Bkw Ag · SIX:BKW
Bkw — H1 2023 Earnings Presentation
25 slides from Bkw's earnings presentation, Sep 5, 2023
Slide 1: Half-year result 2023
Analyst and Media Conference HY 2023 Zurich, 05.09.2023 Half-year result 2023
Slide 2: BKW with successful HY 2023
Analyst and Media Conference HY 2023 05.09.2023 2 BKW with successful HY 2023 Revenue EBIT Operating Net Profit CHF 2,397 m CHF 425 m CHF 304 m +6% +29% +60% Continuously strong performance in first six months 2023, after exceptional result in 2022
Slide 3: Energy: BKW substantially boosts renewables expansion
Analyst and Media Conference HY 2023 05.09.2023 3 Energy BKW substantially boosts renewables expansion − Acquisition of wind farms with 125 MW in Sweden − Launch of project BelpmoosSolar with 35 MWp − Round tables in the Canton of Bern about alpine PV plants − Positive decision for Trift concession
Slide 4: Grid: BKW invests in distribution grid for energy future
Analyst and Media Conference HY 2023 05.09.2023 4 Grid BKW invests in distribution grid for energy future − Over 3,000 new PV systems successfully connected to grid, 20-25 connection requests per day − Grid availability of 99.996 percent − Selection of partner companies for new smart meters and mete
Slide 5: Services: BKW leverages rising demand for infrastructure
Analyst and Media Conference HY 2023 05.09.2023 5 Services BKW leverages rising demand for infrastructure − Large orders of over € 250 m for the expansion of electrical infrastructure in Germany − Several major projects in the areas of heat planning and school infrastructure − Consolidation of HVAC
Slide 6: ESG: BKW takes important steps in terms of sustainability
Analyst and Media Conference HY 2023 05.09.2023 6 ESG BKW takes important steps in terms of sustainability Climate Neutrality − BKW committed to Net Zero in energy business by 2040 Employees − Safety in the workplace: signing SUVA Security Charta − Commitment to equal opportunities and inclusion Cor
Slide 7: Martin Zwyssig new CFO of BKW
Analyst and Media Conference HY 2023 05.09.2023 7 Martin Zwyssig new CFO of BKW − Our new CFO started on 1 July 2023 − Before joining BKW: Group CFO of REHAU, Autoneum, Ascom and Schaffner − Completed studies at the University of St. Gallen as Dr. oec. HSG
Slide 8: Financials HY 2023
Financials HY 2023
Slide 9: BKW's performance in a nutshell
Analyst and Media Conference HY 2023 05.09.2023 9 BKW‘s performance in a nutshell CHF m HY 2022 HY 2023 Delta Delta % Revenue Growth from key business areas energy and Revenue 2,263 2,397 +134 +6% services EBITDA 438 538 +100 +23% EBIT EBITDA in % of revenue 19% 22% Strong result from energy managem
Slide 10: Revenue and EBIT change by business area
Analyst and Media Conference HY 2023 05.09.2023 10 Revenue and EBIT change by business area CHF m Revenue CHF m EBIT +134 (+6%) 2,397 7 49 8 +95 2,263 70 (+29%) -6 425 -11 3 110 330 HY 2022 Energy Grid Services Corp./Elim HY 2023 HY 2022 Energy Grid Services Corp./Elim HY 2023 Successful growth in b
Slide 11: Energy
Analyst and Media Conference HY 2023 05.09.2023 11 Energy Revenue / EBIT Key points Production mix (volume in TWh) CHF m Revenue +6% 4.5 4.4 − Higher energy prices in sales − Lower production thermal plants 1.1 1.0 EBIT Nuclear 0.8 0.9 +47% Wind / PV − Successful portfolio management 1,245 and stron
Slide 12: Grid
Analyst and Media Conference HY 2023 05.09.2023 12 Grid Revenue / EBIT Key points CHF m Revenue +3% − Lower transmission volumes due to higher temperatures and energy savings − Pass through of higher transmission grid tariffs 267 275 EBIT -8% − Lower transmission volumes due to higher temperatures a
Slide 13: Services
Analyst and Media Conference HY 2023 05.09.2023 13 Services Revenue / EBIT Key points Revenue split CHF m Revenue +6% − Growth from prior year acquisitions Infra Services − Delayed project awards 19% EBIT 884 − High material costs and third- 23% 58% Building 835 party services Engineering Solutions
Slide 14: Operating Cash Flow and Cash Flow from Net Investments
Analyst and Media Conference HY 2023 05.09.2023 14 Operating Cash Flow and Cash Flow from Net Investments CHF m Operating Cash Flow CHF m Cash Flow from Net Investments 491 468 260 215 132 128 150 115 47 74 HY 2019 HY 2020 HY 2021 HY 2022 HY 2023 HY 2019 HY 2020 HY 2021 HY 2022 HY 2023 Operating Cas
Slide 15: Net investments
Analyst and Media Conference HY 2023 05.09.2023 15 Net investments CHF m Net investments CHF m Growth CHF m Maintenance Services Energy Services 4% 12% 17% Energy Maintenance 41% Corporate 636 215 124 91 15% 59% Growth 56% 96% Grid Majority of investments still in growth; maintenance investments in
Slide 16: Cash development
Analyst and Media Conference HY 2023 05.09.2023 16 Cash development CHF m Operating CF Investing CF Financing CF -215 +50 +491 -227 890 -22 798 +195 -181 Cash 2022 Operating Net Dividends / Dividends Reduction Capital-Light Interest / Cash HY 2023 result investments interest / paid short-term other
Slide 17: Net debt and Maturity profile of bonds
Analyst and Media Conference HY 2023 05.09.2023 17 Net debt and Maturity profile of bonds CHF m Net debt CHF bn Maturity profile of bonds 1.6 Cash and short-term financial assets Bonds Financial debt 1.4 Registered Bond Green Bond Net financial debt 1.2 1.0 952 848 952 0.8 -976 0.6 -1,224 -1,691 -1,
Slide 18: Balance sheet
Analyst and Media Conference HY 2023 05.09.2023 18 Balance sheet CHF bn 13.5 13.5 11.9 11.9 11.2 11.2 5.1 3.9 Current assets 3.0 9.7 Non-current assets 7.5 6.2 Liabilities Equity 8.4 8.0 8.2 4.4 4.9 3.8 (37%) (44%) (28%) HY 2022 2022 HY 2023 Increased equity ratio, less expanded balance sheet
Slide 19: Return on Capital Employed and Market Capitalization
Analyst and Media Conference HY 2023 05.09.2023 19 Return on Capital Employed and Market Capitalization Return on Capital Employed (ROCE) CHF CHFMrd. bn Marktkapitalisierung Market Capitalization 15.4% 8.3 6.3 6.7 5.2 7.1% 7.8% 7.3% 3.8 6.5% HY 2019 HY 2020 HY 2021 HY 2022 HY 2023 2019 2020 2021 202
Slide 20: Outlook
Outlook
Slide 21: Strengthening of BKW towards global energy transition
Strengthening of BKW towards global energy transition − New organizational structure as of 1 November 2023 − CEOs of the service divisions to be members of the Group Executive Board − Corinne Montandon succeeds Roland Küpfer as Head of Grids − Stefan Sewckow takes over as Head of the new “Energy Mar
Slide 22: Outlook
Outlook − BKW will benefit in full year 2023 from the first half-year’s energy management and trading performance. − However, BKW expects a considerably lower energy management and trading performance in second half year due to current relaxation on European energy markets. − Overall, BKW increases
Slide 23: Q&A
Analyst and Media Conference HY 2023 05.09.2023 23 Q&A
Slide 24: Slide 24
Slide 25: Disclaimer
Analyst and Media Conference HY 2023 05.09.2023 25 Disclaimer This presentation contains forward-looking statements which are made on the basis of current expectations and assumptions. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ