Enbw Energie Baden-wuerttemberg Ag · XETR:EBK
Enbw Energie Baden-wuerttemberg — EnBW Energie Baden-Württemberg — Q1 2020 Earnings Presentation
20 slides from Enbw Energie Baden-wuerttemberg's earnings presentation, May 15, 2020
Slide 1: Investor and Analyst Conference Call Q1 2020
Investor and Analyst Conference Call Q1 2020 » Thomas Kusterer Chief Financial Officer Ingo Peter Voigt Head of Finance, M&A and Investor Relations 15 May 2020
Slide 2: Key messages
Key messages Resilient business model with stable cash flows Grids and Renewable Energies as earnings driver Earnings forecast 2020 unchanged for the time being €500 million senior bond issued on attractive terms in volatile market environment 2
Slide 3: Increase in adjusted EBITDA - as expected
Increase in adjusted EBITDA - as expected Adjusted EBITDA1 Adjusted Group Net Profit1,2 in € m in € m 945 370 784 +21% -79% 78 Q1 2019 Q1 2020 Q1 2019 Q1 2020 1 Prior-year figures adjusted 2 Attributable to the shareholders of EnBW AG 3
Slide 4: Sales and Grids: Increase in sales contribution
Sales and Grids: Increase in sales contribution Adjusted EBITDA1 in € m 78 67 + Plusnet contributing to earnings from beginning of third quarter 2019 Sales +16% - Higher procurement costs; price measures with delayed effect Q1 2019 Q1 2020 429 416 Grids -3% - Lower usage of gas distribution grids du
Slide 5: Renewable Energies and Generation and Trading: Hohe See and Albatros boost performance
Renewable Energies and Generation and Trading: Hohe See and Albatros boost performance Adjusted EBITDA1 in € m 236 + Hohe See has contributed to earnings since Q4 2019 Renewable 122 + Albatros has contributed to earnings since 2020 Energies +94% + Higher wind yields and higher water levels Q1 2019 Q
Slide 6: RCF increased mainly due to the increased cash-relevant EBITDA and lower income taxes paid
RCF increased mainly due to the increased cash-relevant EBITDA and lower income taxes paid EBITDA RCF in € m in € m in € m 769 Provisions -112 708 Taxes -38 778 Non-cash items +119 536 Net interest/ +25 dividends received Contribution from dedi- +15 cated financial assets Dividends paid 0 Q1 2019 Q1
Slide 7: Increase in net debt mainly due to decrease in the market value of long-term securities
Increase in net debt mainly due to decrease in the market value of long-term securities and higher margin payments in € m +6% 13,667 12,852 217 0 415 -778 961 Net debt 31.12.2019 FFO Working capital Investments, acquisitions Dividends paid Others (fair value Net debt 31.3.2020 and desinvestments of
Slide 8: For the time being earnings forecast 2020 unchanged
For the time being earnings forecast 2020 unchanged Group Sales Grids Renewable Energies Generation & Trading Forecast 2,750 325 1,300 825 825 425 2020 to to to to to to in € m 2,900 400 1,400 925 925 500 Adj. EBITDA 20191 2,433 323 1,355 499 430 in € m 1 Prior-year figures adjusted 8
Slide 9: Questions & Answers
Questions & Answers
Slide 10: Non-operating result
Non-operating result Q1 2020 Q1 20191 Variance in % in € m Income/expenses relating to nuclear power 14.3 -7.1 - Result from disposals 1.1 1.7 -35.3 Release of/addition to the provisions for onerous contracts relating to electricity procurement agreements -3.0 0.0 - Restructuring -5.9 -6.1 3.3 Valua
Slide 11: Calculation of net debt
Calculation of net debt1 in € m -5,841 13,667 13,169 9,408 -1,496 -1,573 6,339 Financial debt 50% equity Operating cash & Net financial Pension and nuclear Dedicated Net debt and others credit cash equivalents Liabilities power provisions (net) financial assets 1 As of 31 March 2020 11
Slide 12: Working capital effects
Working capital effects1 in € m -58 961 11 343 665 Trade receivables/payables Derivatives Inventories Others Change in Working capital 1 1.1. – 31.3.2020 12
Slide 13: Income statement
Income statement Q1 2020 Q1 20191 Variance in % in € m Revenue 5,411.7 5,908.7 -8.4 Changes in inventories/other own work capitalized 58.0 47.4 22.4 Cost of materials -4,010.3 -4,909.8 -18.3 Personnel expenses -500.5 -449.6 11.3 Other operating income/expenses -190.4 111.2 - EBITDA 768.5 707.9 8.6 A
Slide 14: Cash flow statement
Cash flow statement Q1 2020 Q1 2019 Variance in % in € m EBITDA 768.5 707.9 8.6 Changes in provisions -112.0 -100.8 11.1 Non-cash-relevant income/expenses 119.5 72.5 64.8 Income tax paid -37.5 -170.1 -78.0 Interest and dividends received 60.2 68.7 -12.4 Interest paid for financing activities -35.1 -
Slide 15: Hedge levels
Hedge levels1 in % 90-100 40-60 0-20 2021 2022 2023 1 As of 31 March 2020 15
Slide 16: EnBW has a flexible access to various financing sources
EnBW has a flexible access to various financing sources1 in € bn 7.0 4.3 3.0 2.0 2.7 1.5 0.5 Debt issuance pogramme Hybrid bonds² Commercial paper programme Thereof € 2.7 bn utilised2 Thereof € 0.5 bn utilised2 1.5 1.4 Project financing 1.0 0.4 and low-interest loans Syndicated credit line Bilateral
Slide 17: Maturities of EnBW's bonds
Maturities of EnBW’s bonds in € m 1,0001 9932 1,000 9936 1,000 ◼ First call dates of hybrid bonds ◼ Green bond ◼ First call dates of green hybrid bonds ◼ Hybrid bonds ◼ Senior bonds ◼ Green hybrid bonds 700 5004 500 500 5004 500 1705 953 100 75 50 …. …. …. …. …. 2021 2022 2023 2024 2025 2026 2027 20
Slide 18: EnBW IR contacts
EnBW IR contacts Ingo Peter Voigt Peter Berlin Head of Finance, Director Capital Markets M&A and Investor Relations (Finance, Ratings) +49 721 – 63 14 375 +49 721 – 63 12 844 investor.relations@enbw.com Julia von Wietersheim Lea Gantz Regina Martin Senior Manager Manager Manager Investor Relations I
Slide 19: Financial calendar 2020
Financial calendar 2020 17 July Virtual Annual General Meeting 30 July Six-Monthly Financial Report January to June 2020 Upcoming Conference time: 01:00 pm Events Quarterly Statement January to September 2020 13 November Conference time: 01:00 pm 19
Slide 20: Disclaimer
Disclaimer Unless indicated otherwise, all data contained hereinafter refers the context, but may also be identified by the use of the words to the EnBW group and is calculated according to IFRS. “may”, “will”, “should”, “plans”, “intends”, “expects”, “believes”, “assumes”, “forecasts”, “potentially
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