ENBW Energie Baden-Wuerttemberg AG · XETR:EBK
ENBW Energie Baden-Wuerttemberg — EnBW Energie Baden-Württemberg — Q1 2015 Earnings Presentation
25 slides from ENBW Energie Baden-Wuerttemberg's earnings presentation, May 12, 2015
Slide 1: Conference call on the first three months 2015
Conference call on the first three months 2015 » EnBW Energie Baden-Württemberg AG Karlsruhe, 12 May 2015 Thomas Kusterer, Chief Financial Officer Ingo Peter Voigt, Senior Vice President, Head of Finance , M&A and Investor Relations
Slide 2: Important note
Important note Unless indicated otherwise, all data contained hereinafter identified by the use of the words “may”, “will”, “should”, refers to the EnBW group and is calculated according to “plans”, “intends”, “expects”, “believes”, “assumes”, IFRS. “forecasts”, “potentially” or “continued” and simi
Slide 3: Q1 2015 in line with EnBW's expectations
Q1 2015 in line with EnBW‘s expectations Financial performance › More than € 1bn increase of provisions due to further reduction of interest rates Economic and regulatory Operating performance environment › Restructuring of our portfolio: › EnBW Baltic 2 construction on adj. financial result of € 40
Slide 4: Further reduction of discount rate with significant impact on net debt level
Further reduction of discount rate with significant impact on net debt level Gross pension obligations incl. CTA Nuclear provisions in € million in € million thereof interest effect: 3.214 thereof interest effect: 1.087 +75% +28% 7,680 8,401 8,071 6,888 7,664 1,124 CTA 6,849 1,102 6,584 5,494 5,644
Slide 5: Q1 2015 – Results in line with expectations
Q1 2015 – Results in line with expectations Revenue Adjusted EBITDA in € million 5,637 5,896 in € million 745 728 +5% -2% Q1 2014 Q1 2015 Q1 2014 Q1 2015 Adjusted group net profit Non-operating EBIT 2.5 in € million 813 in € million 1.6 + 177 % + 56 % 293 479 Q1 2014 Q1 2015 Q1 2014 Q1 2015 1 Of whi
Slide 6: Sales – Profitability increase mainly due to higher gas sales
Sales – Profitability increase mainly due to higher gas sales Electricity sales 13.0 13.2 Gas Sales 35.3 in TWh in TWh 4.6 B2C 4.9 4.8 22.7 B2C 3.8 2% 56 % 30.7 B2B 8.1 8.4 B2B 18.9 Q1 2014 Q1 2015 Q1 2014 Q1 2015 Adjusted EBITDA Key messages 71.3 › Positive earnings development in € million › Elect
Slide 7: Grids – Higher transmission volumes weather-related
Grids – Higher transmission volumes weather-related Transmission volume Development of transmission volumes in TWh1 29.0 in TWh1 Electricity Gas 26.9 17.6 17.7 11.3 9.3 +8% + 0.6 % + 22% Q1 2014 Q1 2015 Q1 2014 Q1 2015 Q1 2014 Q1 2015 Adjusted EBITDA Key messages in € million 277.9 277.4 › Temperatu
Slide 8: Renewable energies – Expected margin pressure on run-of-river plants
Renewable energies – Expected margin pressure on run-of-river plants Generation volume Development of renewables generation mix in TWh1 1.4 1.4 in TWh1 1.4 1.4 Run-of-river 1.1 1.1 0% 0% Wind 0.2 0.2 Other 0.1 0.1 Q1 2014 Q1 2015 Q1 2014 Q1 2015 Adjusted EBITDA Key messages 42.7 in € million2 › Prim
Slide 9: Generation & Trading – Decreased adjusted EBITDA as expected
Generation & Trading – Decreased adjusted EBITDA as expected Conventional & nuclear generation volume Development of fossil generation mix in TWh1,2 in TWh1,2 14.8 14.3 14.8 14.3 Hard coal 5.2 5.0 Other² 0.9 1.0 -3% -3% Nuclear 7.0 6.8 Lignite 1.7 1.5 Q1 2014 Q1 2015 Q1 2014 Q1 2015 Adjusted EBITDA
Slide 10: Increase in FFO mainly attributable to tax refund
Increase in FFO mainly attributable to tax refund EBITDA FFO in € million in € million -2% +16% 746 730 -72 -23 53 708 19 611 EBITDA EBITDA Provisions Taxes paid Other Interest/ FFO FFO Q1 2014 Q1 2015 dividend Q1 2015 Q1 2014 Conference Call on the first three months 2015, 12 May 2015 10
Slide 11: Again increased NPV of provisions counterbalanced adjusted net debt reduction
Again increased NPV of provisions counter- balanced adjusted net debt reduction Adjusted Net Debt in € million -3% +5% 685 8,412 7,983 -708 224 7,727 228 December 2014 FFO Working Net Non-cash March 2015 capital investments, payments acquisitions, effects divestitures (additions Conference Call on t
Slide 12: Adjusted net debt doubled due to interest rate effects in ~ 4 years
Adjusted net debt doubled due to interest rate effects in ~ 4 years Adjusted Net Debt in € million 8,412 4,301 Increase in 3,214 pension obligations Increase in 1,087 nuclear provisions 4,111 Net Debt Interest rate effect Quasi Net Debt Q1 2015 2011 - Q1 2015 Q1 2015 Conference Call on the first thr
Slide 13: Outlook 2015 unchanged
Outlook 2015 unchanged Adjusted EBITDA 2014 Outlook 2015 1 Group € 2,167 million 0 % to -5 % Sales € 231 million +10 % to +20 % Grids € 886 million 0 % to -10 % Renewable Energies € 191 million > 20% Generation and Trading € 900 million -15 % to -25 % 1 In comparison with adjusted EBITDA 2014 Confer
Slide 14: Questions & Answers
Questions & Answers » Conference Call on the first three months 2015, 12 May 2015 14
Slide 15: Appendix
Appendix › Additional information.................................................................... Page 16 › Financial calendar ............................................................................. Page 24 › IR contacts .....................................................................
Slide 16: Non-operating result
Non-operating result Non-operating result in € million Q1 2015 Q1 2014 Income/expenses relating to nuclear power -9.1 – 22.3 Income from the reversal of other provisions 0.0 0.3 Disposal gains/losses 18.3 24.6 Restructuring -3.6 – 1.2 Other non-operating result -3.1 0.2 Non-operating EBITDA 2.5 1.6
Slide 17: Calculation of adjusted net debt
Calculation of adjusted net debt Adjusted Net Debt in € million 14.274 -9.832 -77 8.412 7.089 -3.043 Adjusted Cash and cash Pension and Reserve fund Other March 2015 financial equivalents nuclear power liabilities provisions (net) Conference Call on the first three months 2015, 12 May 2015 17
Slide 18: Change in working capital mainly due to increase in trade receivables/payables
Change in working capital mainly due to increase in trade receivables/payables Change in working capital in € million Working capital effects 317 1 -187 98 228 Trade receivables/ Derivates Inventories Others payables Conference Call on the first three months 2015, 12 May 2015 18
Slide 19: Income statement
Income statement Income in € million Q1 2015 Q1 2014 Variance Revenue 5,896.2 5,637.0 259.2 Changes in inventories/own work capitalised 26.2 20.7 5.5 Cost of materials -4,750.6 -4,463.6 -287.0 Personnel expenses -404.4 -396.0 -8.4 Other operating income/expenses -37.0 -51.7 14.7 EBITDA 730.4 746.4 -
Slide 20: Cash flow statement
Cash flow statement Free cash flow in € million Q1 2015 Q1 2014 Variance in % Operating cash flow 426.5 534.2 -20.2 Change in assets and liabilities from operating activities 228.4 73.4 - Interest and dividends received 70.9 49.4 43.5 Interest paid for financing activities -17.8 – 46.2 -61.5 Funds f
Slide 21: Hedge levels
Hedge levels Hedge levels1 in % 100 % 100 % 90 % 70 – 90 % 80 % 70 % 60 % 50 % 40 % 25 – 40 % 30 % 20 % 10 % 2015 2016 2017 1 As of 31 March 2015 Conference Call on the first three months 2015, 12 May 2015 21
Slide 22: EnBW's flexible access to financing sources supports its strong liquidity position
EnBW’s flexible access to financing sources supports its strong liquidity position Commercial paper prog. Syndicated loan facility Bilateral short-term credit lines € 2.0 billion € 1.5 billion € 490 million undrawn as of 31 March 2015 undrawn as of 31 March 2015 undrawn as of 31 March 2015 Euro Medi
Slide 23: Favourable maturity profile and proactive funding
Favourable maturity profile and proactive funding puts EnBW in a comfortable financing situation Maturities of EnBW’s bonds in € million1 1,0002 1,0004 1,000 1,000 1,000 900 8463 800 750 700 700 600 500 500 500 500 400 300 200 1555 963 100 100 50 2015 2016 2017 2018 2021 2023 2025 2026 2034 2038 203
Slide 24: Financial calendar 2015
Financial calendar 2015 › 12 May 2015 ............................................................................................ Interim report: January–March 2015 Conference time: 15:00 CET › 30 July 2015 ...........................................................................................
Slide 25: EnBW IR contacts
EnBW IR contacts › Ingo Peter Voigt Senior Vice President T +49 721-6314375 Head of Finance, M&A and i.voigt@enbw.com Investor Relations › Julia v. Wietersheim T +49 721-6312060 Senior Manager j.vonwietersheim@enbw.com Investor Relations › Julia Minges T +49 721 - 6312697 Manager j.minges@enbw.com I
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