Uniper Se · XETR:UN0
Uniper — Q3 2023 Earnings Presentation
30 slides from Uniper's earnings presentation, Oct 31, 2023
Slide 1: 9M 2023 Interim Results
9M 2023 Interim Results Jutta Dönges – CFO 31 October 2023
Slide 2: 9M 2023 Interim Results Appendix
9M 2023 Interim Results Appendix
Slide 3: 9M 2023 Highlights – Uniper's recovery continues
9M 2023 Highlights – Uniper’s recovery continues Business performance & major events Exceptional 9M 2023 earnings driven by gains from procurement of gas replacement volumes, fossil generation and strong optimization results € 6,033m PY: €-4,556m1 S&P Global acknowledges Uniper’s strategy keeping ra
Slide 4: EGM – Capital measures to enable future ability to pay dividends
EGM – Capital measures to enable future ability to pay dividends German GAAP Equity Dividend payout eligibility currently blocked by €bn Net Loss under German GAAP Total 1.0 1.0 1.02 EGM1 will decide on reduction of the par value Reduction of par value and per share from €1.70 to €1.00 and the total
Slide 5: Key financials 9M 2023 – Continued strong operating results in the 3rd quarter
Key financials 9M 2023 – Continued strong operating results in the 3rd quarter Adjusted EBIT Adjusted EBITDA Operating Cash Flow (OCF) €m €m €m 5,484 6,033 6,874 -5,086 -4,556 -11,217 1 1 1 9M 2022 9M 2023 9M 2022 9M 2023 9M 2022 9M 2023 Adjusted Net Income 1 (ANI) Net Income Economic Net Debt3 €m €
Slide 6: Adjusted EBIT – Record result boosted by gas business and European fossil generation
Adjusted EBIT – Record result boosted by gas business and European fossil generation Reconciliation Adj. EBIT 9M 2022 to 9M 2023 €m Adj. EBIT 9M 2022 -5,086 Gas (incl. Russian gas curtailment) International (LNG, other fuels) & Power European fossil generation Outright power (hydro & nuclear) Other
Slide 7: Operating cash flow – Outturn in sync with operating results
Operating cash flow – Outturn in sync with operating results Reconciliation Adj. EBIT 9M 2023 to Operating Cash Flow 1 9M 2023 €m 848 1,881 190 285 611 328 549 7,349 6,874 5,484 6,033 PY: -5,086 PY: -4,556 PY: -10,810 PY: -11,217 Adj. EBIT Depreciation Adj. EBITDA Non-cash Provision Changes in Other
Slide 8: Financials – Recovery fueled by strong operating performance
Financials – Recovery fueled by strong operating performance Equity Margining (net) Financing instruments / Utilized €bn €bn €bn 13.0 Bank loans/CPs 11.0 13.7 14.1 undrawn credit 4.4 facilities 8.8 -31.5 4.3 KfW 3.1 3.1 0.9 Q3 2022 YE 2022 Q1 2023 Q2 2023 Q3 2023 Q3 2022 YE 2022 Q1 2023 Q2 2023 Q3 2
Slide 9: Economic net debt – Further into positive territory
Economic net debt – Further into positive territory driven by strong operating cash flow Reconciliation of Economic Net Debt YE 2022 to Economic Net Cash 9M 2023 €m 272 163 79 -409 198 6,874 4,128 -3,049 Economic Net Debt OCF Investments Divestments Other Effects Pensions ARO Economic Net Cash YE 20
Slide 10: Updated Outlook FY 2023 – Exceptional year confirmed
Updated Outlook FY 2023 – Exceptional year confirmed Adjusted EBIT Adjusted EBIT Adjusted Net Income (ANI) €bn Major drivers €bn 7.0 Strong performance in European Range Generation driven by hedged Mid single digit 5.0 billion euros 6.0 transaction in coal- and gas-fired power generation Range Mid s
Slide 11: Appendix
9M 2023 Interim Results Appendix
Slide 12: EGM – Change of German GAAP Equity, Add. Paid-in Capital and number of shares
EGM – Change of German GAAP Equity, Add. Paid-in Capital and number of shares €m 31 Dec 2022 After EGM1 Capital Stock 14,160 416 Additional Paid-in Capital 10,825 24,569 Retained Earnings 178 178 Net Income / Net Loss -24,202 -24,202 Total Equity 961 961 Capital Stock in €m Number of shares 31 Dec 2
Slide 13: Operating indicators – Healthy performance in subdued European energy markets
Operating indicators – Healthy performance in subdued European energy markets Global Commodities European Generation Group carbon emissions Gas storage filling1 Production volume2 Scope-13 % TWh m tons +5% -20% -30% 45.9 36.9 88% 92% 8.0 19.1 13.3 14.1 6.2 8.6 9M 2022 9M 2023 9M 2022 9M 2023 9M 2022
Slide 14: Commodity prices – Slipping from record levels
Commodity prices – Slipping from record levels Gas prices1 Carbon prices2 Electricity prices3 Dark & spark spreads4 €/MWh €/t CO2 €/MWh €/MWh 400 150 1,250 Germany 1,000 CDS Base Nordics CSS Base 320 120 1,000 800 240 90 750 600 160 60 500 400 80 30 250 200 0 0 0 0 Jan 22 Jul 22 Jan 23 Jul 23 Jan 22
Slide 15: Outright power hedging in Germany and Nordic – Physical asset positions
Outright power hedging in Germany and Nordic – Physical asset positions Hedged prices and hedge ratios Germany1 Hedged prices and hedge ratios Nordic1 €/MWh €/MWh 24 25 136 41 45 47 TWh TWh 8 24 6 18 4 12 2 6 95% 80% 50% 85% 50% 15% 0 0 2 2 2023 2024 2025 2023 2024 2025 1. Contracts for differences
Slide 16: European generation capacity
European generation capacity MW 1 31 Dec 2022 Gas United Kingdom 4,193 Germany 3,333 Netherlands 525 Hungary 428 Hard coal Germany 3,197 United Kingdom 2,000 Netherlands 1,070 Hydro Germany 1,983 Sweden 1,579 Nuclear Sweden 1,400 Other Germany 1,418 Sweden 1,175 United Kingdom 221 Total 22,523 1. Ac
Slide 17: Electricity generation
Electricity generation TWh1 9M 2023 9M 2022 Gas Subtotal 14.08 14.79 United Kingdom 8.38 8.37 Germany 3.60 3.64 Netherlands 0.32 0.69 Hungary 1.77 2.10 Hard coal Subtotal 8.04 14.59 Germany 4.38 7.47 United Kingdom 1.51 3.23 2 Netherlands 2.14 3.70 Hydro Subtotal 8.62 9.06 Germany3 3.81 3.42 Sweden
Slide 18: Adjusted EBIT(DA) by sub-segment
Adjusted EBIT(DA) by sub-segment 9M 2023 9M 20221 9M 2023 9M 20221 €m Adj. EBITDA Adj. EBITDA Adj. EBIT Adj. EBIT European Generation Subtotal 2,184 257 1,714 -93 Hydro 513 127 465 81 Nuclear 87 104 42 62 Fossil 1,618 77 1,242 -182 Other / Consolidation -33 -51 -34 -54 Global Commodities Subtotal 3,
Slide 19: Adjusted EBIT – Development by sub-segment
Adjusted EBIT – Development by sub-segment European Generation Global Commodities €m €m 384 -20 20 1,714 499 62 3,857 8,022 1,424 -93 -4,727 9M 2022 Fossil Hydro Nuclear Other 9M 2023 9M 2022 Gas International/ Power 9M 2023 Other Fossil: Strong underlying performance due to successful hedging G
Slide 20: Reconciliation of Income/Loss before Financial Results & Taxes
Reconciliation of Income/Loss before Financial Results & Taxes €m 9M 2023 9M 20221 Income / Loss before financial results and taxes 10,160 -44,700 Net income / loss from equity investments 20 4 EBIT 10,180 -44,696 Non-operating adjustments -4,696 39,610 Net book gains (-) / losses (+) -21 - Impact o
Slide 21: Reconciliation of Adjusted EBIT to Adjusted Net Income
Reconciliation of Adjusted EBIT to Adjusted Net Income €m 9M 2023 9M 20221 Adjusted EBITDA 6,033 -4,556 Economic depreciation, amortization & impairments -549 -529 Adjusted EBIT 5,484 -5,086 Economic interest result -140 98 Adjusted earnings before taxes 5,344 -4,988 Taxes on operating result -1,594
Slide 22: Cash-effective investments
Cash-effective investments €m 9M 2023 9M 20221 European Generation 303 273 Global Commodities 92 55 Administration / Consolidation 14 21 Total 409 349 thereof Growth 139 102 thereof Maintenance and replacement 269 246 1. Russian Power Generation classified as 'discontinued operations’ in 2022; prior
Slide 23: Economic net debt
Economic net debt €m 30 Sep 2023 31 Dec 2022 Financial liabilities and liabilities from leases (+) 1,306 11,575 Commercial paper (+) 243 - Liabilities to banks (+) 19 8,627 Lease liabilities (+) 653 690 Margining liabilities (+) 20 1,890 Liabilities from shareholder loans towards Uniper shareholders
Slide 24: Consolidated balance sheet (1/2) – Assets
Consolidated balance sheet (1/2) – Assets €m 30 Sep 2023 31 Dec 2022 Intangible assets 674 687 Property, plant and equipment and right-of-use assets 7,961 9,228 Companies accounted for under the equity method 309 291 Other financial assets 795 1,137 Financial receivables and other financial assets 2
Slide 25: Consolidated balance sheet (2/2) – Equity & liabilities
Consolidated balance sheet (2/2) – Equity & liabilities €m 30 Sep 2023 31 Dec 2022 Capital stock 14,160 14,160 Additional paid-in capital 10,825 10,825 Retained earnings -10,260 -19,840 Accumulated other comprehensive income -873 -917 Equity attributable to shareholders of Uniper SE 13,853 4,228 Equ
Slide 26: Consolidated statement of cash flows (1/2)
Consolidated statement of cash flows (1/2) €m 9M 2023 9M 20221 Net income/loss 9,786 -40,374 Income/loss from discontinued operations – 585 Depreciation, amortization and impairment of intangible assets, of property, plant and equipment, and of 1,443 2,113 right-of-use assets Changes in provisions -
Slide 27: Consolidated statement of cash flows (2/2)
Consolidated statement of cash flows (2/2) €m 9M 2023 9M 20221 Proceeds from disposal 198 123 Purchases of investments -409 -349 Proceeds from disposal of securities (> 3 months) and of financial receivables and fixed-term deposits 3,391 226 Purchases of securities (> 3 months) and of financial rece
Slide 28: Financial calendar & further information
Financial calendar & further information Financial calendar 08 December 2023 Extraordinary General Meeting 28 February 2024 2023 Annual Report Stay informed about Uniper 07 May 2024 Quarterly Statement January – March 2024 uniper.energy/investors 15 May 2024 2024 Annual General Meeting 06 August 202
Slide 29: Uniper – Contact your Investor Relations team
Uniper – Contact your Investor Relations team Stefan Jost Sebastian Veit Executive Vice President Head of Investor Relations (SVP) Group Finance & Investor Relations +49 151 5504 9337 stefan.jost@uniper.energy sebastian.veit@uniper.energy Eva Götze Peter Wirtz Sabine Burkhardt Manager Investor Relat
Slide 30: 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