Enbw Energie Baden-wuerttemberg Ag · XETR:EBK
Enbw Energie Baden-wuerttemberg — EnBW Energie Baden-Württemberg — Q1 2022 Earnings Presentation
25 slides from Enbw Energie Baden-wuerttemberg's earnings presentation, May 2022
Slide 1: Thomas Kusterer, Chief Financial Officer
Thomas Kusterer Chief Financial Officer Marcel Minch = Head of Finance, M&A and Investor Relations
Slide 2: Highlights: low-risk EBITDA share, gas supply, liquidity
• 70% of adjusted EBITDA from low-risk business in 2021 • MoU on at least 3bcm of natural gas p.a. via LNG terminal in Stade4 • Talks on further forms of cooperation • In total <10% of adjusted EBITDA from coal-fired power generation and merchant gas activities • No direct import contracts • 2 direc
Slide 3: Adjusted EBITDA and Group net profit Q1 2022
in € m in € m 1.185 464 814 321 +46% +45% Q1 2021 Q1 2022 Q1 2021 Q1 2022 1 Attributable to the shareholders of EnBW AG 3
Slide 4: Electricity and gas sales
in € m 124 Electricity and gas sales 103 Increased procurement costs which will be partially passed on later -16% Q1 20211 Q1 2022 1 Previous year’s figures restated 4
Slide 5: Transmission and distribution grids
in € m 371 353 Transmission and distribution grids Higher expenses for grid reserve to maintain security of supply -5% Q1 20211 Q1 2022 1 Previous year’s figures restated 5
Slide 6: Renewable Energies; Thermal Generation and Trading
in € m 821 Renewable Energies 292 Better wind yields Marketing above the fixed EEG tariff 374 Thermal Generation and Trading 207 529 +120% Temporary valuation effects 167 Generation volume sold at significantly higher prices Q1 20211 Q1 2022 1 Previous year’s figures restated 6
Slide 7: Retained cash flow
in € m in € m 1.351 883 Provisions -305 725 Taxes -14 810 Non-cash items -147 Net interest/ dividends received +7 Contribution from dedicated financial assets -9 Q1 2021 Q1 2022 Q1 2022 Q1 2021 7
Slide 8: Net debt development
in € m -0.5% 496 -854 8,786 402 8,745 45 -883 753 Net debt RCF Working capital Investments, 50% subordinated Change in pension Others Net debt 31.12.2021 acquisitions and bonds interest rate 31.3.2022 divestments 8
Slide 9: Outlook 2022
in € m 3,025 to 3,175 2021 350 344 to 425 1,225 2021 to 1,263 1,325 1,650 2021 to 1,540 1,750 9
Slide 10: Questions & Answers
—EnBW > Questions & Answers
Slide 11: Appendix
Appendix —EnBW 1. Additional information 2. Service information
Slide 12: Non-operating result
in € m Q1 2022 Q1 2021 Change in % Income/expenses relating to nuclear power 10.6 0.9 - Result from disposals 17.6 0.5 - Reversals of provisions for onerous contracts relating to electricity procurement agreements 174.3 0.0 - Restructuring -6.3 -7.4 -14.9 Other non-operating result -30.0 2.2 - Non-o
Slide 13: Net debt composition
in € m 15,282 -1,250 -6,231 11,370 8,745 -10,427 3,605 Financial debt 50% equity Operating cash & Net financial Pension and nuclear Dedicated Net debt and others credit cash equivalents liabilities power provisions (net) financial assets 1 As of 31 March 2022 13
Slide 14: Change in working capital
in € m 753 -10 960 -384 188 Trade receivables/payables Derivatives Inventories Others Change in Working capital 1 1.1. – 31.3.2022 14
Slide 15: Income statement Q1 2022
in € m Q1 2022 Q1 2021 Change in % Revenue 13,724.5 6,827.2 101.0 Changes in inventories/other own work capitalized 84.0 66.3 26.7 Cost of materials -12,178.9 -5,320.9 128.9 Personnel expenses -606.1 -566.9 6.9 Other operating income/expenses 327.7 -195.4 - EBITDA 1,351.2 810.3 66.8 Amortization and
Slide 16: Cash flow and retained cash flow
in € m Q1 2022 Q1 2021 Change in % EBITDA 1,351.2 810.3 66.8 Changes in provisions -304.9 -100.3 - Non-cash-relevant income/expenses -146.9 10.3 - Income tax paid -14.1 -31.7 -55.5 Interest and dividends received 78.0 54.1 44.2 Interest paid for financing activities -70.9 -51.8 36.9 Dedicated financ
Slide 17: Hedging levels by year
in % 80-100 40-60 0-20 2023 2024 2025 1 As of 31 March 2022 17
Slide 18: Financing instruments and liquidity
in € bn 7.0 2.3 2.5 2.0 4.7 0.9 1.1 Debt issuance programme2 Subordinated bonds Commercial paper programme Thereof €4.7 bn utilised Thereof €1.1 bn utilised 1.5 1.6 Other sources5 0.8 Project financing and EIB loans 0.8 Financing activities in the form of bank loans and promissory notes Sustaina
Slide 19: Bond maturity and first call dates
in € m, as of 31 March 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 500 971 100 75
Slide 20: Credit ratings
Baa1 / stable A- / stable 18 May 2021 2 June 2021 Leadership position as vertically integrated utility Well positioned amid the European energy transition, within Baden-Württemberg with a business mix that is proving resilient to economic downturns Significant proportion of EBITDA, around 50%,
Slide 21: ESG ratings
2020 2021 A B Top 32% of all Electric Utilities (Electric Utilities Sector) Leadership Management Risk 32.8 31.0 Top 32% of all Utilities (Utilities Sector) High High B- B Top 10% of all Multi Utilities (Utilities/Multi Utilities Sector) Prime Status Prime Status AA A Top 47% of all Utilities (Utili
Slide 22: Investor Relations contacts
Head of Finance, M&A Director Capital Markets Senior Manager Manager Manager Manager and 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 22
Slide 23: Financial calendar
12 August 2022, 01:00 pm CET Publication figures Q2 2022 Investor and analyst conference call 11 November 2022, 01:00 pm CET Publication figures Q3 2022 Investor and analyst conference call 23
Slide 24: 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 25: Investor Relations contact details
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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