Slide 1: FY 2021 Results & Outlook
FY 2021 Results & Outlook Prof. Dr. Klaus-Dieter Maubach – CEO Tiina Tuomela – CFO 23 February 2022
Slide 2: Highlights & Strategy Update
Highlights & Strategy Update FY 2021 Results and Outlook Appendix
Slide 3: Potential impact of Russian-Ukraine conflict on Uniper – Four major risk categories
Potential impact of Russian-Ukraine conflict on Uniper – Four major risk categories Commodity markets turbulences Nord Stream 2 Extreme commodity price movements could lead German government has taken steps to put c.p. to higher margining cash flow and reduce certification/approval process on hold U
Slide 4: Highlights – A remarkable year for Uniper
Highlights – A remarkable year for Uniper Strong earnings in a challenging Strategy execution accelerated Fortum & Uniper cooperation environment intensified Commodity business successful in Coal exit across Europe well-ahead of Fortum and Uniper Wind & Solar extraordinary markets initial plan team
Slide 5: Tight gas markets – Security of supply back on the agenda
Tight gas markets – Security of supply back on the agenda Europe gas storage levels1 – far from normal Uniper’s essential role in the European gas market 100% >50 years of experience and >350 LNG cargoes 80% long-lasting relationships last year 60% 40% 368 TWh of long-term 7.4 billion m³ in gas cont
Slide 6: Major ESG achievements in 2021
Major ESG achievements in 2021 Environmental Social Governance Extensive portfolio transformation Corporate Health Award won in Long-term incentivization linked to already well underway the sector Energy Industry absolute CO2 reduction Three dimensions: exit, transform, “New Normal” work style provi
Slide 7: Cornerstones for Uniper’s transition path – Decarbonization targets extended
Cornerstones for Uniper’s transition path – Decarbonization targets extended Group-wide Scope 1, 2 and 3 2030 2035 emissions European -35%2 Generation Scope 1 and 2 Scope 3 emissions -50%1 2050 Scope 1 & 2 Carbon Carbon neutrality neutrality 1. Compared to 2019. 2. Compared to 2021. FY 2021 Presenta
Slide 8: Coal exit – Execution ahead of schedule
Coal exit – Execution ahead of schedule Uniper‘s coal fleet1 Ambitious exit path for hard coal-fired generation MW Exit path as scheduled Europe Russia in Europe – only Datteln 4 and Maasvlakte 3 10,000 remain in operation after 2024 8,000 ~40% In 2021 exit path further accelerated – overall additio
Slide 9: Accelerating green growth
Accelerating green growth Growth ambitions increased Strategy sharpened – investments in three focus areas going forward €m 1 Renewables 2 Clean thermal 3 Clean gases 450-550 generation 329 392 450 FY 2021 FY 2022E Maintenance & replacement Growth FY 2021 Presentation, 23 February 2022 9
Slide 10: Renewable energy strategy – Entering delivery mode
Renewable energy strategy – Entering delivery mode Achievements 2021 – setup concluded Our agenda going forward One Team setup finalized – growing to more than 100 Utilizing knowledge hub and economies of scale employees in 2022 Strong own development platform and optionality First joint 380 MW1 ons
Slide 11: Cleaner thermal generation – Rising demand for reliable electricity from (decarbonized) gas
Cleaner thermal generation – Rising demand for reliable electricity from (decarbonized) gas Uniper’s European power plants – rising utilization New-build and modernization 430 MW of new gas-fired generation (CCGT Irsching 6 & CHP Scholven 3) earmarked to start in 2022 30% 28% New sustainable heat co
Slide 12: Clean gases – Establishing portfolio along the value chain
Clean gases – Establishing portfolio along the value chain Value chain focus Exemplary projects Our ambition Bad Lauchstädt Hydrogen for industry Cavendish Energiepark Hydrogen for transport and mobility Green H2 to Maasvlakte Hydrogen for (own) Wilhelmshaven >1 GW power generation Perstorp – HyPort
Slide 13: FY 2021 Results and Outlook
Highlights & Strategy Update FY 2021 Results and Outlook Appendix
Slide 14: Operating indicators – Assets in high demand
Operating indicators – Assets in high demand Global Commodities European Generation Russian Power Gen. Carbon emissions Gas storage filling (%)1 Production volume (TWh)2 Production volume (TWh)2 Scope-1 (m tons)3 -20% +21% +8% +19% 65.8 75% 55% 54.5 50.94 42.64 43.2 40.0 FY 2020 FY 2021 FY 2020 FY 2
Slide 15: Key financials FY 2021 – Strong results despite challenging market developments
Key financials FY 2021 – Strong results despite challenging market developments Adjusted EBIT Adjusted EBITDA Operating Cash Flow (OCF) €m €m €m 1,856 3,621 1,657 998 1,187 1,241 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 Adjusted Net Income (ANI) Net Income1 Economic Net Debt (END) €m €m €m 39
Slide 16: Liquidity management – Increased financial backing and optimizing portfolio steering
Liquidity management – Increased financial backing and optimizing portfolio steering € Net margin requirement Implications for Uniper €bn Strong access to liquidity in the current turbulent 7.1 market phase Internal measures taken to lower liquidity Utilized €12bn requirements Non-utilized 3.1 Exter
Slide 17: Adjusted EBIT – Strong commodity business
Adjusted EBIT – Strong commodity business Reconciliation Adj. EBIT FY 2020 to FY 2021 €m Adj. EBIT FY 2020 998 Commodity Gas and International Commodity Power & Carbon Trading European fossil generation Outright power prices & volumes Nuclear Provisions Russian Power Generation Other Adj. EBIT FY 20
Slide 18: Operating Cash flow – Portfolio steering with focus on liquidity
Operating Cash flow – Portfolio steering with focus on liquidity Reconciliation Adj. EBIT FY 2021 to Operating Cash Flow FY 2021 €m 1,737 3,854 -18 -215 3,621 253 449 669 1,856 -441 1,187 PY: 998 PY: 1,657 PY: 1,358 PY: 1,241 Adj. EBIT Depreciation Adj. EBITDA Non-cash Provision Changes in Other (in
Slide 19: Economic Net Debt – Reflecting extraordinary high operating cash flow
Economic Net Debt – Reflecting extraordinary high operating cash flow Reconciliation of Economic Net Debt YE 2020 to YE 2021 €m 3,050 -65 -3,621 1,228 -1,969 1,065 1,223 NFP Pensions ARO 1,371 501 39 -306 6 324 720 457 Economic Net Debt Divest OCF Investments Dividend Other NFP Pensions ARO Economic
Slide 20: Outlook FY 2022 – Another strong year expected
Outlook FY 2022 – Another strong year expected Adjusted EBIT Adjusted EBIT Adjusted Net Income €m Major drivers €m European fossil generation 1,300 1,187 Russian Power Generation 1,100 Range Commodity Power & Carbon Trading 906 Range 1,000 800 Commodity Gas FY 2021 FY 2022E Commodity International F
Slide 21: Appendix
Highlights & Strategy Update FY 2021 Results and Outlook Appendix
Slide 22: Commodity prices – Ongoing volatility since 9M results
Commodity prices – Ongoing volatility since 9M results Gas prices1 Carbon prices2 Electricity prices3 Dark & spark spreads4 €/MWh €/t CO2 €/MWh €/MWh 80 120 360 220 Germany CDS Base Nordic CSS Base CSS Peak 60 90 270 160 40 60 180 100 20 30 90 40 0 0 0 -20 Jan 21 Jul 21 Jan 22 Jan 21 Jul 21 Jan 22 J
Slide 23: 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 TWh €/MWh TWh €/MWh 39 51 51 55 31 18 18 30 3 30 2 20 1 95% 95% 75% 10 80% 60% 20% 0 0 20212 2022 2023 2024 20212, 3 2022 2023 2024 1. As of 31 December 2021. Price calculation
Slide 24: Generation capacity by technology & region
Generation capacity by technology & region In MW1 31 Dec 2021 31 Dec 2020 Gas Russia 7,139 7,139 United Kingdom 4,180 4,180 Germany 2,912 2,912 Netherlands 525 525 Sweden – 449 Hungary 428 428 Hard coal Germany2 3,197 3,954 United Kingdom 2,000 2,000 Netherlands 1,070 1,070 Lignite Russia 1,895 1,89
Slide 25: Net electricity generation volumes by technology & region
Net electricity generation volumes by technology & region In TWh1 FY 2021 FY 2020 Gas Russia 38.8 36.0 United Kingdom 12.8 10.2 Germany 3.8 1.9 Netherlands 1.0 1.5 Hungary 2.3 2.2 Sweden 0.1 0.0 Hard coal Germany 8.7 6.2 United Kingdom 3.9 0.4 Netherlands2 5.5 4.7 Lignite Russia 4.4 4.0 Germany 1.7
Slide 26: Adjusted EBIT(DA) by sub-segment
Adjusted EBIT(DA) by sub-segment FY 2021 FY 2020 FY 2021 FY 2020 €m Adj. EBITDA Adj. EBITDA Adj. EBIT Adj. EBIT European Generation Subtotal 845 863 473 492 Hydro 394 324 332 264 Nuclear 70 116 12 62 Fossil 442 462 200 211 Other / Consolidation -61 -39 -70 -45 Global Commodities Subtotal 916 671 756
Slide 27: Adjusted EBIT – Development by sub-segment
Adjusted EBIT – Development by sub-segment European Generation Global Commodities Russian Power Generation €m €m €m 229 202 68 -172 4 -50 -11 -26 756 492 473 496 226 230 FY 2020 Hydro Nuclear Fossil Other FY 2021 FY 2020 Gas Internat./ Power FY 2021 FY 2020 Russia FY 2021 Other Hydro: Higher spot
Slide 28: Reconciliation of income/loss before financial results & taxes
Reconciliation of income/loss before financial results & taxes €m FY 2021 FY 2020 Income / Loss before financial results and taxes -4,876 608 Net income / loss from equity investments 7 -9 EBIT -4,869 599 Non-operating adjustments 6,056 399 Net book gains (-) / losses (+) -9 10 Impact of derivative
Slide 29: Reconciliation of Adjusted EBIT to (Adjusted) Net Income
Reconciliation of Adjusted EBIT to (Adjusted) Net Income €m FY 2021 FY 2020 Adjusted EBIT 1,187 998 Economic interest result 71 39 Interest results for leasing -23 -26 Interest from financial assets / liabilities 78 74 Interest cost from provisions for pensions and similar obligations -11 -16 Accret
Slide 30: Cash-effective investments
Cash-effective investments €m FY 2021 FY 2020 European Generation 520 555 Global Commodities 54 50 Russian Power Generation 131 121 Administration / Consolidation 16 16 Total 720 743 thereof Growth 329 406 thereof Maintenance & replacement 392 336 FY 2021 Presentation, 23 February 2022 30
Slide 31: Economic Net Debt
Economic Net Debt €m 31 Dec 2021 31 Dec 2020 Liquid funds (-) 2,966 289 Non-current securities (-) 111 98 Margining receivables (-) 7,866 898 Financial liabilities and liabilities from leases (+) 8,975 1,743 Net financial position -1,969 457 Provisions for pensions and similar obligations (+) 1,065
Slide 32: Consolidated balance sheet (1/2) – Assets
Consolidated balance sheet (1/2) – Assets €m 31 Dec 2021 31 Dec 2020 Goodwill 1,783 1,751 Intangible assets 708 734 Property, plant and equipment and right-of-use assets 10,055 9,769 Companies accounted for under the equity method 322 380 Other financial assets 859 926 Financial receivables and othe
Slide 33: Consolidated balance sheet (2/2) – Equity & liabilities
Consolidated balance sheet (2/2) – Equity & liabilities €m 31 Dec 2021 31 Dec 2020 Capital stock 622 622 Additional paid-in capital 10,825 10,825 Retained earnings -1,388 3,082 Accumulated other comprehensive income -3,756 -3,778 Equity attributable to shareholders of Uniper SE 6,303 10,751 Equity a
Slide 34: Consolidated statement of cash flows (1/2)
Consolidated statement of cash flows (1/2) €m FY 2021 FY 2020 Net income / loss -4,106 402 Depreciation, amortization and impairment of intangible assets, of property, plant and equipment, and of right-of-use assets 1,306 1,077 Changes in provisions 3,398 103 Changes in deferred taxes -1,051 21 Othe
Slide 35: Consolidated statement of cash flows (2/2)
Consolidated statement of cash flows (2/2) €m FY 2021 FY 2020 Cash proceeds / payments arising from changes in capital structure1 -7 4 Cash dividends paid to shareholders of Uniper SE -501 -421 Cash dividends paid to other shareholders -38 -28 Proceeds from new financial liabilities 8,978 450 Repaym
Slide 36: Financial calendar & further information
Financial calendar & further information Financial calendar Further information https://ir.uniper.energy 03 May 2022 Quarterly Statement January – March 2022 18 May 2022 2022 Annual Shareholders Meeting 02 August 2022 Interim Report January – June 2022 03 November 2022 Quarterly Statement January –
Slide 37: Uniper – Contact your Investor Relations team
Uniper – Contact your Investor Relations team Stefan Jost Adam Strzyz Christian Lösse Executive Vice President Head of Investor Relations (SVP) Manager Investor Relations Group Finance&Investor Relations +49 171 778 8215 +49 151 6772 5191 stefan.jost@uniper.energy adam.strzyz@uniper.energy christian
Slide 38: 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