of 2016 write-off on 537 Berezovskaya III boiler (€171m) Insurance proceeds (€3
Slide 13: Adj. EBIT(DA) to OCF conversion impacted by seasonality
Adj. EBIT(DA) to OCF conversion impacted by seasonality Adj. EBIT to operating cash flow reconciliation €m 319 471 43 1 121 - 717 - 240 1,423 1,189 952 950 Adj. EBIT Depreci- Adj. EBITDA Non-cash Provision Changes in Payments OCFbIT Interest Tax OCF 9M 2017 ation and 9M 2017 effective utilization wo
Slide 14: Economic net debt stable
Economic net debt stable Economic net debt - 0.1 €bn 4.2 0.3 4.1 0.5 0.2 1.0 1.0 -0.1 -1.0 0.8 0.7 2.4 2.4 Economic net OCF Capex Pension Dividend paid Other 3 Economic net debt YE 2016 debt 9M 2017 AROs1 Pension Net financial position2 1. Includes nuclear and other asset retirement obligations (“AR
Slide 15: 2017 Outlook reiterated
2017 Outlook reiterated Adj. EBIT Dividend Key considerations TBU €bn €bn European Generation ~ +25% Swedish hydro and nuclear tax reduction 1.4 UK, France capacity payments 1.2 0.25 Lapse of restructuring one-off and Swedish 0.20 0.8 nuclear provision effect 1.0 Cost savings Global Commodit
Slide 16: Status of 2017 roadmap
Status of 2017 roadmap Management action Transparency Increase market understanding of key cash flow drivers increased Deep dives on core business activities Performance Streamlined organization improved Direct and indirect costs addressed, final delivery by end 2018 Cash Working capital optimized o
Slide 17: Agenda – Interim reporting 9M 2017
Agenda – Interim reporting 9M 2017 1. Timeline Fortum bid 2. Highlights 3. Financial results 4. Appendix 17
Slide 18: Markets – Power prices and commodities
Markets – Power prices and commodities Germany – Baseload power 2018 Germany – CDS, CSS 2018 Gas Europe – summer/winter spread €/MWh $/ton €/MWh €/MWh 38 95 2.0 10 33 5 75 1.5 28 0 55 1.0 23 -5 18 35 -10 0.5 Jan-16 Jul-16 Jan-17 Jul-17 Jan-17 Apr-17 Jul-17 Oct-17 Jan-17 Apr-17 Jul-17 Oct-17 Baseload
Slide 19: Group EBIT(DA) in 9M 2017 with robust performance
Group EBIT(DA) in 9M 2017 with robust performance Adj. EBIT development by segment in 9M 2017 Highlights €m 127 European Generation (+) Reduced hydro property tax and 36 nuclear capacity tax 554 (+) Lapse of restructuring one-off 1,252 952 (+) Lower depreciation - 1,017 (-) Lower outright pr
Slide 20: Outright power hedging in Germany and Nordic
Outright power hedging in Germany and Nordic Outright position – baseload power price >80% >80% >75% >15% €/MWh >90% >85% >65% >35% 35 30 25 20 Status: Sep 2017 15 2017 2018 2019 2020 Achieved price Germany Hedge ratio Germany Achieved price Nordic Hedge ratio Nordic Uniper SE, Presentation 9M 2017,
Slide 21: Uniper Group – Adjusted EBIT(DA) by segment
Uniper Group – Adjusted EBIT(DA) by segment Adj. EBITDA €m 9M 2017 9M 2016 % European Generation 611 553 +10 Global Commodities 343 1,388 -75 International Power 608 53 >100 Administration / Consolidation -138 -172 -19 Total 1,423 1,822 -22 Adj. EBIT €m 9M 2017 9M 2016 % European Generation 280 153
Slide 22: Uniper Group – Adjusted EBIT(DA) by sub-segment
Uniper Group – Adjusted EBIT(DA) by sub-segment Adj. EBITDA and EBIT 9M 2017 9M 2016 9M 2017 9M 2016 €m Adj. EBITDA Adj. EBITDA Adj. EBIT Adj. EBIT European Generation Hydro 273 202 230 159 Nuclear 69 78 21 34 Fossil 302 294 64 -17 Other/ Consol. -34 -23 -35 -23 Subtotal 611 553 280 153 Global Commo
Slide 23: Uniper Group – Key P&L items at a glance
Uniper Group – Key P&L items at a glance Key P&L items €m 9M 2017 9M 2016 Sales 52,938 47,997 Adjusted EBITDA 1,423 1,822 Economic depreciation and amortization / reversals -471 -570 Adjusted EBIT 952 1,252 Non-operating adjustments 8 -4,922 EBIT 960 -3,670 Financial result 26 -369 Income taxes -202
Slide 24: Uniper Group – Details on non-operating adjustments
Uniper Group – Details on non-operating adjustments Non-operating adjustments €m 9M 2017 9M 2016 Net book gains / losses - 522 Fair value measurement of derivative financial instruments 72 -1,310 Restructuring / cost management expenses -13 -316 Non-operating impairment charges / reversals -34 -2,85
Slide 25: Uniper Group – Adjusted EBITDA to net income
1,362 Uniper Group – Adjusted EBITDA to net income Reconciliation Adj. EBITDA to net income €m - 471 72 1,423 - 34 -26 - 252 - 29 952 683 Adj. Depreciation Adj. Economic MTM Impairments Other Taxes on Net EBITDA and EBIT interest, Derivatives and provision non- Income2 amortization taxes, for operat
Slide 26: Uniper Group – Cash effective investments
Uniper Group – Cash effective investments Investments by segment €m 9M 2017 9M 2016 % European Generation 318 316 +1 Global Commodities 28 86 -67 International Power 134 103 +30 Administration / Consolidation 32 6 - Total 512 511 - Investment split – maintenance and growth €m 9M 2017 9M 2016 % Maint
Slide 27: Uniper Group – Consolidated balance sheet (1/2)
Uniper Group – Consolidated balance sheet (1/2) Balance sheet of the Uniper Group – assets €m 30 Sep 2017 31 Dec 2016 Goodwill 2,197 2,701 Intangible assets 816 2,121, Property, plant and equipment 11,482 11,700 Companies accounted for under the equity method 589 827 Other financial assets 681 728 E
Slide 28: Uniper Group – Consolidated balance sheet (2/2)
Uniper Group – Consolidated balance sheet (2/2) Balance sheet of the Uniper Group – equity and liabilities €m 30 Sep 2017 31 Dec 2016 Capital stock 622 622 Additional paid-in capital 10,825 10,825 Retained earnings 4,720 4,156 Accumulated other comprehensive income -3,663 -3,382 Equity attributable
Slide 29: Uniper Group – Net financial position
Uniper Group – Net financial position Net financial position of the Uniper Group €m 30 Sep 2017 31 Dec 2016 Liquid funds 672 341 Non-current securities 100 160 Financial liabilities -3,147 -2,870 Net financial position -2,375 -2,369 Provisions for pensions and similar obligations -694 -785 Asset ret
Slide 30: Uniper Group – Consolidated statement of cash flows
Uniper Group – Consolidated statement of cash flows Statement of cash flows of the Uniper Group €m 9M 2017 9M 2016 Net income / loss 782 -4,233 Depreciation, amortization and impairment of intangibles / property, plant, equipment 520 3,431 Changes in provisions -357 87 Changes in deferred taxes 1 54
Slide 31: Uniper – Contact your Investor Relations team
Uniper – Contact your Investor Relations team Uniper SE Udo Giegerich Marc Koebernick Investor Relations Executive Vice President Head of Investor Relations (SVP) E.ON-Platz 1 Group Finance & Investor Relations +49 211 4579 4489 40479 Duesseldorf udo.giegerich@uniper.energy marc.koebernick@uniper.en
Slide 32: Financial calendar & further information
Financial calendar & further information Financial calendar 08 March 2018 Annual Report 2017 08 May 2018 Quarterly Statement January – March 2018 06 June 2018 AGM (Essen, Grugahalle) 07 August 2018 Interim Report January – June 2018 13 November 2018 Quarterly Statement January – September 2018 Furth
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