Rwe Ag · XETR:RWE
Rwe — Q1 2023 Earnings Presentation
17 slides from Rwe's earnings presentation, May 11, 2023
Slide 1: Q1 2023 Results
11 May 2023 Q1 2023 Results Michael Müller, CFO Thomas Denny, Head of Investor Relations 11 May 2023 Q1 results 2023
Slide 2: Disclaimer
Disclaimer This document contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management, and are based on information currently available to the management. Forward-looking statements shall not be construed as a promi
Slide 3: Financial highlights in Q1 2023
Financial highlights in Q1 2023 Strong adj. Group EBITDA of €2.8bn in Q1 2023, in particular due to great operational performance of Flexible Generation and Trading Installed green capacity up from 29 GW to 34 GW, mainly driven by closing of CEB and Magnum acquisition Final Investment Decision for t
Slide 4: Strong earnings driven by flexible generation performance and green capacity additions
Strong earnings driven by flexible generation performance and green capacity additions; negative one-off in 2022 Core adj. EBITDA Q1 2023 vs. Q1 2022 in EUR m • Offshore Wind earnings up on the back of capacity additions (Triton Knoll & Kaskasi) Offshore Wind +1,896 • Onshore Wind/Solar decreased du
Slide 5: Adjusted net income reflects strong operational performance
Adjusted net income reflects strong operational performance Adj. net income in EUR m • Adj. EBITDA driven by strong operational performance Q1 FY 2022 2021 Q1 FY 2023 2022 • Adj. depreciation increased in line with 613 Adj. EBITDA 2,798 growth investments Q1 2023 • Adj. financial result stable due t
Slide 6: Adjusted operating cash flow marked by strong operating result and working capital inflow
Adjusted operating cash flow marked by strong operating result and working capital inflow Reconciliation to adj. operating cash flow for Q1 2023 in EUR m 2,798 -512 -77 2,450 321 -80 Adj. EBITDA Changes in Changes in Cash Cash Adj. operating provisions/ operating financial result taxes cash flow (No
Slide 7: Increased net debt position due to CEB acquisition
Increased net debt position due to CEB acquisition Development of net debt in Q1 2023 in EUR bn (+ net debt/- net assets) 5.7 0.1 1.6 0.1 1.7 6.3 -1.6 -2.5 Net debt Adj. operating Acquisition CEB Net cash Dividends Other changes in Changes in Net debt 31 Dec 22 cash flow investments net financial de
Slide 8: Strong 4.9 GW growth of installed green capacity
Strong 4.9 GW growth of installed green capacity, mainly driven by the closing of CEB and the Magnum acquisition Development of our green generation portfolio GW pro rata +6.8 40.8 0.9 0.2 2.7 0.6 34.0 2.4 4.9 29.2 31 Dec 2022 Capacity 31 Mar 2023 Offshore Onshore Solar Batteries Flexible Total addi
Slide 9: Outlook confirmed for full year 2023
Outlook confirmed for full year 2023 Group outlook FY 2023 Divisional outlook FY 2023 (adj. EBITDA) in EUR m in EUR m Outlook Outlook Core adj. EBITDA 4,800 – 5,400 Offshore Wind 1,400 – 1,800 Adj. EBITDA RWE Group 5,800 – 6,400 Onshore Wind/Solar 1,100 – 1,500 Adj. depreciation -2,200 Core Adj. EBI
Slide 10: Appendix
Appendix 11 May 2023 Q1 results 2023 Page 10
Slide 11: Core Offshore Wind: Earnings up due to capacity additions
Core Offshore Wind Earnings up due to capacity additions Key financials Q1 2023 – Offshore Wind Adj. EBITDA Q1 2023 vs. Q1 2022 € million Q1 2023 Q1 2022 Change Higher earnings due to capacity additions (Triton Knoll & Kaskasi) Adj. EBITDA 473 420 53 t/o non-recurring items - - - Adj. EBITDA Outlook
Slide 12: Core Onshore Wind/Solar: Earnings down due to lower realised electricity prices
Core Onshore Wind/Solar Earnings down due to lower realised electricity prices, partly offset by capacity additions Key financials Q1 2023 – Onshore Wind/Solar Adj. EBITDA Q1 2023 vs. Q1 2022 € million Q1 2023 Q1 2022 Change Decrease due to lower realised electricity prices and lower wind resource i
Slide 13: Core Hydro/Biomass/Gas: Exceptional earnings development
Core Hydro/Biomass/Gas Exceptional earnings development due to strong operational performance Key financials Q1 2023 – Hydro/Biomass/Gas Adj. EBITDA Q1 2023 vs. Q1 2022 € million Q1 2023 Q1 2022 Change Higher earnings from strong short-term asset optimisation Adj. EBITDA 1,177 263 914 Higher margins
Slide 14: Core Supply & Trading: Strong performance by the trading business
Core Supply & Trading Strong performance by the trading business in favourable market environment Key financials Q1 2023 – Supply & Trading Adj. EBITDA Q1 2023 vs. Q1 2022 € million Q1 2023 Q1 2022 Change Strong performance across almost all commodities and regions Adj. EBITDA 289 -550 839 Earnings
Slide 15: Non-Core Coal/Nuclear: Earnings up on higher margins
Non-Core Coal/Nuclear Earnings up on the back of higher margins Key financials Q1 2023 – Coal/Nuclear Adj. EBITDA Q1 2023 vs. Q1 2022 € million Q1 2023 Q1 2022 Change Higher hedged margins for lignite-based power generation Adj. EBITDA 496 207 289 Higher margins on extended operations of Emsland t/o
Slide 16: Economic net debt
Economic net debt Net assets/net debt Net debt definition in EUR m 31 Mar 2023 31 Dec 2022 +/- Cash and cash equivalents 6,795 6,988 -193 • Net debt does not contain Marketable securities 9,131 13,730 -4,599 mining provisions, which Other financial assets 5,692 8,543 -2,851 essentially cover our Fin
Slide 17: Your contacts in Investor Relations
Your contacts in Investor Relations Important Links Financial Calendar • Annual and interim reports & statements • 11 May 2023 ADR programme available Interim statement on the first quarter of 2023 • Investor and analyst conferences • 10 August 2023 Further information on our homepage Interim report