Uniper Se · XETR:UN0
Uniper — Q1 2020 Earnings Presentation
28 slides from Uniper's earnings presentation, May 7, 2020
Slide 1: Empower Energy Evolution
Empower Energy Evolution Sascha Bibert – CFO Q1 2020 Interim Results 7 May 2020
Slide 2: Highlights
Highlights Performance Portfolio & Strategy Team Shareholders Adj. EBIT in Q1 2020 €651m Execution of strategy Niek den Hollander to Fortum with c.70% majority (vs. €185m in Q1 2019) announced in March 2020 commence as CCO from shareholder ongoing 1st of June Adj. Net Income in Q1 2020 F
Slide 3: Commodity markets – Impacted by weather & COVID-19
Commodity markets – Impacted by weather & COVID-19 Gas prices1 Carbon prices2 Electricity prices3 Dark & spark spreads4 €/MWh €/t CO2 €/MWh €/MWh 24 30 6 55 20 25 45 3 16 20 35 0 12 15 25 -3 CO2 Germany CDS-DE TTF Nordic CSS-DE 8 10 15 -6 Jan 2019 Jul 2019 Jan 2020 Jan 2019 Jul 2019 Jan 2020 Jan 201
Slide 4: Operating indicators – Reflecting market development
Operating indicators – Reflecting market development Global Commodities European Generation International Power Carbon emissions – Gas storage filling1 – Production volume2 – Production volume – Scope 13 TWh TWh TWh m tons 90 24 24 18 -29% -12% -29% 75 20 20 15 71% 60 16 16 12 Gas 45 53% 12 12 9 Coa
Slide 5: Covid-19 exposure – High financial resilience
Covid-19 exposure – High financial resilience Liquidity – Untapped Net debt structure Earnings – Managing Major projects – Tackling reserves – Long-term profile market & credit risk supplier risk €bn €bn 3.13 2.65 2.70 CoD Berezovskaya 3 postponed 2.69 0.63 0.73 >95% towards end of 2020 1.80 1.80
Slide 6: Key financials Q1 2020 – Earnings up, cash & net debt stable
Key financials Q1 2020 – Earnings up, cash & net debt stable Adj. EBIT Adj. EBITDA OCF €m €m €m 651 811 105 119 185 356 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Adj. Net Income Net Income1 Economic Net Debt €m €m €m 734 2,650 2,699 499 489 Net Debt / 1.7x Adj. EBITDA 117 Q1 2019 Q1 2020 Q1 20
Slide 7: Adjusted EBIT – Increased gas and European power result
Adjusted EBIT – Increased gas and European power result Reconciliation Adj. EBIT Q1 2019 to Q1 2020 €m Adj. EBIT Q1 2019 185 Commodity optimization (mainly gas) Outright power prices European fossil generation (UK capacity market & carbon phasing) Russia Other Adj. EBIT Q1 2020 651 651 Uniper SE, Pr
Slide 8: Adj. EBIT(DA) to OCF – Temporarily gas related working capital increase
Adj. EBIT(DA) to OCF – Temporarily gas related working capital increase Reconciliation Adj. EBIT Q1 2020 to Operating Cash Flow Q1 2020 €m 126 -93 160 659 811 651 -43 142 -7 -17 119 Adj. EBIT Depreciation Adj. EBITDA Non-cash Provision Changes Payments OCFbIT Interest Tax OCF Q1 2020 and Q1 2020 eff
Slide 9: Adjusted Net Income - Supported by structurally positive interest result
Adjusted Net Income - Supported by structurally positive interest result Reconciliation of Adj. EBIT Q1 2020 to Adj. Net Income Q1 2020 Key developments €m Economic interest result with positive trend Structurally, interest result is supported by: − Majority of Net Debt consisting of long-term 6
Slide 10: Economic Net Debt – Broadly unchanged
Economic Net Debt – Broadly unchanged Reconciliation of Economic Net Debt YE 2019 to Q1 2020 €m 2,650 3 141 21 81 2,699 -119 -78 1,01 991 0,99 1,012 1,031 953 628 734 Economic Net Debt Divest OCF Investments Pensions ARO Other Economic Net Debt YE 2019 Q1 2020 AROs1 Pension2 Net financial position3
Slide 11: Outlook FY 2020 – Reiterated
Outlook FY 2020 – Reiterated Adjusted EBIT Adjusted Net Income (ANI) Dividend €m €m €m 1,000 863 500 Range 1.371 800 421 1.151 750 614 Range 550 FY 2019 FY 2020E FY 2019 FY 2020E FY 2019 FY 2020E Stable development (mid-point) Noticeably increased (mid-point) Higher dividend target 2020 Very strong
Slide 12: Appendix
Appendix
Slide 13: Outright power hedging in Germany and Nordic
Outright power hedging in Germany and Nordic Outright position – Baseload power price1 100% 55% 40% €/MWh 95% 70% 15% 60 49 51 50 46 40 28 28 30 23 20 10 2020 2021 2022 Hedged price Germany Hedged price Nordic Hedge ratio Germany Hedge ratio Nordic 1. Cut-off date: 3 April 2020 Contracts for differe
Slide 14: Uniper Group – Adjusted EBIT(DA) by sub-segment
Uniper Group – Adjusted EBIT(DA) by sub-segment Adj. EBITDA and EBIT Q1 2020 Q1 2019 Q1 2020 Q1 2019 €m Adj. EBITDA Adj. EBITDA Adj. EBIT Adj. EBIT European Generation Hydro 91 86 76 72 Nuclear 83 59 70 43 Fossil 121 55 60 -21 Other/ Consol. -14 -11 -16 -12 Subtotal 280 189 190 82 Global Commodities
Slide 15: Adj. EBIT – Development by sub-segment
Adj. EBIT – Development by sub-segment European Generation Global Commodities International Power €m €m €m -113 42 81 -4 457 27 4 190 441 -19 56 97 78 82 Q1 2019 Hydro Nuc. Fossil Cons. Q1 2020 Q1 2019 Gas COFL Power Q1 2020 Q1 2019 Russia Q1 2020 Hydro: Positive volume/price effects partly Gas
Slide 16: Uniper Group – Key financial performance items
Uniper Group – Key financial performance items Reconciliation of Adj. EBITDA to Adj. net income and net income €m Q1 2020 Q1 2019 Adjusted EBITDA 811 356 Economic depreciation and amortization / reversals -160 -171 Adjusted EBIT 651 185 Economic interest result 6 -11 Minority participations on opera
Slide 17: Uniper Group – Adjusted EBITDA to net income
Uniper Group – Adjusted EBITDA to net income Reconciliation of Adj. EBIT Q1 2020 to Adj. Net Income Q1 2020 €m Adj. Economic Adjusted Derivative Adjustments Net Other Taxes on non- Net EBIT interest, net financial from physically impairments operating earnings Income1 taxes, income instruments settl
Slide 18: Uniper Group – Economic interest expense (net)
Uniper Group – Economic interest expense (net) Economic interest expense €m Q1 2020 Q1 2019 Interest rate effects for leasing -6 -6 Interest from financial assets / liabilities 15 16 Interest cost from provisions for pensions and similar provisions -4 -5 Accretion of provisions for retirement and ob
Slide 19: Uniper Group – Non-operating adjustments
Uniper Group – Non-operating adjustments Non-operating adjustments w/o interest1 €m Q1 2020 Q1 2019 Impact of derivative financial instruments -561 -501 Adjustments of revenue and cost of materials from physically settled commodity derivatives to the contract price 280 -208 Restructuring / cost mana
Slide 20: Uniper Group – Cash-effective investments
Uniper Group – Cash-effective investments Investments by segment €m Q1 2020 Q1 2019 % European Generation 92 58 58.6 Global Commodities 17 6 183.3 International Power 27 42 -35.7 Administration / Consolidation 5 3 66.7 Total 141 108 30.6 Investment split – Maintenance and growth €m Q1 2020 Q1 2019 %
Slide 21: Uniper Group – Net financial position
Uniper Group – Net financial position Net financial position €m 31 Mar 2020 31 Dec 2019 Liquid funds 1,328 889 Non-current securities 76 100 Margining receivables 413 318 Financial liabilities and liabilities from leases 2,552 1,935 Net financial position 734 628 Provisions for pensions and similar
Slide 22: Uniper Group – Consolidated balance sheet (1/2)
Uniper Group – Consolidated balance sheet (1/2) Balance sheet – Non-current and current assets1 €m 31 Mar 2020 31 Dec 2019 Goodwill 1,779 1,886 Intangible assets 735 742 Property, plant and equipment and right-of-use assets 9,454 10,201 Companies accounted for under the equity method 447 446 Other f
Slide 23: Uniper Group – Consolidated balance sheet (2/2)
Uniper Group – Consolidated balance sheet (2/2) Balance sheet – Equity and liabilities1 €m 31 Mar 2020 31 Dec 2019 Capital stock 622 622 Additional paid-in capital 10,825 10,825 Retained earnings 3,683 3,145 Accumulated other comprehensive income -3,791 -3,207 Equity attributable to the shareholders
Slide 24: Uniper Group – Consolidated statement of cash flows (1/2)
Uniper Group – Consolidated statement of cash flows (1/2) Statement of cash flows1 €m Q1 2020 Q1 2019 Net income / loss 484 758 Depreciation, amortization and impairment of intangible assets, of property, plant and equipment, and of right-of-use assets 331 174 Changes in provisions -108 -282 Changes
Slide 25: Uniper Group – Consolidated statement of cash flows (2/2)
Uniper Group – Consolidated statement of cash flows (2/2) Statement of cash flows1 €m Q1 2020 Q1 2019 Cash proceeds/payments arising from changes in capital structure 4 – Proceeds from financial liabilities 627 8 Repayments of financial liabilities and reduction of outstanding lease liabilities -75
Slide 26: Financial calendar & further information
Financial calendar & further information Financial calendar Further information https://ir.uniper.energy 20 May 2020 2020 Annual Shareholders Meeting (virtual AGM) 11 August 2020 Interim Report January – June 2020 10 November 2020 Quarterly Statement January – September 2020 26
Slide 27: 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 28: 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