Slide 1: Q1 2022 Results
12 May 2022 Q1 2022 Results Michael Müller, CFO Thomas Denny, Head of Investor Relations 12 May 2022 Q1 results 2022
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: Good operational start to the year, although overshadowed by the war in Ukraine
Good operational start to the year, although overshadowed by the war in Ukraine and its consequences • Good operational performance in Q1 2022 leading to a core adj. EBITDA of €1.3bn, Group adj. EBITDA of €1.5bn and adj. net income of €0.7bn • Guidance for 2022 confirmed • Positions with exposure to
Slide 4: Good operational performance – strong increase in earnings compared to the previous year
Good operational performance – strong increase in earnings compared to the previous year Core adj. EBITDA Q1 2022 vs. Q1 2021, € million Offshore Wind earnings up on the back of +126% Rampion consolidation effect and Triton Knoll pre-commissioning income, favourable wind 1,253 conditions and higher
Slide 5: War in Ukraine requires active risk management – UK & EU sanctions leading to €850m write-off
War in Ukraine requires active risk management – UK & EU sanctions leading to €850m write-off in non-operating result • Due to UK sanctions, RWE has not accepted hard coal deliveries from Russian counterparties since the end of March 2022. EU sanctions take effect from August 2022 UK & EU sanctions
Slide 6: Strong adj. net income due to good operational performance
Strong adj. net income due to good operational performance Adj. net income, € million Adj. EBITDA driven by strong Q1 2021 Q1 2022 operational performance Adj. EBITDA Adj. depreciation increases in line with 883 1,460 Q1 2022 growth investments -335 Adj. depreciation -362 Adj. financial result in li
Slide 7: Adj. operating cash flow mainly driven by seasonal effects in working capital
Adj. operating cash flow mainly driven by seasonal effects in working capital Reconciliation to adj. operating cash flow for Q1 2022 Changes in provisions/(Non-) Cash items mainly driven by legacy and restructuring € million business 1,460 Negative effects in operating working capital mainly due to
Slide 8: Increase of net assets due to timing effects as well as higher interest rates
Increase of net assets due to timing effects as well as higher interest rates for pension provisions Development of net debt in Q1 2022, € billion (+ net debt / - net assets) 0.1 -0.3 0.6 -0.4 -2.4 -0.8 -3.3 Net debt Adj. operating Net cash Dividends Other changes in Changes in Net debt 31 Dec 21 ca
Slide 9: Continuous green growth ensured across all technologies
Continuous green growth ensured across all technologies Development of our green generation portfolio, GW pro rata +5.6 32.7 0.5 0.6 1.3 1.0 2.2 26.9 27.1 0.2 0.0 31.12.2021 Capacity Capacity 31.03.2022 Offshore Onshore Solar Batteries Flexible Total additions farm-downs Wind Wind Generation Capacit
Slide 10: Outlook for FY 2022 confirmed
Outlook for FY 2022 confirmed Group outlook FY 2022, € million Divisional outlook FY 2022– adj. EBITDA, € million Outlook Core adj. EBITDA (Feb 2022) 2,900 – 3,300 Offshore Wind 1,350 – 1,600 Adj. EBITDA RWE Group 3,600 – 4,000 Onshore Wind/Solar 650 – 800 Depreciation ~-1,600 Hydro/Biomass/Gas 700
Slide 11: Appendix
Appendix 12 May 2022 Q1 results 2022
Slide 12: Key sensitivities to our planning assumptions for FY2022
Key sensitivities to our planning assumptions for FY2022 Driver Segment Type Sensitivity Group impact1 Wind levels Offshore Wind P&L +/- 10% production +/- €200 million Onshore Wind/Solar P&L +/- 10% production +/- €150 million Main f/x (USD & GBP) RWE Group P&L +/- 10% +/- €180 million CO2 prices R
Slide 13: Offshore Wind: Earnings up mainly due to portfolio effects, favourable wind conditions and higher power prices
Core Offshore Wind: Earnings up mainly due to portfolio effects, favourable wind conditions and higher power prices Key financials Q1 2022 – Offshore Wind Adj. EBITDA Q1 2022 vs. Q1 2021 Higher earnings due to Rampion full consolidation2 as well as pre- commissioning income from Triton Knoll Higher
Slide 14: Onshore Wind/Solar: Good operating performance and lack of negative one-offs
Core Onshore Wind/Solar: Good operating performance and lack of negative one-offs Key financials Q1 2022 – Onshore Wind/Solar Adj. EBITDA Q1 2022 vs. Q1 2021 No one-off effects (- Texas cold snap | + book gains farm-down) Higher power prices for unhedged volumes € million Q1 2022 Q1 2021 change Incr
Slide 15: Hydro/Biomass/Gas: Earnings up due to higher margins despite outage at Claus C
Core Hydro/Biomass/Gas: Earnings up due to higher margins despite outage at Claus C Key financials Q1 2022 – Hydro/Biomass/Gas Adj. EBITDA Q1 2022 vs. Q1 2021 Higher earnings from strong short-term asset optimisation Higher hedged generation margins € million Q1 2022 Q1 2021 change Lower earnings du
Slide 16: Supply & Trading: Outstanding trading performance
Core Supply & Trading: Outstanding trading performance Key financials Q1 2022 – Supply & Trading Adj. EBITDA Q1 2022 vs. Q1 2021 Outstanding results from trading business € million Q1 2022 Q1 2021 change Outlook 2022 €150m - €350m Adj. EBITDA Outlook 2022 vs. FY 2021 Adj. EBITDA 297 189 108 Return t
Slide 17: Coal/Nuclear: Solid earnings despite lower generation margins related to capacity closures
Coal/Nuclear: Solid earnings despite lower generation margins related to capacity closures Key financials Q1 2022 – Coal/Nuclear Adj. EBITDA Q1 2022 vs. Q1 2021 Lower generation margins due to capacity closures partly compensated by related cost savings € million Q1 2022 Q1 2021 change Adj. EBITDA 2
Slide 18: Economic net debt
Economic net debt Net assets / net debt (€ million) 31 Mar 2022 31 Dec 2021 +/- Net debt definition Cash and cash equivalents 6,367 5,825 542 • Net debt does not Marketable securities 7,857 8,347 -490 contain mining provisions, which Other financial assets 14,349 12,403 1,946 essentially cover our F
Slide 19: Your contacts in Investor Relations
Your contacts in Investor Relations Important Links Financial Calendar • Annual and interim reports & statements • 11 August 2022 ADR programme available Interim report on the first half of 2022 • Investor and analyst conferences • 10 November 2022 Further information on our homepage Interim stateme