Uniper Se · XETR:UN0
Uniper — FY 2020 Earnings Presentation
36 slides from Uniper's earnings presentation, Mar 4, 2021
Slide 1: Empower Energy Evolution – FY 2020 Results and Outlook
Empower Energy Evolution FY 2020 Results and Outlook Andreas Schierenbeck – CEO Sascha Bibert – CFO 4 March 2021
Slide 2: Highlights
Highlights FY 2020 Results and Outlook Appendix 2
Slide 3: Highlights
Highlights Performance Portfolio & strategy Despite Covid-19, earnings at upper end of guidance range New strategy with focus on decarbonization announced in Adjusted EBIT 2020 up 16% to €998m March 2020 Adjusted Net Income up 26% to €774m Ambitious carbon reduction targets further specifi
Slide 4: Commodity prices in a strong upswing
Commodity prices in a strong upswing Gas prices1 Carbon prices2 Electricity prices3 Dark & spark spreads4 €/MWh €/t CO2 €/MWh €/MWh 20 40 60 18 18 30 45 11 16 20 30 4 14 10 15 -3 CSS Peak Germany CSS Base Nordic CDS Base 12 0 0 -10 Jan 2020 Jul 2020 Jan 2021 Jan 2020 Jul 2020 Jan 2021 Jan 2020 Jul 2
Slide 5: Operating indicators – Normalized gas storage filling levels, lower generation volumes
Operating indicators – Normalized gas storage filling levels, lower generation volumes Global Commodities European Generation Russian Power Gen. Carbon emissions Gas storage filling1 Production volume2 Production volume2 Scope-13 TWh TWh TWh m tons -14% -10% -9% 80 60 60 60 13.1 Coal 13.5 60 45 45 4
Slide 6: ESG – Increasing transparency on ambitions & performance
ESG – Increasing transparency on ambitions & performance European Generation towards 2020 with strong steps ahead ESG high on the radar in carbon neutrality 2021 & beyond Mt CO2 ESG indicators as part of management Specific 500g/kWh target achieved1 44 compensation -50% 40 Group-wide carbon net zero
Slide 7: The way ahead to implement our strategic goals
The way ahead to implement our strategic goals Hydrogen Hydrogen Hydrogen Hydrogen Plan – Perstorp project Ambition – 100 MW Ambition – JV to service city Commercialize on AIR electrolyser in of Hamburg (200 MW existing gas assets (sustain. methanol) Rotterdam electrolyser, sustain. heat) towards hy
Slide 8: FY 2020 Results and Outlook
Highlights FY 2020 Results and Outlook Appendix 8
Slide 9: Key financials FY 2020 – At the upper end of guidance
Key financials FY 2020 – At the upper end of guidance Adjusted EBIT Adjusted EBITDA OCF Dividend2 €m 998 €m 1,561 1,657 €m 1,241 €m 863 -322 932 501 3 1.37 FY 2019 FY 2020 FY 2019 FY 2020 H1 2019 H1 2020 FY 2019 FY 2020 FY 2020 Adjusted Net Income (ANI) Net Income1 Economic Net Debt (END) €m €m €m 6
Slide 10: Adjusted EBIT – Increase driven by gas midstream business
Adjusted EBIT – Increase driven by gas midstream business Reconciliation Adj. EBIT FY 2019 to FY 2020 €m Adj. EBIT FY 2019 863 Commodity gas & International/Other Commodity power optimization Outright power prices & volumes UK capacity market payments European fossil fleet optimization Russian power
Slide 11: Adj. EBIT(DA) to OCF – Strong cash conversion
Adj. EBIT(DA) to OCF – Strong cash conversion Reconciliation Adj. EBIT FY 2020 to Operating Cash Flow FY 2020 €m 363 658 -26 -91 -436 -195 -30 1,657 1,358 1,241 998 Adj. EBIT Depreciation and Adj. EBITDA Non-cash Provision Changes Others (incl. OCFbIT Interest Tax OCF FY 2020 amortization FY 2020 ef
Slide 12: Adjusted Net Income – Economic interest & taxes as expected
Adjusted Net Income – Economic interest & taxes as expected Reconciliation of Adj. EBIT FY 2020 to Adj. Net Income FY 2020 Key developments €m Economic interest result supported by: 39 − Sizeable interest income from assets − Low financial debt − Lower expenses from accretion of interest on long-t
Slide 13: Economic Net Debt – Cash-based net financial position improved
Economic Net Debt (END) – Cash-based net financial position improved; END up due to interest rates Reconciliation of Economic Net Debt YE 2019 to YE 2020 €m Net financial position improved by 108m 231 3,113 340 2,650 52 421 743 1,223 991 0.99 -83 1,031 1,371 -1,241 628 520 Economic Net Debt Divest O
Slide 14: Uniper's finance strategy – Three essential pillars
Uniper’s finance strategy – Three essential pillars Solid investment grade rating Significant growth investments Attractive dividend2 Uniper‘s target S&P’s Capex plan1 rating FFO / Net Debt €m €m 1,000 600 501 750 450 421 329 BBB >55% 500 300 250 150 0 0 FY 2020 FY 2021E FY 2022E FY 2023E FY 2018 FY
Slide 15: Outlook FY 2021 – Assumption of normal environment
Outlook FY 2021 – Assumption of normal environment Adjusted EBIT Adjusted EBIT Adjusted Net Income (ANI) Segment outlook €m €m 998 865 950 863 774 750 European Generation Range Significantly above (> 10%) Range 700 Global Commodities 550 Significantly below (< -10%) Russian Power Gen. Significantly
Slide 16: FY 2021 – Main earnings drivers
FY 2021 – Main earnings drivers Reconciliation Adj. EBIT FY 2020 to FY 2021 €m Adj. EBIT FY 2020 998 Outright power prices & volumes European fossil Commodity gas and International/Other Russian power generation Other Adj. EBIT FY 2021 700 - 950 Uniper SE, Presentation FY 2020, 04 March 2021 16
Slide 17: Appendix
Highlights FY 2020 Results and Outlook Appendix 17
Slide 18: Economic Net Debt is almost free of borrowed money
Economic Net Debt is almost free of borrowed money Economic Net Debt (YE 2020) Financial liabilities Interest rate sensitivities €bn €bn 3.11 Asset retirement obligations (c.p.)1 Asset retirement Lease liabilities 0.8 Current interest rates: from 0% to 1.2% 1.22 obligations Rough sensitivity:
Slide 19: 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 49 48 50 52 29 27 24 22 6 30 4 20 2 10 100% 95% 85% 90% 65% 25% 0 0 20202 2021 2022 2023 20202 2021 2022 2023 1, Price calculations are based on pro rata vo
Slide 20: Generation capacity in Europe and Russia
Uniper Group – Generation capacity in Europe and Russia Generation capacity In MW1 31 Dec 2020 31 Dec 2019 Gas Russia2 7,139 7,131 UK 4,180 4,188 Germany 2,912 2,912 Netherlands 525 526 Sweden 449 447 Hungary 428 428 Hard coal Germany 3,954 2,902 UK 2,000 2,000 Netherlands 1,070 1,070 Lignite Russia
Slide 21: Net electricity generation volumes in Europe and Russia
Uniper Group – Net electricity generation volumes in Europe and Russia Electricity generation volumes In TWh1 FY 2020 Q4 2020 FY 2019 Gas Russia 36.0 9.5 38.6 UK 10.2 3.0 13.0 Germany 1.9 1.5 0.9 Netherlands 1.5 0.3 1.8 France3 0.0 0.0 2.0 Hungary 2.2 0.6 2.6 Hard coal Germany 6.2 1.3 5.7 UK 0.4 0.3
Slide 22: Adjusted EBIT(DA) by sub-segment
Uniper Group – Adjusted EBIT(DA) by sub-segment Adjusted EBITDA and EBIT FY 2020 FY 2019 FY 2020 FY 2019 €m Adj. EBITDA Adj. EBITDA Adj. EBIT Adj. EBIT European Generation Subtotal 863 863 492 424 Hydro 324 304 264 243 Nuclear 116 60 62 -3 Fossil 462 519 211 208 Other / Consolidation -39 -20 -45 -24
Slide 23: Adjusted EBIT – Development by sub-segment
Adjusted EBIT – Development by sub-segment European Generation Global Commodities Russian Power Generation €m €m €m 65 3 21 357 -21 -121 -27 424 492 496 308 287 -82 226 FY 2019 Hydro Nuc. Fossil Cons. FY 2020 FY 2019 Gas Internat./ Power FY 2020 FY 2019 Russia FY 2020 Other Hydro: Higher volumes
Slide 24: Key financial performance items
Uniper Group – Key financial performance items Reconciliation of Adjusted EBITDA to Adjusted Net Income and Net income €m FY 2020 FY 2019 Adjusted EBITDA 1,657 1,561 Economic depreciation and amortization / reversals -658 -698 Adjusted EBIT 998 863 Economic interest result 39 18 Taxes on operating r
Slide 25: Adjusted EBIT to Net Income
Uniper Group – Adjusted EBIT to Net Income Reconciliation of Adjusted EBIT FY 2020 to Net Income FY 2020 €m -224 -150 Adj. Economic Adjusted Derivative Adjustments from Net Other Taxes on non- Net Income1 EBIT interest, taxes, Net Income financial physically settled impairments operating earnings &
Slide 26: Economic interest result (net)
Uniper Group – Economic interest result (net) Economic interest result €m FY 2020 FY 2019 Interest rate effects for leasing -26 -26 Interest from financial assets / liabilities 74 56 Interest cost from provisions for pensions and similar provisions -16 -20 Accretion of provisions for asset retiremen
Slide 27: Non-operating adjustments
Uniper Group – Non-operating adjustments Non-operating adjustments w/o interest1 €m FY 2020 FY 2019 Impact of derivative financial instruments -570 -1,228 Adjustments of revenue and cost of materials from physically settled commodity derivatives to the contract price 995 448 Restructuring / cost man
Slide 28: Cash-effective investments
Uniper Group – Cash-effective investments Investments by segment €m FY 2020 FY 2019 % European Generation 555 409 35.7 Global Commodities 50 27 85.2 Russian Power Generation 121 196 -38.3 Administration / Consolidation 16 26 -38.5 Total 743 657 13.1 Investment split – Maintenance and growth €m FY 20
Slide 29: Net financial position
Uniper Group – Net financial position Net financial position €m 31 Dec 2020 31 Dec 2019 Liquid funds 289 871 Non-current securities 98 100 Margining receivables 835 336 Financial liabilities and liabilities from leases 1,743 1,935 Net financial position 520 628 Provisions for pensions and similar ob
Slide 30: Consolidated balance sheet (1/2)
Uniper Group – Consolidated balance sheet (1/2) Balance sheet – Non-current and current assets €m 31 Dec 2020 31 Dec 2019 Goodwill 1,751 1,886 Intangible assets 734 742 Property, plant and equipment and right-of-use assets 9,769 10,201 Companies accounted for under the equity method 380 446 Other fi
Slide 31: Consolidated balance sheet (2/2)
Uniper Group – Consolidated balance sheet (2/2) Balance sheet – Equity and liabilities €m 31 Dec 2020 31 Dec 2019 Capital stock 622 622 Additional paid-in capital 10,825 10,825 Retained earnings 3,082 3,145 Accumulated other comprehensive income -3,778 -3,207 Equity attributable to the shareholders
Slide 32: Consolidated statement of cash flows (1/2)
Uniper Group – Consolidated statement of cash flows (1/2) Statement of cash flows1 €m FY 2020 FY 2019 Net income / loss 402 644 Depreciation, amortization and impairment of intangible assets, of property, plant and equipment, and of right-of-use assets 1,077 1,750 Changes in provisions 103 -700 Chan
Slide 33: Consolidated statement of cash flows (2/2)
Uniper Group – Consolidated statement of cash flows (2/2) Statement of cash flows1 €m FY 2020 FY 2019 Cash proceeds/payments arising from changes in capital structure 4 3 Cash dividends paid to shareholders of Uniper SE -421 -329 Cash dividends paid to other shareholders -28 -32 Proceeds from new fi
Slide 34: Financial calendar & further information
Financial calendar & further information Financial calendar Further information https://ir.uniper.energy 06 May 2021 Quarterly Statement January – March 2021 19 May 2021 2021 Annual Shareholders Meeting 11 August 2021 Interim Report January – June 2021 05 November 2021 Quarterly Statement January–Se
Slide 35: Contact your Investor Relations team
Uniper – Contact your Investor Relations team Stefan Jost Adam Strzyz Uniper SE Executive Vice President Head of Investor Relations (SVP) Investor Relations Group Finance&Investor Relations +49 171 778 8215 +49 211 4579 4425 stefan.jost@uniper.energy adam.strzyz@uniper.energy ir@uniper.energy Peter
Slide 36: 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