Slide 1: H1 2021 Results
H1 2021 Results 12 August 2021 Michael Müller, CFO Thomas Denny, Head of Investor Relations
Slide 2: Disclaimer
Disclaimer This document contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management, and are based on information currently available to the management. Forward-looking statements shall not be construed as a promi
Slide 3: FY2021: outlook raised on the back of an outstanding H1 performance by Supply & Trading
FY2021: outlook raised on the back of an outstanding H1 performance by Supply & Trading • Good H1 results with core adj. EBITDA of €1.2bn. Adj. EBITDA of RWE Group at €1.8bn • Net debt at €0.9bn at the end of June driven by reduced pension provisions, good adj. operating cash flow and timing effects
Slide 4: Good H1 performance thanks to Supply & Trading, despite shortfall in Wind/Solar business
Good H1 performance thanks to Supply & Trading, despite shortfall in Wind/Solar business Core adj. EBITDA H1 2021 vs. H1 2020, € million -21% 1,523 • Offshore Wind earnings down compared to very strong 1,206 322 previous year due to below normal wind conditions • Onshore Wind/Solar earnings decrease
Slide 5: Wind/Solar buildout on track to reach 13GW target: 3.9GW under construction with COD by 2022
Wind/Solar buildout on track to reach 13GW target: 3.9GW under construction with COD by 2022 Capacity development Wind/Solar, as of 30 Jun 2021 GW pro rata Farm-down: Raymond West • Farm-down: US-windfarms Texas in Q1 (0.5GW) >13.0 1.4 • Capacity additions (0.4GW), of which -0.2 0.0 80MW increase by
Slide 6: Offshore Wind: Lower earnings due to unfavourable wind speeds this year
Core Offshore Wind: Lower earnings due to unfavourable wind speeds this year following above normal levels last year Key financials H1 - Offshore Wind Adj. EBITDA H1 2021 vs. H1 2020 € million H1 2021 H1 2020 change Below normal wind speeds in H1 2021 Very high wind speeds in Q1 2020 Adj. EBITDA 459
Slide 7: Onshore Wind/Solar: Earnings setback mainly due to one-off from Texas cold snap in Q1 2021
Core Onshore Wind/Solar: Earnings setback mainly due to one-off from Texas cold snap in Q1 2021 Key financials H1 - Onshore Wind/Solar Adj. EBITDA H1 2021 vs. H1 2020 Below normal wind speeds in H1 2021 in northern Europe € million H1 2021 H1 2020 change Very high wind speeds in Q1 2020 Adj. EBITDA
Slide 8: Hydro/Biomass/Gas: Good H1 performance impacted by intra-year effect in Dutch biomass support scheme
Core Hydro/Biomass/Gas: Good H1 performance impacted by intra-year effect in Dutch biomass support scheme Key financials H1 - Hydro/Biomass/Gas Adj. EBITDA H1 2021 vs. H1 2020 € million H1 2021 H1 2020 change Lower earnings from biomass operations due to timing effect which will revert in H2 2021 Ad
Slide 9: Supply & Trading: Outstanding trading performance in H1 beats FY2021 outlook
Core Supply & Trading: Outstanding trading performance in H1 beats FY2021 outlook for the division Key financials H1 - Supply & Trading Adj. EBITDA H1 2021 vs. H1 2020 € million H1 2021 H1 2020 change Outstanding trading performance partly offset by lower performance of Gas & LNG business Adj. EBITD
Slide 10: Coal/Nuclear: Solid earnings on back of higher realised hedged generation margins
Coal/Nuclear: Solid earnings on back of higher realised hedged generation margins Key financials H1 - Coal/Nuclear Adj. EBITDA H1 2021 vs. H1 2020 € million H1 2021 H1 2020 change Higher realised hedged generation margins Costs associated with the German coal phaseout Adj. EBITDA 545 310 235 t/o non
Slide 11: Adj. net income in line with the good development of adj. EBITDA in the first six months
Adj. net income in line with the good development of adj. EBITDA in the first six months of the year Adj. net income, € million H1 2020 H1 2021 Adj. EBITDA • Adj. EBITDA excludes non-operating result 1,833 1,751 H1 2021 • Adj. financial result includes payment of E.ON -720 Adj. depreciation -709 div
Slide 12: Adj. operating cash flow driven by good operational result and positive effects in working capital
Adj. operating cash flow driven by good operational result and positive effects in working capital Reconciliation to adj. operating cash flow, € million H1 2021 1,751 57 -146 1,726 • Changes in provisions/(Non-) Cash items among -363 427 others driven by book gains from the farm-down of Texas wind f
Slide 13: Net debt decreased significantly thanks to a very good adj. operating cash flow and timing effects
Net debt decreased significantly thanks to a very good adj. operating cash flow and timing effects from hedging Development of net debt, € billion H1 2021 4.4 0.6 -1.7 1.6 -3.3 -0.8 0.9 Net debt Adj. operating Net cash Dividends Other changes in Changes in Net debt 31 Dec 20 cash flow investments ne
Slide 14: Outlook for fiscal year 2021
Outlook for fiscal year 2021 Group outlook FY2021, € million Divisional outlook FY2021– adj. EBITDA, € million New Outlook Outlook New Outlook Outlook (July 2021) (March 2021) (July 2021) (March 2021) Core adj. EBITDA 2,150 – 2,550 1,800 – 2,200 Offshore Wind 1,050 – 1,250 1,050 – 1,250 Adj. EBITDA
Slide 15: Appendix
Appendix 12 August 2021 H1 2021 Results
Slide 16: Reconciliation to adj. net income
Reconciliation to adj. net income H1 2021 (€ million) Reported Adjustments Adjusted Adjusted EBITDA 1,751 - 1,751 Depreciation -709 - -709 Adjusted EBIT 1,042 - 1,042 Non-operating result 331 -331 - Financial result 149 -183 -34 Income from continuing 1,522 -514 1,008 operations before tax Taxes on
Slide 17: Economic net debt
Economic net debt Net debt (€ million) 30 Jun 2021 31 Dec 2020 +/- Net debt definition Cash and cash equivalents 7,043 4,774 2,269 • Net debt does not Marketable securities 4,273 4,517 -244 contain mining Other financial assets 3,168 2,507 661 provisions, which essentially cover our Financial assets
Slide 18: Key sensitivities to our planning assumptions for FY2021
Key sensitivities to our planning assumptions for FY2021 Driver Segment Type Sensitivity Group impact1 Wind levels Offshore Wind P&L +/- 10% production +/- €160 million Onshore Wind/Solar P&L +/- 10% production +/- €100 million Power prices Offshore Wind and Onshore Wind/Solar P&L +/- 10% +/- €70 mi
Slide 19: Your contacts in Investor Relations
Your contacts in Investor Relations Important Links Financial Calendar • Annual and interim reports & statements • 11 November 2021 ADR programme available Interim statement on the first three quarters of 2021 • Investor and analyst conferences • 15 November 2021 Further information on our homepage