Enbw Energie Baden-wuerttemberg Ag · XETR:EBK
Enbw Energie Baden-wuerttemberg — EnBW Energie Baden-Württemberg — 9M 2022 Earnings Presentation
26 slides from Enbw Energie Baden-wuerttemberg's earnings presentation, November 2022
Slide 1: Thomas Kusterer, CFO
Thomas Kusterer Chief Financial Officer Marcel Minch = SVP Finance, M&A and Investor Relations
Slide 2: Adjusted EBITDA 9M almost at prior year level, outlook revised
Adjusted EBITDA 9M almost at prior year level, outlook revised Comfortable liquidity position of €3.1 bn plus available credit lines of more than €7 bn Debut US Private Placement with total volume equivalent US$0.85 bn (9 Nov 2022) • Proceeds in €, US$ and GB£ with maturities of 3 to 12 years Limite
Slide 3: Adjusted EBITDA and Group net profit 9M 2022
in € m in € m 1,973 1,968 730 397 -0.2% -46% 9M 2021 9M 2022 9M 2021 9M 2022 1 Attributable to the shareholders of EnBW AG 3
Slide 4: VNG gas contracts with WIEH and Gazprom Export
• 65 TWh contract with WIEH1 concluded with a settlement as of 10 Oct 2022 • WIEH meets all additional costs of replacement procurement in 2022 • Early termination of contract effective year-end 2022 • 35 TWh contract with Gazprom Export (GPE) • VNG continues to supply customers at agreed prices • M
Slide 5: Electricity and gas sales
in € m 318 321 Electricity and gas sales Contribution by newly acquired subsidiaries at home storage provider SENEC Increased procurement costs +0.8% 9M 20211 9M 2022 1 Previous year’s figures restated 5
Slide 6: Transmission and distribution grids
in € m 968 944 Transmission and distribution grids Higher expenses for grid reserve measures including redispatch to maintain security of supply as a result of sharp rise in number of deployments and market prices -2.5% 9M 20211 9M 2022 1 Previous year’s figures restated 6
Slide 7: Renewable Energies; Thermal Generation and Trading
in € m Renewable Energies 854 878 Earnings contribution from newly commissioned solar parks Marketing above the fixed EEG tariff Better wind yields 544 839 Thermal Generation and Trading +2.8% Effects from the curtailment and suspension of gas supplies due to the Russia-Ukraine war 311 Neg
Slide 8: Retained cash flow 9M 2022
in € m in € m 1,783 Provisions +152 1,506 1,612 Taxes -176 Non-cash items +417 893 Net interest/ dividends received +80 Contribution from dedicated financial assets -68 Dividends paid -510 9M 2021 9M 2022 9M 2022 9M 2021 8
Slide 9: Net debt development
in € m in € m adjusted for restricted cash on EEG account +7% +15% 11,918 496 10,351 1,529 -2,367 9,397 8,786 158 2,301 -2,017 510 RCF: -1,506 Net debt FFO Dividends Working Investments, 50% Change in Others Net debt Adjusted Adjusted 31.12.2021 paid capital acquisitions subordinated pension 30.9.20
Slide 10: Outlook 2022 by segment
in € m 3,025 to 3,175 up to 2,700 to 2,900 2021: 2,959 -10% Annual Report 2021 350 to 425 2021: 344 ✓ Segment guidance confirmed above prior year level Significantly below original segment guidance 1,225 to 1,325 and below prior year level 2021: 1,263 • higher expenses for grid reserve and redispatc
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 9M 2022 9M 2021 Change in % Income/expenses relating to nuclear power -375.7 95.8 - Result from disposals 20.4 -4.5 - Reversals/increase of provisions for onerous contracts relating to electricity and gas procurement agreements 128.2 -303.9 - Income from reversals of impairment losses 236.9 0
Slide 14: Net debt composition
in € m 12,571 -1,250 -5,992 9,720 9,397 -5,652 5,669 Financial debt 50% equity Operating cash & Net financial debt Pension and nuclear Dedicated Net debt and others credit cash equivalents power provisions (net) financial assets 1 As of 30 September 2022 14
Slide 15: Change in working capital
in € m 2,301 361 3,647 -1,570 -137 Trade receivables/payables Derivatives Inventories Others Change in Working capital 1 1.1. – 30.9.2022 15
Slide 16: Income statement 9M 2022
in € m 9M 2022 9M 2021 Change in % Revenue 39,453.8 18,720.8 110.7 Changes in inventories/other own work capitalized 294.5 185.0 59.2 Cost of materials -33,400.5 -14,769.7 -126.1 Personnel expenses -1,847.9 -1,741.4 -6.1 Other operating income/expenses -2,887.9 -612.1 - EBITDA 1,612.0 1,782.6 -9.6 A
Slide 17: Cash flow and retained cash flow
in € m 9M 2022 9M 2021 Change in % EBITDA 1,612.0 1,782.6 -9.6 Changes in provisions 152.4 -60.7 - Non-cash-relevant income/expenses 416.6 -208.2 - Income tax paid -175.8 -116.3 51.2 Interest and dividends received 327.7 270.4 21.2 Interest paid for financing activities -248.2 -254.0 -2.3 Dedicated
Slide 18: Hedging status
in % 90-100 60-80 20-40 2023 2024 2025 1 As of 30 September 2022 18
Slide 19: Financing instruments and liquidity
in € bn Other sources undrawn Project financing and EIB loans utilised 10.0 Financing activities in the form of bank loans and promissory notes in subsidiaries 5.3 5.4 2.5 5.2 4.7 2.0 1.5 1.4 1.2 0.5 0.7 0.8 0.2 0.7 Debt issuance Commercial Subordinated bonds Promissory notes Sustainable Committ
Slide 20: Bond maturities and first call dates
in € m, as of 30 September 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 1031 10
Slide 21: Credit ratings Moody's and S&P
Baa1 / stable A- / negative Latest update Latest update 13 September 2022 15 September 2022 Leadership position as vertically integrated utility Diversified and integrated position, which has demonstrated its within Baden-Württemberg resilience across different economic and geopolitical cycles
Slide 22: ESG ratings
B Management 27.7 Medium Risk B Prime Status A Average 1 CDP Scale: A to D (Leadership A/A-; Management B/B-; Awareness C/C-; Disclosure D/D-; Failure F) 3 ISS ESG Scale: A+ to D- (absolute best-in-class basis; Prime Status awarded) 2 Sustainalytics Scale: 0 to 40+ (Risk Score: negligible (0-10); lo
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
27 March 2023, 03:00 pm CET Publication of figures for full year 2022 Investor and analyst conference call 3 May 2023, 10:00 am CET Annual General Meeting 2023 12 May 2023, 01:00 pm CET Publication of figures for 3M 2023 Investor and analyst conference call 11 August 2023, 01:00 pm CET Publication o
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: Dirk Güsewell, Thomas Kusterer, Colette Rückert-Hennen
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