Uniper Se · XETR:UN0
Uniper — H1 2021 Earnings Presentation
29 slides from Uniper's earnings presentation, Aug 11, 2021
Slide 1: Empower Energy Evolution – H1 2021 Interim Results
Empower Energy Evolution H1 2021 Interim Results Prof. Dr. Klaus-Dieter Maubach – CEO Tiina Tuomela – CFO 11 August 2021
Slide 2: Highlights – Sound results
Highlights – Sound results Performance Adj. EBIT H1 2021 €580m (€691m in H1 2020) Adj. Net Income H1 2021 €485m (€527m in H1 2020) Sound operating results blurred by stronger intra-year phasing effects (which will completely reverse until year-end) Full-year 2021 outlook unchanged, earnings
Slide 3: Decarbonization efforts in Europe – Coal exit ahead of plan
Decarbonization efforts in Europe – Coal exit ahead of plan Uniper‘s coal fleet1 – Exit path MW Hard coal-fired power plant Decarbonization & coal exit 8,000 Lignite-fired power plant Scholven coal unit C successful in Germany’s Heyden 4² (875MW) Exit path as scheduled 7,000 3rd coal exit auction,
Slide 4: Ramping-up new business areas
Ramping-up new business areas Renewables Green gas ‘One Team’ - Uniper and Fortum with joint platform ‘Green’ methanol in Sweden – project AIR receives for onshore wind and solar in Europe financial support from Swedish Energy Agency Targeting joint additional renewables capacity of New init
Slide 5: Operating indicators – Following trend from Q1
Operating indicators – Following trend from Q1 Global Commodities European Generation Russian Power Gen. Carbon emissions Gas storage filling1 Production volume2 Production volume2 Scope-13 TWh TWh TWh m tons 100 40 +19% 40 +4% 40 +19% 80 30 30 30 8.6 60 5.7 Coal 439 442 20 20 20 gCO2/ gCO2/ 6.8 Gas
Slide 6: Key financials H1 2021 – Mostly below last year
Key financials H1 2021 – Mostly below last year Adjusted EBIT Adjusted EBITDA Operating Cash Flow (OCF) €m €m 1,012 900 €m 691 580 288 346 H1 2020 H1 2021 H1 2020 H1 2021 H1 2020 H1 2021 Adjusted Net Income (ANI) Net Income1 Economic Net Debt (END)2 €m €m €m 3,050 3,164 527 485 641 END / 1.8x Adj. E
Slide 7: Adjusted EBIT – Stable business, high carbon phasing effect
Adjusted EBIT – Stable business, high carbon phasing effect Reconciliation Adj. EBIT H1 2020 to H1 2021 €m Adj. EBIT H1 2020 691 Carbon phasing European fossil generation Outright power prices & volumes Commodity gas and international Russian power generation Other Adj. EBIT H1 2021 580 Uniper SE, P
Slide 8: Adj. EBIT(DA) to OCF – Benefitting from stronger cash-conversion
Adj. EBIT(DA) to OCF – Benefitting from stronger cash-conversion Reconciliation Adj. EBIT H1 2021 to Operating Cash Flow H1 2021 €m 68 321 -199 281 900 -3 580 -102 451 346 PY: 691 PY: 1,012 -599 PY: 352 PY: 288 Adj. EBIT Depreciation Adj. EBITDA Non-cash Provision Changes in Other (incl. OCFbIT Inte
Slide 9: Economic Net Debt – Higher interest rates partly compensate seasonal increase
Economic Net Debt – Higher interest rates partly compensate seasonal increase Reconciliation of Economic Net Debt YE 2020 to H1 2021 €m 501 55 3,050 341 3,164 -320 -96 -21 1,127 1,223 -346 1,051 1,371 987 457 Economic Net Debt Divest OCF Investments Dividend Other NFP Pensions ARO Economic Net Debt
Slide 10: Outlook FY 2021 – Guidance reiterated
Outlook FY 2021 – Guidance reiterated Adjusted EBIT Adjusted Net Income (ANI) €m €m 998 1,050 Range 850 774 Range 800 650 FY 2020 FY 2021E FY 2020 FY 2021E Uniper SE, Presentation H1 2021, 11 August 2021 10
Slide 11: Energy.Uniper App now provides daily energy market news
Energy.Uniper App now provides daily energy market news Daily “European Utilities Watt Matters Newsletter“ from Bloomberg Intelligence and further improvements now offer even more user value Just-in-time access to Uniper information and news, including social media channels, upcoming Uniper events,
Slide 12: Appendix
Appendix 12
Slide 13: Commodity prices – Ongoing price rally
Commodity prices – Ongoing price rally Gas prices1 Carbon prices2 Electricity prices3 Dark & spark spreads4 €/MWh €/t CO2 €/MWh €/MWh 30 70 80 18 25 55 60 11 20 40 40 4 15 25 20 -3 CSS Peak Germany CSS Base Nordic 10 10 0 -10 CDS Base Aug 20 Jan 21 Jun 21 Aug 20 Jan 21 Jun 21 Aug 20 Jan 21 Jun 21 Au
Slide 14: Outright power hedging in Germany and Nordic
Outright power hedging in Germany and Nordic Hedged prices and hedge ratios Germany1 Hedged prices and hedge ratios Nordic1 TWh €/MWh TWh €/MWh 42 48 49 52 30 26 24 22 3 30.0 months 2 20.0 Front 90% months Front 100% 90% 95% 85% 1 10.0 45% 0 0.0 H1 20212 2021 2022 2023 H1 20212, 3 2021 2022 2023 1.
Slide 15: Generation capacity by technology & region
Generation capacity by technology & region In MW1 30 Jun 2021 31 Dec 2020 Gas Russia 7,139 7,139 United Kingdom 4,180 4,180 Germany 2,920 2,912 Netherlands 525 525 Sweden – 449 Hungary 428 428 Hard coal Germany 3,954 3,954 United Kingdom 2,000 2,000 Netherlands 1,070 1,070 Lignite Russia 1,895 1,895
Slide 16: Net electricity generation volumes by technology & region
Net electricity generation volumes by technology & region In TWh1 H1 2021 H1 2020 Gas Russia 19.1 17.9 United Kingdom 6.0 4.6 Germany 2.2 0.3 Netherlands 0.7 0.7 Hungary 1.0 1.1 Sweden 0.0 0.0 Hard coal Germany 3.6 2.6 United Kingdom 1.5 0.0 Netherlands2 2.3 1.7 Lignite Russia 2.7 3.1 Germany 1.1 1.
Slide 17: Adjusted EBIT(DA) by sub-segment
Adjusted EBIT(DA) by sub-segment H1 2021 H1 2020 H1 2021 H1 2020 €m Adj. EBITDA Adj. EBITDA Adj. EBIT Adj. EBIT European Generation Subtotal 451 397 272 217 Hydro 192 168 161 138 Nuclear 82 112 51 85 Fossil 203 140 89 19 Other / Consolidation -26 -23 -29 -25 Global Commodities Subtotal 582 656 501 5
Slide 18: Adjusted EBIT – Development by sub-segment
Adjusted EBIT – Development by sub-segment European Generation Global Commodities Russian Power Generation €m €m €m 23 70 262 -4 -22 -34 272 571 501 -12 217 -310 123 111 H1 2020 Hydro Nuclear Fossil Other H1 2021 H1 2020 Gas Internat./ Power H1 2021 H1 2020 Russia H1 2021 Other Hydro: Volume norma
Slide 19: Reconciliation of Income/Loss before Financial Results & Taxes
Reconciliation of Income/Loss before Financial Results & Taxes €m H1 2021 H1 2020 Income / Loss before financial results and taxes -252 868 Net income / loss from equity investments 8 5 EBIT -243 873 Non-operating adjustments 823 -182 Net book gains (-) / losses (+) -12 -1 Impact of derivative finan
Slide 20: Reconciliation of Adjusted EBIT to (Adjusted) Net Income
Reconciliation of Adjusted EBIT to (Adjusted) Net Income €m H1 2021 H1 2020 Adjusted EBIT 580 691 Economic interest result 82 16 Interest results for leasing -10 -12 Interest from financial assets / liabilities 42 36 Interest cost from provisions for pensions and similar provisions -6 -8 Accretion o
Slide 21: Cash-effective investments
Cash-effective investments Investments by segment €m H1 2021 H1 2020 European Generation 262 187 Global Commodities 19 27 Russian Power Generation 54 57 Administration / Consolidation 7 9 Total 341 279 Investment split – Growth and Maintenance €m H1 2021 H1 2020 Growth 186 175 Maintenance & replacem
Slide 22: Economic Net Debt
Economic Net Debt €m 30 Jun 2021 31 Dec 2020 Liquid funds 443 289 Non-current securities 109 98 Margining receivables1 2,019 898 Financial liabilities and liabilities from leases 3,558 1,743 Net financial position 987 457 Provisions for pensions and similar obligations 1,051 1,371 Asset retirement o
Slide 23: Consolidated balance sheet (1/2) – Assets
Consolidated balance sheet (1/2) – Assets €m 30 June 2021 31 Dec 2020 Goodwill 1,775 1,751 Intangible assets 721 734 Property, plant and equipment and right-of-use assets 9,902 9,769 Companies accounted for under the equity method 337 380 Other financial assets 1,084 926 Financial receivables and ot
Slide 24: Consolidated balance sheet (2/2) – Equity & liabilities
Consolidated balance sheet (2/2) – Equity & liabilities €m 30 June 2021 31 Dec 2020 Capital stock 622 622 Additional paid-in capital 10,825 10,825 Retained earnings 2,842 3,082 Accumulated other comprehensive income -3,652 -3,778 Equity attributable to the shareholders of Uniper SE 10,636 10,751 Att
Slide 25: Consolidated statement of cash flows (1/2)
Consolidated statement of cash flows (1/2) €m H1 2021 H1 2020 Net income / loss -20 677 Depreciation, amortization and impairment of intangible assets, of property, plant and equipment, and of right-of-use assets 348 562 Changes in provisions 444 -166 Changes in deferred taxes -79 113 Other non-cash
Slide 26: Consolidated statement of cash flows (2/2)
Consolidated statement of cash flows (2/2) €m H1 2021 H1 2020 Cash proceeds / payments arising from changes in capital structure1 -2 4 Cash dividends paid to shareholders of Uniper SE -501 -421 Cash dividends paid to other shareholders -15 -15 Proceeds from new financial liabilities 2,053 386 Repaym
Slide 27: Financial calendar & further information
Financial calendar & further information Financial calendar Further information https://ir.uniper.energy 05 November 2021 Quarterly Statement January – September 2021 23 February 2022 2021 Annual Report 03 May 2022 Quarterly Statement January – March 2022 18 May 2022 2022 Annual Shareholders Meeting
Slide 28: Uniper – Contact your Investor Relations team
Uniper – Contact your Investor Relations team Stefan Jost Adam Strzyz Jan Houben Executive Vice President Head of Investor Relations (SVP) Manager Investor Relations Group Finance&Investor Relations +49 171 778 8215 +49 151 2631 8000 stefan.jost@uniper.energy adam.strzyz@uniper.energy jan.houben@uni
Slide 29: Disclaimer
Disclaimer This document and the presentation to which it relates contains information relating to Uniper SE, ("Uniper" or the "Company") that must not be relied upon for any purpose and may not be redistributed, reproduced, published, or passed on to any other person or used in whole or in part for