Uniper Se · XETR:UN0
Uniper — Q3 2020 Earnings Presentation
29 slides from Uniper's earnings presentation, Nov 10, 2020
Slide 1: Empower Energy Evolution – 9M 2020 Interim Results
Empower Energy Evolution 9M 2020 Interim Results Sascha Bibert – CFO 10 November 2020
Slide 2: Highlights
Highlights Performance Portfolio & Strategy Shareholders Adj. EBIT in 9M 2020 €405m ESG in focus Fortum exceeded threshold of 75% in (vs. €203m in 9M 2019) mid-August EU-Taxonomy criteria incorporated into Adj. Net Income in 9M 2020 €308m project approval processes Intensified dialogue o
Slide 3: Operating indicators
Operating indicators Global Commodities European Generation Russian Power Gen. Carbon emissions Gas storage filling1 Production volume2 Production volume2 Scope 1 TWh TWh TWh m tons 90 54 -15% 54 -10% 42 -12% 75 45 45 35 60 36 Gas 36 28 45 99% 99% 27 27 21 Coal 30 18 18 14 Nuclear 15 9 9 7 Hydro 0 0
Slide 4: Key financials 9M 2020 – On track for full year guidance
Key financials 9M 2020 – On track for full year guidance Adj. EBIT Adj. EBITDA OCF €m €m 891 €m 833 -322 405 720 203 -277 9M 2019 9M 2020 9M 2019 9M 2020 H1 9M2019 2019 H1 9M2020 2020 Adj. Net Income Net Income1 Economic Net Debt €m €m 934 €m 3,091 308 2,650 387 END / 82 1.7x Adj. EBITDA 9M 2019 9M
Slide 5: Adjusted EBIT – 9M increase driven by gas and European power generation
Adjusted EBIT – 9M increase driven by gas and European power generation Reconciliation Adj. EBIT 9M 2019 to 9M 2020 €m Adj. EBIT 9M 2019 203 Commodity optimization (gas) Outright power prices & volumes UK capacity market European fossil fleet optimization Intra-year carbon phasing Russian power gene
Slide 6: Adj. EBIT(DA) to OCF – Strong cash conversion
Adj. EBIT(DA) to OCF – Strong cash conversion Reconciliation Adj. EBIT 9M 2020 to Operating Cash Flow 9M 2020 €m 211 486 271 -16 -78 -337 -110 926 833 891 405 Adj. EBIT Depreciation and Adj. EBITDA Non-cash Provision Changes Others (incl. OCFbIT Interest Tax OCF 9M 2020 amortization 9M 2020 effectiv
Slide 7: Adjusted Net Income – Economic interest & taxes as expected
Adjusted Net Income – Economic interest & taxes as expected Reconciliation of Adj. EBIT 9M 2020 to Adj. Net Income 9M 2020 Key developments €m Economic interest result with positive trend Structurally, interest result is supported by: 33 − Sizeable interest income from assets − Low financial deb
Slide 8: Economic Net Debt – Pensions driven by reduced interest rates
Economic Net Debt – Pensions driven by reduced interest rates Reconciliation of Economic Net Debt YE 2019 to 9M 2020 €m 159 3,091 308 2,650 421 -40 952 -65 491 991 0.99 -833 1,339 1,031 628 801 Economic Net Debt Divest OCF Investments Dividend Pensions ARO Other Economic Net Debt YE 2019 9M 2020 ARO
Slide 9: Outlook FY 2020 – Confirmed
Outlook FY 2020 – Confirmed Adjusted EBIT Adjusted Net Income (ANI) Dividend €m €m €m 1,000 863 Range 500 800 1.371 421 800 1.151 614 Range 600 FY 2019 FY 2020E FY 2019 FY 2020E FY 2019 FY 2020E Stronger European generation and gas Significant improvement of economic Target above envisaged 25% CAGR
Slide 10: Appendix
uni per Appendix
Slide 11: Markets – Higher gas prices impacting spark spreads
Markets – Higher gas prices impacting spark spreads Gas prices1 Carbon prices2 Electricity prices3 Dark & spark spreads4 €/MWh €/t CO2 €/MWh €/MWh 18 30 50 18 16 25 40 11 14 20 30 4 12 15 20 -3 CDS Base TTF CSS Base CO2 Germany Nordic CSS Peak 10 10 10 -10 Jan 2020 Apr 2020 Jul 2020 Oct 2020 Jan 202
Slide 12: Outright power hedging in Germany and Nordic
Outright power hedging in Germany and Nordic Hedged prices and hedge ratios Germany1 Hedged prices and hedge ratios Nordic1 €/MWh €/MWh 60 45 46 48 60 29 28 24 45 45 30 30 15 15 100% 95% 80% 90% 85% 55% 0 0 2020 2021 2022 2020 2 2021 2022 1, As of 30 September 2020. Calculations are based on pro rat
Slide 13: Generation capacity in Europe and Russia
Uniper Group – Generation capacity in Europe and Russia Generation capacity In MW1 30 Sep 2020 31 Dec 2019 Gas Russia2 7,139 7,131 UK 4,180 4,188 Germany 3,347 2,912 Netherlands 525 526 Sweden 447 447 Hungary 428 428 Hard coal Germany 3,954 2,902 UK 2,000 2,000 Netherlands 1,070 1,070 Lignite Russia
Slide 14: Net electricity generation volumes in Europe and Russia
Uniper Group – Net electricity generation volumes in Europe and Russia Electricity generation volumes In TWh1 9M 2020 Q3 2020 9M 2019 Gas Russia 26.5 8.4 28.4 UK 7.3 2.6 9.0 Germany 0.5 0.1 0.6 Netherlands 1.1 0.4 1.3 France3 0.0 0.0 2.0 Hungary 1.7 0.5 1.8 Sweden 0.0 0.0 0.0 Hard coal Germany 4.9 2
Slide 15: Adjusted EBIT(DA) by sub-segment
Uniper Group – Adjusted EBIT(DA) by sub-segment Adjusted EBITDA and EBIT 9M 2020 9M 2019 9M 2020 9M 2019 €m Adj. EBITDA Adj. EBITDA Adj. EBIT Adj. EBIT European Generation Subtotal 484 458 211 137 Hydro 244 241 199 196 Nuclear 102 77 62 30 Fossil 165 159 -19 -68 Other/ Consol. -27 -19 -31 -22 Global
Slide 16: Adjusted EBIT – Development by sub-segment
Adjusted EBIT – Development by sub-segment European Generation Global Commodities Russian Power Generation €m €m €m 98 49 32 -9 193 -51 -4 288 220 3 211 169 137 1 9M 2019 Hydro Nuc. Fossil Cons. 9M 2020 9M 2019 Gas COFL Power 9M 2020 9M 2019 Russia 9M 2020 Hydro: Higher volume effect offset by hig
Slide 17: Key financial performance items
Uniper Group – Key financial performance items Reconciliation of Adjusted EBITDA to Adjusted Net Income and Net income €m 9M 2020 9M 2019 Adjusted EBITDA 891 720 Economic depreciation and amortization / reversals -486 -517 Adjusted EBIT 405 203 Economic interest result 33 -48 Taxes on operating resu
Slide 18: Adjusted EBIT to Net Income
Uniper Group – Adjusted EBIT to Net Income Reconciliation of Adjusted EBIT 9M 2020 to Net Income 9M 2020 €m Adj. Economic Adjusted Derivative Adjustments from Net Other Taxes on non- Net Income1 EBIT interest, taxes, Net Income financial physically settled impairments operating earnings & minorities
Slide 19: Economic interest result (net)
Uniper Group – Economic interest result (net) Economic interest result €m 9M 2020 9M 2019 Interest rate effects for leasing -18 -17 Interest from financial assets / liabilities 56 51 Interest cost from provisions for pensions and similar provisions -12 -15 Accretion of provisions for asset retiremen
Slide 20: Non-operating adjustments
Uniper Group – Non-operating adjustments Non-operating adjustments w/o interest1 €m 9M 2020 9M 2019 Impact of derivative financial instruments -565 -695 Adjustments of revenue and cost of materials from physically settled commodity derivatives to the contract price 372 -144 Restructuring / cost mana
Slide 21: Cash-effective investments
Uniper Group – Cash-effective investments Investments by segment €m 9M 2020 9M 2019 % European Generation 361 233 54.9 Global Commodities 35 17 105.9 Russian Power Generation 86 134 -35.8 Administration / Consolidation 9 17 -47.1 Total 491 401 22.2 Investment split – Maintenance and growth €m 9M 202
Slide 22: Net financial position
Uniper Group – Net financial position Net financial position €m 30 Sep 2020 31 Dec 2019 Liquid funds 621 871 Non-current securities 89 100 Margining receivables 335 336 Financial liabilities and liabilities from leases 1,846 1,935 Net financial position 801 628 Provisions for pensions and similar ob
Slide 23: Consolidated balance sheet (1/2)
Uniper Group – Consolidated balance sheet (1/2) Balance sheet – Non-current and current assets1 €m 30 Sep 2020 31 Dec 2019 Goodwill 1,749 1,886 Intangible assets 729 742 Property, plant and equipment and right-of-use assets 9,580 10,201 Companies accounted for under the equity method 390 446 Other f
Slide 24: Consolidated balance sheet (2/2)
Uniper Group – Consolidated balance sheet (2/2) Balance sheet – Equity and liabilities1 €m 30 Sep 2020 31 Dec 2019 Capital stock 622 622 Additional paid-in capital 10,825 10,825 Retained earnings 2,844 3,145 Accumulated other comprehensive income -3,867 -3,207 Equity attributable to the shareholders
Slide 25: Consolidated statement of cash flows (1/2)
Uniper Group – Consolidated statement of cash flows (1/2) Statement of cash flows1 €m 9M 2020 9M 2019 Net income / loss 446 981 Depreciation, amortization and impairment of intangible assets, of property, plant and equipment, and of 727 554 right-of-use assets Changes in provisions -111 -632 Changes
Slide 26: Consolidated statement of cash flows (2/2)
Uniper Group – Consolidated statement of cash flows (2/2) Statement of cash flows1 €m 9M 2020 9M 2019 Cash proceeds/payments arising from changes in capital structure 4 3 Cash dividends paid to shareholders of Uniper SE -421 -329 Cash dividends paid to other shareholders -15 -16 Proceeds from new fi
Slide 27: Financial calendar & further information
Financial calendar & further information Financial calendar Further information https://ir.uniper.energy 04 March 2021 2020 Annual Report 06 May 2021 Quaterly Statement January – March 2021 19 May 2021 2021 Annual Shareholders Meeting 10 August 2021 Interim Report January – June 2021 05 November 202
Slide 28: Contact your Investor Relations team
Uniper – Contact your Investor Relations team Udo Giegerich Carlo Beck Anna Denisova Executive Vice President Manager Investor Relations Manager Investor Relations Group Finance&Investor Relations +49 211 4579 4402 udo.giegerich@uniper.energy carlo.beck@uniper.energy anna.denisova@uniper.energy Adam
Slide 29: 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