Enbw Energie Baden-wuerttemberg Ag · XETR:EBK
Enbw Energie Baden-wuerttemberg — EnBW Energie Baden-Württemberg — Q2 2021 Earnings Presentation
23 slides from Enbw Energie Baden-wuerttemberg's earnings presentation, Jul 29, 2021
Slide 1: Investor and analyst conference call Q2 2021
Investor and analyst conference call Q2 2021 » Thomas Kusterer Chief Financial Officer Julia von Wietersheim Senior Manager Investor Relations 29 July 2021
Slide 2: Key messages
Investor and analyst conference call Q2 2021 Key messages Reduction in adjusted EBITDA due to temporary effects – outlook 2021 unchanged €1.25 bn one-off effects, mainly due to impairment needs on the power plant portfolio - no impact on operating result Project news: Milestone for subsidy-free offs
Slide 3: Temporary effects weigh on adjusted EBITDA
Investor and analyst conference call Q2 2021 Temporary effects weigh on adjusted EBITDA Improvement in the financial result increases adjusted Group net profit Adjusted EBITDA Adjusted Group net profit1 in € m in € m 1,587 594 1,479 370 -7% +61% Q2 2020 Q2 2021 Q2 2020 Q2 2021 1 Attributable to the
Slide 4: Smart Infrastructure for Customers
Investor and analyst conference call Q2 2021 Smart Infrastructure for Customers Earnings increase driven by improved earnings in the commodity business Adjusted EBITDA in € m 208 Electricity and gas sales Improved earnings in the commodity business at all our sales companies Positive earnings develo
Slide 5: System Critical Infrastructure
Investor and analyst conference call Q2 2021 System Critical Infrastructure As expected higher expenses due to necessary grid expansion Adjusted EBITDA in € m 745 Transmission and distribution grids 662 Higher revenue from use of gas and electricity Higher personnel expense due to the necessary grid
Slide 6: Sustainable Generation Infrastructure
Investor and analyst conference call Q2 2021 Sustainable Generation Infrastructure Lower wind yields and temporary valuation effects Adjusted EBITDA in € m 819 727 Renewable Energies 426 Lower wind yields compared to previous year and long-term average 382 Thermal Generation and Trading -11% Tempora
Slide 7: Decrease in retained cash flow mainly due to higher dividend payout
Investor and analyst conference call Q2 2021 Decrease in retained cash flow mainly due to higher dividend payout EBITDA in € m Retained cash flow in € m in € m 1,359 Provisions +37 1,167 Taxes -79 1,091 Non-cash items -19 836 Net interest/ dividends received -32 Contribution from dedicated financial
Slide 8: Decrease in net debt mainly driven by received EEG payments
Investor and analyst conference call Q2 2021 Decrease in net debt mainly driven by received EEG payments and decreased security margin payments in € m -18% 14,407 -1,123 500 -2,044 287 -1,036 11,848 858 Net debt 31.12.2020 FFO Working capital Investments, Dividends paid 50% Subordinated Others (incr
Slide 9: Outlook 2021 unchanged
Investor and analyst conference call Q2 2021 Outlook 2021 unchanged in € m Group 2,825 to 2,975 Smart Infrastructure for Customers System Critical Infrastructure Sustainable Generation Infrastructure 335 1,347 1,278 Adj. EBITDA 2020 Adj. EBITDA 2020 Adj. EBITDA 2020 300 1,300 1,375 to to to 375 1,40
Slide 10: Questions & Answers
Investor and analyst conference call Q2 2021 Questions & Answers 10
Slide 11: Appendix
Investor and analyst conference call Q2 2021 Appendix › Additional information ……………………………………………………………..……….. Page 12 › Service information ……….………………………………………………….…………………. Page 22 11
Slide 12: Non-operating result
Investor and analyst conference call Q2 2021 Non-operating result in € m Q2 2021 Q2 2020 Change in % Income/expenses relating to nuclear power 27.8 14.6 90.4 Result from disposals -4.8 -4.0 20.0 Reversals of / additions to the provisions for onerous contracts relating to electricity procurement agre
Slide 13: Calculation of net debt
Investor and analyst conference call Q2 2021 Calculation of net debt1 in € m -6,428 11,848 12,455 10,573 -1,246 -3,506 5,821 Financial debt 50% equity Operating cash & Net financial Pension and nuclear Dedicated Net debt and others credit cash equivalents Liabilities power provisions (net) financial
Slide 14: Working capital effects
Investor and analyst conference call Q2 2021 Working capital effects1 in € m -784 -1,106 -158 3 -2,044 Trade receivables/payables Derivatives Inventories Others Change in Working capital 1 1.1. – 30.6.2021 14
Slide 15: Income statement
Investor and analyst conference call Q2 2021 Income statement in € m1 Q2 2021 Q2 2020 Change in % Revenue 12,654.7 9,802.5 29.1 Changes in inventories/other own work capitalized 127.2 130.8 -2.8 Cost of materials -10,136.2 -7,127.6 -42.2 Personnel expenses -1,180.9 -1,037.4 -13.8 Other operating inc
Slide 16: Retained cash flow
Investor and analyst conference call Q2 2021 Retained cash flow in € m Q2 2021 Q2 2020 Change in % EBITDA 1.167,2 1.359,1 -14,1 Changes in provisions 36,5 -286,5 -112,7 Non-cash-relevant income/expenses -19,0 172,9 -111,0 Income tax paid -79,2 -61,3 29,2 Interest and dividends received 163,9 116,8 4
Slide 17: Hedge levels
Investor and analyst conference call Q2 2021 Hedge levels1 in % 80-100 50-70 10-30 2022 2023 2024 1 As of 30 June 2021 17
Slide 18: EnBW has flexible access to various financing sources
Investor and analyst conference call Q2 2021 EnBW has flexible access to various financing sources 1,2 in € bn 7.0 2.3 2.5 2.0 4.7 Debt Issuance Subordinated bonds Commercial Paper Programme Programme Thereof €4.7 bn utilised Undrawn Other sources 1.5 › Project financing and EIB loans 1.2 › Financin
Slide 19: Maturities of EnBW's bonds
Investor and analyst conference call Q2 2021 Maturities of EnBW’s bonds in € m Green subordinated bonds Green senior bond First call dates of subordinated bonds as of 30 June 2021 Subordinated bonds First call dates of green subordinated bonds Senior bonds 9931 1,000 1,000 1,000 9936 1,000 5004 500
Slide 20: Fixed income: Credit ratings
Investor and analyst conference call Q2 2021 Fixed income: Credit ratings Baa1 / stable A- / stable 18 May 2021 2 June 2021 › Leadership position as vertically integrated utility within Baden-Württemberg › Well positioned amid the European energy transition, with a business mix that is proving resil
Slide 21: Major sustainability ratings
Investor and analyst conference call Q2 2021 Major sustainability ratings Climate Rating ESG Risk Rating ESG Rating ESG Rating CDP1 Sustainalytics2 ISS ESG3 MSCI4 2019 2020 2020 2021 2019 2020 2020 2021 Risk B A 32.8 31.0 B- B- AA A Manage- Leader- High High Prime Prime Outper- Average ment ship Sta
Slide 22: EnBW IR contacts
Investor and analyst conference call Q2 2021 EnBW IR contacts Peter Berlin Julia von Wietersheim Director Capital Markets Senior Manager (Finance, Ratings) Investor Relations +49 721 – 63 12 844 +49 721 – 63 12 060 investor.relations@enbw.com Lea Gantz Regina Martin Julia Reinhardt Manager Manager M
Slide 23: Financial calendar
Investor and analyst conference call Q2 2021 Financial calendar Publication figures Q3 2021 12 November 2021 Investor and analyst conference call: 01:00 pm Publication Integrated Annual Report 2021 23 March 2022 Investor and analyst conference call: 03:00 pm 5 May 2022 Annual General Meeting 2022 Up
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