Slide 1: Q1 2017 Interim results
Q1 2017 Interim results Christopher Delbrück – CFO 09 May 2017
Slide 2: Agenda
Agenda 1. Q1 2017 – Highlights and financial results Christopher Delbrück – CFO 2. Appendix
Slide 3: Highlights of Q1 2017 – Ticking many boxes
Highlights of Q1 2017 – Ticking many boxes Action Deleveraging completed following closing of Yuzhno Russkoye plan transaction Rating S&P raised its outlook to ‘positive’ from ‘stable’, with upgrade envisaged post Yuzhno Russkoye deal closing, all else equal Earnings Solid operating results in Q1 20
Slide 4: Stabilization continues in commodity and FX markets
Stabilization continues in commodity and FX markets Power prices (Baseload) Gas price (TTF) EUR/MWh EUR/MWh 35 20 Germany 30 18 April 2017 April 2017 25 16 April 2016 20 14 April 2016 Nordic 15 12 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 Power prices (spreads) RUB/Euro FX rate EUR/MWh
Slide 5: Nord Stream 2 securing European gas supplies and a stable return for Uniper
Nord Stream 2 securing European gas supplies and a stable return for Uniper Nord Stream 2 pipeline project overview Key highlights Project company Shareholder Provisional Nord Stream 2 Route Equity Gas Transport Agreement (GTA) Junior loans European project sponsors Project Finance Participation I
Slide 6: Key progress in Q1 2017
Key progress in Q1 2017 Yuzhno Russkoye sale in Uniper’s credit quality further execution mode improving Sale announced on 5 March 2017 S&P revises outlook to ‘positive’ Purchase price of €1,749m in cash Outlook reflects possibility of an upgrade because of a Closing is subject to conditio
Slide 7: Q1 2017 key financials in line with forecast
Q1 2017 key financials in line with forecast Adj. EBIT(DA) Economic net debt Key highlights €bn €bn Adj. EBIT(DA) down 1.1 Driven by Gazprom LTC-settlement in 2016 and less pronounced gas optimization results 0.7 … partly offset by lapse of one-off at Unipro 4.2 0.9 0.9 3.0 0.5 0.5 Strong operat
Slide 8: Group EBIT(DA) in Q1 2017 on track to reach full year goals
Group EBIT(DA) in Q1 2017 on track to reach full year goals Adj. EBIT development by segment in Q1 2017 Highlights €m +7 European Generation +147 +5 Outright fleet benefitting from good nuclear output in Sweden -516 871 Lower hydro volumes compared to 514 extraordinary high production Q1 2016
Slide 9: European Generation – Robust earnings trend
European Generation – Robust earnings trend Adj. EBIT development by sub-segment in Q1 2017 Highlights €m Hydro +7 +12 Negative volume effects compared to +5 extraordinary high Q1 2016 production -2 -8 Additional spot sales at preferable 219 226 market prices Nuclear Positive volume effect, si
Slide 10: Global Commodities – Gas business the segment's main driver
Global Commodities – Gas business the segment’s main driver Adj. EBIT development by sub-segment in Q1 2017 Highlights TBU €m Gas - 516 Lapse of one-offs following Gazprom provision release in 2016 Lower (extraordinary) optimization 746 gains +2 +18 +15 -551 230 Yuzhno Russkoye (YR) Earnings u
Slide 11: International Power – Solid operating result
International Power – Solid operating result (not affected by one-offs) Adj. EBIT development by sub-segment in Q1 2017 Highlights TBU €m + 147 International Power Stable underlying business in a favorable regulated market +150 environment -3 92 Russia -55 Lapse of write-off on Berezovskaya III
Slide 12: High seasonal Adj. EBIT to OCF conversion
High seasonal Adj. EBIT to OCF conversion Adj. EBIT to operating cash flow reconciliation €m +299 +1 +111 -2 -15 +175 -181 919 902 689 514 Adj. EBIT Depreci- Adj. EBITDA Non-cash Provision Changes in Payments OCFbIT Interest Tax OCF Q1 2017A ation and Q1 2017A effective utilization working related t
Slide 13: Economic net debt benefits from strong seasonal OCF
Economic net debt benefits from strong seasonal OCF Economic net debt €bn 4.2 1.0 +0.1 -0.1 -0.9 3.0 0.8 -0.3 1.0 0.8 2.4 1.2 Economic net debt OCF Capex Pension Other 3 Economic net debt YE 2016 Q1 2017 AROs1 Pension Net financial position2 1. Includes nuclear and other asset retirement obligations
Slide 14: 2017 EBIT(DA) Outlook (reiterated)
2017 EBIT(DA) Outlook (reiterated) Adj.EBIT Key considerations TBU €bn 1.4 European Generation 1.2 Further decrease of achieved prices for outright 0.8 fleet 0.9 Swedish hydro and nuclear tax reduction UK, France capacity payments Lapse of restructuring one-off and Swedish nuclear provision
Slide 15: Agenda
Agenda 1. Q1 2017 – Highlights and financial results Christopher Delbrück – CFO 2. Appendix
Slide 16: 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 35 75 10 2.0 30 60 0 1.5 25 45 -10 1.0 20 15 30 -20 0.5 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jan-15 Jul-15 Jan-16 Ju
Slide 17: Uniper Group – Outright power hedging in Germany and Nordic
Uniper Group – Outright power hedging in Germany and Nordic Outright position – baseload power price >80% >80% >80% €/MWh >90% >85% >50% 35 30 25 20 Status: March 2017 15 2017 2018 2019 Achieved price (Germany) Hedge ratio Germany Achieved price (Sweden) Hedge ratio Sweden Uniper SE, Presentation Q1
Slide 18: Uniper Group – Adjusted EBIT(DA) by segment
Uniper Group – Adjusted EBIT(DA) by segment Adj. EBITDA €m Q1 2017 Q1 2016 % European Generation 343 368 -6.8 Global Commodities 260 780 -66.7 International Power 117 -33 - Administration / Consolidation -31 -36 -13.9 Total 689 1,079 -36.1 Adj. EBIT €m Q1 2017 Q1 2016 % European Generation 226 219 3
Slide 19: Uniper Group – Adjusted EBIT(DA) by sub-segment
Uniper Group – Adjusted EBIT(DA) by sub-segment Adj. EBITDA and EBIT Q1 2017 Q1 2016 Q1 2017 Q1 2016 €m Adj. EBITDA Adj. EBITDA Adj. EBIT Adj. EBIT European Generation Hydro 77 86 64 72 Nuclear 69 62 53 47 Fossil 211 233 124 112 Other/ Consol. -14 -13 -15 -12 Subtotal 343 368 226 219 Global Commodit
Slide 20: Uniper Group – Key P&L items at a glance
Uniper Group – Key P&L items at a glance Key P&L items €m Q1 2017 Q1 2016 Sales 22,253 19,564 Adjusted EBITDA 689 1,079 Economic depreciation and amortization / reversals -175 -208 Adjusted EBIT 514 871 Non-operating adjustments 431 -35 EBIT 945 836 Net interest income / expense 41 -146 Income taxes
Slide 21: Uniper Group – Details on non-operating adjustments
Uniper Group – Details on non-operating adjustments Non-operating adjustments €m Q1 2017 Q1 2016 Net book gains / losses 0 522 Fair value measurement of derivative financial instruments 524 -459 Restructuring / cost management expenses -2 -16 Non-operating impairment charges / reversals -35 -1 Misce
Slide 22: Uniper Group – Adjusted EBITDA to net income
1,362 Uniper Group – Adjusted EBITDA to net income Reconciliation Adj. EBITDA to net income €m +524 +18 -73 -20 -137 -175 689 -93 733 514 Adj. Depreciation Adj. Economic MTM Impairments Interest Other Taxes on Net EBITDA and EBIT interest, taxes, Derivatives and provision result non- Income1 amortiz
Slide 23: Uniper Group – Cash effective investments
Uniper Group – Cash effective investments Investments by segment €m Q1 2017 Q1 2016 % European Generation 89 77 15.6 Global Commodities 10 21 -52.4 International Power 23 21 9.5 Administration / Consolidation 18 2 - Total 140 121 15.7 Investment split – maintenance and growth €m Q1 2017 Q1 2016 % Ma
Slide 24: Uniper Group – Consolidated balance sheet (1/2)
Uniper Group – Consolidated balance sheet (1/2) Balance sheet of the Uniper Group – assets €m 31 Mar 2017 31 Dec 2016 Goodwill 2,305 2,701 Intangible assets 905 2,121 Property, plant and equipment 11,803 11,700 Companies accounted for under the equity method 591 827 Other financial assets 697 728 Eq
Slide 25: Uniper Group – Consolidated balance sheet (2/2)
Uniper Group – Consolidated balance sheet (2/2) Balance sheet of the Uniper Group – equity and liabilities €m 31 Mar 2017 31 Dec 2016 Capital stock 622 622 Additional paid-in capital 10,825 10,825 Retained earnings 4,943 4,156 Accumulated other comprehensive income -3,118 -3,382 Equity attributable
Slide 26: Uniper Group – Net financial position
Uniper Group – Net financial position Net financial position of the Uniper Group €m 31 Mar 2017 31 Dec 2016 Liquid funds 626 341 Non-current securities 103 160 Financial liabilities -1,934 -2,870 Net financial position -1,205 -2,369 Provisions for pensions and similar obligations -740 -785 Asset ret
Slide 27: Uniper Group – Consolidated statement of cash flows
Uniper Group – Consolidated statement of cash flows Statement of cash flows of the Uniper Group €m Q1 2017 Q1 2016 Net income / loss 751 646 Depreciation, amortization and impairment of intangibles / property, plant, equipment 212 212 Changes in provisions -46 -137 Changes in deferred taxes 126 -4 O
Slide 28: 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 29: Financial calendar & further information
Financial calendar & further information Financial calendar 08 June 2017 2017 Annual Shareholders Meeting (Grugahalle, Essen) 08 August 2017 Interim Report January – June 2017 07 November 2017 Quarterly Statement January – September 2017 Further information https://ir.uniper.energy
Slide 30: 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