Enbw Energie Baden-wuerttemberg Ag · XETR:EBK
Enbw Energie Baden-wuerttemberg — EnBW Energie Baden-Württemberg — Q1 2021 Earnings Presentation
24 slides from Enbw Energie Baden-wuerttemberg's earnings presentation, May 10, 2021
Slide 1: Investor and analyst conference call Q1 2021
Investor and analyst conference call Q1 2021 » Thomas Kusterer Chief Financial Officer Ingo Peter Voigt Head of Finance, M&A and Investor Relations 10 May 2021
Slide 2: Key messages
Investor and analyst conference call Q1 2021 Key messages Temporary reduction in adjusted EBITDA – outlook 2021 unchanged Issuance of two corporate bonds for €500 m each in February – liquidity increase for repayment of subordinated bond in April Divestments increased to €198 m – sale of 50% of onsh
Slide 3: EnBW 2025 Strategy: Growth with focus on infrastructure
Investor and analyst conference call Q1 2021 EnBW 2025 Strategy: Growth with focus on infrastructure Earnings growth Adj. EBITDA in € bn 3.2 › Electricity and gas sales Smart Infrastructure for Customers 2.8 0.6 Sales › E-mobility, telecommunications & broadband, PV and energy storage systems Sales
Slide 4: Temporary valuation effects reduce adjusted EBITDA
Investor and analyst conference call Q1 2021 Temporary valuation effects reduce adjusted EBITDA Improvement in the financial result increases adjusted Group net profit Adjusted EBITDA Adjusted Group net profit1 in € m in € m 945 321 814 -14% +411% 78 Q1 2020 Q1 2021 Q1 2020 Q1 2021 1 Attributable to
Slide 5: Smart Infrastructure for Customers
Investor and analyst conference call Q1 2021 Smart Infrastructure for Customers Earnings increase driven by temporary effects Adjusted EBITDA in € m 116 Electricity and gas sales Temporary effect due to energy-related costs 79 +48% Q1 20201 Q1 2021 1 Previous year’s figures restated 5
Slide 6: System Critical Infrastructure
Investor and analyst conference call Q1 2021 System Critical Infrastructure As expected higher expenses due to necessary grid expansion Adjusted EBITDA in € m 416 Transmission and distribution grids 378 Higher revenue from use of gas and electricity Higher personnel expense due to the necessary grid
Slide 7: Sustainable Generation Infrastructure
Investor and analyst conference call Q1 2021 Sustainable Generation Infrastructure Lower wind yields and temporary valuation effects Adjusted EBITDA in € m 497 Renewable Energies 373 236 Lower wind yields compared to previous year and long-term average 207 Thermal Generation and Trading -25% Absence
Slide 8: Slight decrease in retained cash flow
Investor and analyst conference call Q1 2021 Slight decrease in retained cash flow mainly driven by lower non-cash expenses and higher interest paid EBITDA in € m Retained cash flow in € m in € m 810 769 Provisions -100 Taxes -32 778 725 Non-cash items +10 Net interest/ dividends received +2 Contrib
Slide 9: Decrease in net debt
Investor and analyst conference call Q1 2021 Decrease in net debt mainly driven by returned EEG payments and increase in discount rate for pension provisions in € m -14% 14,407 -725 -910 375 -777 12,371 Net debt 31.12.2020 FFO Working capital Investments, acquisitions Others (increased Net debt 31.3
Slide 10: Outlook 2021 unchanged
Investor and analyst conference call Q1 2021 Outlook 2021 unchanged – Further increase in adjusted EBITDA expected in € m Group 2,825 to 2,975 Smart Infrastructure for Customers System Critical Infrastructure Sustainable Generation Infrastructure 335 1,347 1,278 Adj. EBITDA 2020 Adj. EBITDA 2020 Adj
Slide 11: Questions & Answers
Investor and analyst conference call Q1 2021 Questions & Answers 11
Slide 12: Appendix
Investor and analyst conference call Q1 2021 Appendix › Additional information ……………………………………………………………..……….. Page 15 › Service information ……….………………………………………………….…………………. Page 25 12
Slide 13: Non-operating result
Investor and analyst conference call Q1 2021 Non-operating result in € m Q1 2021 Q1 2020 Change in % Income/expenses relating to nuclear power 0.9 14.3 - Result from disposals 0.5 1.1 -54.5 Reversals of / additions to the provisions for onerous contracts relating to electricity procurement agreement
Slide 14: Calculation of net debt
Investor and analyst conference call Q1 2021 Calculation of net debt1 in € m -6,196 12,371 11,520 12,606 -1,746 -3,813 5,961 Financial debt 50% equity Operating cash & Net financial Pension and nuclear Dedicated Net debt and others credit cash equivalents Liabilities power provisions (net) financial
Slide 15: Working capital effects
Investor and analyst conference call Q1 2021 Working capital effects1 in € m -215 -457 -169 -69 -910 Trade receivables/payables Derivatives Inventories Others Change in Working capital 1 1.1. – 31.3.2021 15
Slide 16: Income statement
Investor and analyst conference call Q1 2021 Income statement in € m1 Q1 2021 Q1 2020 Change in % Revenue 6,827.2 5,579.2 22.4 Changes in inventories/other own work capitalized 66.3 58.0 14.3 Cost of materials -5,320.9 -4,177.8 27.4 Personnel expenses -566.9 -500.5 13.3 Other operating income/expens
Slide 17: Retained cash flow
Investor and analyst conference call Q1 2021 Retained cash flow in € m Q1 2021 Q1 2020 Change in % EBITDA 810.3 768.5 5.4 Changes in provisions -100.3 -112.0 -10.4 Non-cash-relevant income/expenses 10.3 119.5 -91.4 Income tax paid -31.7 -37.5 -15.5 Interest and dividends received 54.1 60.2 -10.1 Int
Slide 18: Hedge levels
Investor and analyst conference call Q1 2021 Hedge levels1 in % 70-90 40-60 0-20 2022 2023 2024 1 As of 31 March 2021 18
Slide 19: EnBW has flexible access to various financing sources
Investor and analyst conference call Q1 2021 EnBW has flexible access to various financing sources 1,2 in % 7.0 2.3 3.5 4.7 2.0 1.7 0.3 Debt issuance Subordinated bonds Commercial programme paper programme Thereof €4.7 bn utilised Thereof €0.3 bn utilised Other sources 1.5 › Project financing and EI
Slide 20: Maturities of EnBW's bonds
Investor and analyst conference call Q1 2021 Maturities of EnBW’s bonds in € m Green subordinated bonds Green senior bond First call dates of subordinated bonds as of 31 March 2021 Subordinated bonds First call dates of green subordinated bonds Senior bonds 1,0001 9932 1,000 1,000 1,000 1,000 9937 1
Slide 21: Fixed income: Credit ratings
Investor and analyst conference call Q1 2021 Fixed income: Credit ratings A3 / negative A- / stable 11 June 2020 21 May 2020 › Leadership position as vertically integrated utility within Baden-Württemberg › EnBW is strategically lowering its earnings portfolio risk, › Significant proportion of EBITD
Slide 22: Major sustainability ratings
Investor and analyst conference call Q1 2021 Major sustainability ratings Climate Rating ESG Risk Rating ESG Rating ESG Rating CDP1 Sustainalytics2 ISS ESG3 MSCI4 2019 2020 2020 2021 2019 2020 2020 2021 Risk B A 32.8 32.3 B- B- AA A Manage- Leader- High High Prime Prime Outper- Average ment ship Sta
Slide 23: EnBW IR contacts
Investor and analyst conference call Q1 2021 EnBW IR contacts Ingo Peter Voigt Peter Berlin Julia von Wietersheim Head of Finance, M&A and Director Capital Markets Senior Manager Investor Relations (Finance, Ratings) Investor Relations +49 721 – 63 14 375 +49 721 – 63 12 844 +49 721 – 63 12 060 inve
Slide 24: Financial calendar
Investor and analyst conference call Q1 2021 Financial calendar Publication figures Q2 2021 29 July 2021 Conference time Investor and Analyst Conference Call: 01:00 pm Upcoming Publication figures Q3 2021 events 12 November 2021 Conference time Investor and Analyst Conference Call: 01:00 pm 24
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