Enbw Energie Baden-wuerttemberg Ag · XETR:EBK
Enbw Energie Baden-wuerttemberg — EnBW Energie Baden-Württemberg — Q3 2021 Earnings Presentation
23 slides from Enbw Energie Baden-wuerttemberg's earnings presentation, Nov 12, 2021
Slide 1: Investor and analyst conference call Q3 2021
Investor and analyst conference call Q3 2021 » Thomas Kusterer Chief Financial Officer Marcel Münch Head of Finance, M&A and Investor Relations 12 November 2021
Slide 2: Key messages
Investor and analyst conference call Q3 2021 Key messages Adjusted EBITDA: Slight reduction by 4% – outlook 2021 unchanged Significant net debt reduction to €10.9 bn On our way to climate neutrality Sustainable transition of generation portfolio • Decommissioning of coal-fired power plants: RDK 7 by
Slide 3: Temporary effects slightly reduced adjusted EBITDA
Investor and analyst conference call Q3 2021 Temporary effects slightly reduced adjusted EBITDA Financial result improvement increases adjusted Group net profit Adjusted EBITDA Adjusted Group net profit1 in € m in € m 2,063 730 1,973 367 -4% +99% Q3 2020 Q3 2021 Q3 2020 Q3 2021 1 Attributable to the
Slide 4: Smart Infrastructure for Customers
Investor and analyst conference call Q3 2021 Smart Infrastructure for Customers Improved earnings in the commodity business Adjusted EBITDA in € m 297 Electricity and gas sales Improved earnings in the commodity business at all our sales companies 216 Positive earnings performance at our subsidiary
Slide 5: System Critical Infrastructure
Investor and analyst conference call Q3 2021 System Critical Infrastructure As expected, higher expenses due to necessary grid expansion Adjusted EBITDA in € m 1,030 991 Transmission and distribution grids Higher grid revenues Higher personnel expenses due to the necessary grid expansion -4% Q3 2020
Slide 6: Sustainable Generation Infrastructure
Investor and analyst conference call Q3 2021 Sustainable Generation Infrastructure Lower wind yields and temporary valuation effects Adjusted EBITDA in € m 961 853 Renewable Energies 586 Lower wind yields compared to previous year and long-term average 544 Thermal Generation and Trading -11% Tempora
Slide 7: Decrease in RCF mainly due to higher dividend payout and interest paid
Investor and analyst conference call Q3 2021 Decrease in RCF mainly due to higher dividend payout and interest paid EBITDA in € m Retained cash flow in € m in € m 1,945 1,783 Provisions -61 Taxes -116 1,114 Non-cash items -208 893 Net interest/ dividends received +16 Contribution from dedicated fina
Slide 8: Significant reduction of net debt
Investor and analyst conference call Q3 2021 Significant reduction of net debt mainly driven by RCF, a significant reduction in WC as well as EEG payments received and increased pension discount rate in € m -25% 14,407 -1,439 547 -2,985 -804 10,862 RCF: -893 1,430 -293 Net debt FFO Dividends paid Wo
Slide 9: Outlook 2021 confirmed
Investor and analyst conference call Q3 2021 Outlook 2021 confirmed 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 Q3 2021 Questions & Answers 10
Slide 11: Appendix
Investor and analyst conference call Q3 2021 Appendix › Additional information ……………………………………………………………..……….. Page 12 › Service information ……….………………………………………………….…………………. Page 22 11
Slide 12: Non-operating result
Investor and analyst conference call Q3 2021 Non-operating result in € m Q3 2021 Q3 2020 Change in % Income/expenses relating to nuclear power 95.8 14.6 - Result from disposals -4.5 -3.2 40.6 Reversals of/additions to the provisions for onerous contracts relating to electricity procurement agreement
Slide 13: Calculation of net debt
Investor and analyst conference call Q3 2021 Calculation of net debt1 in € m -6,522 11,588 12,314 10,862 -1,746 -4,772 5,070 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 Q3 2021 Working capital effects1 in € m -1,485 -1,620 62 58 -2,985 Trade receivables/payables Derivatives Inventories Others Change in Working capital 1 1.1. – 30.9.2021 14
Slide 15: Income statement
Investor and analyst conference call Q3 2021 Income statement in € m Q3 2021 Q3 2020 Change in % Revenue 18,720.8 13,682.0 36.8 Changes in inventories/other own work capitalized 185.0 204.7 -9.6 Cost of materials -14,769.7 -9,819.1 50.4 Personnel expenses -1,741.4 -1,537.8 13.2 Other operating incom
Slide 16: Retained cash flow
Investor and analyst conference call Q3 2021 Retained cash flow in € m Q3 2021 Q3 2020 Change in % EBITDA 1,782.6 1,944.6 -8.3 Changes in provisions -60.7 -410.0 -85.2 Non-cash-relevant income/expenses -208.2 56.6 - Income tax paid -116.3 -137.3 -15.3 Interest and dividends received 270.4 186.6 44.9
Slide 17: Electricity generation hedge levels
Investor and analyst conference call Q3 2021 Electricity generation hedge levels1 in % 90-100 50-80 20-40 2022 2023 2024 1 As of 30 September 2021 17
Slide 18: EnBW has flexible access to various financing sources
Investor and analyst conference call Q3 2021 EnBW has flexible access to various financing sources 1,2 in € bn 7.0 2.3 3.5 4.7 2.0 Debt issuance Subordinated bonds Commercial programme paper programme Thereof €4.7 bn utilised Undrawn Other sources 1.5 1.4 › Project financing and EIB loans › Financin
Slide 19: Maturities of EnBW's bonds
Investor and analyst conference call Q3 2021 Maturities of EnBW’s bonds in € m Green subordinated bonds Green senior bond First call dates of subordinated bonds as of 30 Sep. 2021 Subordinated bonds First call dates of green subordinated bonds Senior bonds 9931 1,000 1,000 1,000 1,000 9938 1,000 1,0
Slide 20: Fixed income: Credit ratings
Investor and analyst conference call Q3 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 Q3 2021 Major sustainability ratings Climate Rating ESG Risk Rating ESG Rating ESG Rating CDP1 Sustainalytics2 ISS ESG3 MSCI4 2019 2020 2020 2021 2020 2021 2020 2021 Risk B A 32.8 31.0 B- B AA A Manage- Leader- High High Prime Prime Outper- Average ment ship Stat
Slide 22: EnBW IR contacts
Investor and analyst conference call Q3 2021 EnBW IR contacts Marcel Münch Peter Berlin Julia von Wietersheim Head of Finance, M&A and Director Capital Markets Senior Manager Investor Relations Investor Relations +49 721 – 63 16 102 +49 721 – 63 12 844 +49 721 – 63 12 060 investor.relations@enbw.com
Slide 23: Financial calendar
Investor and analyst conference call Q3 2021 Financial calendar Publication Integrated Annual Report 2021 23 March 2022 Investor and analyst conference call: 03:00 pm 5 May 2022 Annual General Meeting 2022 Publication figures Q1 2022 13 May 2022 Investor and analyst conference call: 01:00 pm Upcomin
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