Slide 1: Empower Energy Evolution – H1 2020 Interim Results
Empower Energy Evolution H1 2020 Interim Results Andreas Schierenbeck – CEO Sascha Bibert – CFO 11 August 2020
Slide 2: Highlights
Highlights Financial results H1 2020 and outlook Appendix
Slide 3: Highlights
Highlights Performance Portfolio & Strategy Shareholders Adj. EBIT in H1 2020 €691m Uniper intensifies hydrogen activities by Five new shareholder representatives (vs. €308m in H1 2019) expanding the team and collaborating with elected to the Supervisory Board at GE and Siemens to decarbonize
Slide 4: The development of our hydrogen strategy is a key priority
The development of our hydrogen strategy is a key priority Uniper's focus areas on the hydrogen value Key developments EU and Germany with ambitious new Hydrogen hydrogen plans Energy supply Conversion Midstream End users production EU's roadmap heading for 40 GW of electrolyser capacity by 2030
Slide 5: Execution of our European coal phase-out plan is progressing
Execution of our European coal phase-out plan is progressing Germany's coal exit path1 Uniper’s coal exit path Key developments Germany and rest of Europe Uniper committed to significant reduction MW MW in its European coal power capacity by 2025 -78% (of which Germany alone c.-78%) 50,000 -40% 5,
Slide 6: Markets – Spark spreads increased in forward markets
Markets – Spark spreads increased in forward markets Gas prices1 Carbon prices2 Electricity prices3 Dark & spark spreads4 €/MWh €/t CO2 €/MWh €/MWh 30 50 18 18 16 25 40 11 14 20 30 4 12 15 20 -3 CSS Peak Germany CSS Base TTF CO2 Nordic CDS Base 10 10 10 -10 Jan 2020 Mar 2020 May 2020 Jul 2020 Jan 20
Slide 7: Operating indicators – Lower demand for fossil generation
Operating indicators – Lower demand for fossil generation Global Commodities European Generation Russian Power Gen. Carbon emissions Gas storage filling1 Production volume2 Production volume Scope 1 TWh TWh TWh m tons 90 42 42 30 -25% -14% -22% 75 89% 35 35 24 60 28 28 74% Gas 18 45 21 21 Coal 12 30
Slide 8: Financial results H1 2020 and outlook
Highlights Financial results H1 2020 and outlook Appendix
Slide 9: Key financials H1 2020 – Strong performance, higher net debt
Key financials H1 2020 – Strong performance, higher net debt Adj. EBIT Adj. EBITDA OCF €m €m 1,012 €m -322 288 691 657 308 -322 H1 2019 H1 2020 H1 2019 H1 2020 H1 H12019 2019 H1 H1 2020 2020 Adj. Net Income Net Income1 Economic Net Debt €m €m €m 877 3,296 641 527 2,650 END / 189 1.7x Adj. EBITDA H1
Slide 10: Adjusted EBIT – Increase due to high gas result and resilient power generation
Adjusted EBIT – Increase due to high gas result and resilient power generation Reconciliation Adj. EBIT H1 2019 to H1 2020 €m Adj. EBIT H1 2019 308 308 Commodity optimization (gas) Outright power prices & volumes UK capacity market Intra-year carbon phasing Russian power generation Other Adj. EBIT H
Slide 11: Adj. EBIT(DA) to OCF – Already close to seasonal peak in working capital
Adj. EBIT(DA) to OCF – Already close to seasonal peak in working capital after H1 Reconciliation Adj. EBIT H1 2020 to Operating Cash Flow H1 2020 €m 171 321 -221 1,012 -770 159 691 -12 352 -53 288 Adj. EBIT Depreciation and Adj. EBITDA Non-cash Provision Changes Others (incl. OCFbIT Interest Tax OCF
Slide 12: Adjusted Net Income – Economic interest & taxes as expected
Adjusted Net Income – Economic interest & taxes as expected Reconciliation of Adj. EBIT H1 2020 to Adj. Net Income H1 2020 Key developments €m Economic interest result with positive trend Structurally, interest result is supported by: 16 - Sizeable interest income from assets - Low financial deb
Slide 13: Economic Net Debt – As usual H1 up due to dividend payments
Economic Net Debt – As usual H1 up due to dividend payments Reconciliation of Economic Net Debt YE 2019 to H1 2020 €m 153 3,296 421 97 2,650 279 -6 985 991 0.99 -10 -288 1,128 1,031 1,183 628 Economic Net Debt Divest OCF Investments Dividend Pensions ARO Other Economic Net Debt YE 2019 H1 2020 AROs1
Slide 14: Outlook FY 2020 – Guidance narrowed; mid-point slightly up
Outlook FY 2020 – Guidance narrowed; mid-point slightly up Adjusted EBIT Adjusted Net Income Dividend €m €m €m 1,000 1,000 500 863 800 800 1.371 Range Range 421 1.151 614 Range Range 750 800 550 600 FY 2019 Old New FY 2019 Old New FY 2019 FY 2020E 2020E 2020E 2020E 2020E Guidance Range narrowed Foll
Slide 15: Energy.Uniper Mobile App
Energy.Uniper Mobile App Just-in-time access to Uniper information and news, including social media channels, upcoming Uniper events, free of charge Energy market data & financials with commodity prices, European utilities stock information, consensus and direct link to Uniper’s financial reports &
Slide 16: Appendix
Highlights Financial results H1 2020 and outlook Appendix
Slide 17: Outright power hedging in Germany and Nordic
Outright power hedging in Germany and Nordic Hedged prices and hedge ratios Germany1 Hedged prices and hedge ratios Nordic1 €/MWh €/MWh 60 60 46 46 48 29 27 24 45 40 30 20 15 100% 85% 70% 90% 80% 40% 0 0 2020 2021 2022 2020 2 2021 2022 1, As of 30 June 2020 Calculations are based on pro rata volumes
Slide 18: Generation capacity in Europe and Russia
Uniper Group – Generation capacity in Europe and Russia Generation capacity In MW1 30 Jun 2020 31 Dec 2019 Gas Russia2 7,131 7,131 UK 4,188 4,188 Germany 2,912 2,912 Netherlands 525 526 Sweden 447 447 Hungary 428 428 Hard coal Germany 3,954 2,902 UK 2,000 2,000 Netherlands 1,070 1,070 Lignite Russia
Slide 19: Net electricity generation volumes in Europe and Russia
Uniper Group – Net electricity generation volumes in Europe and Russia Electricity generation volumes In TWh1 H1 2020 Q2 2020 H1 2019 Gas Russia 18.1 8.2 21.3 UK 4.6 2.1 6.7 Germany 0.3 0.1 0.5 Netherlands 0.7 0.2 0.9 France3 0.0 0.0 2.0 Hungary 1.1 0.5 1.2 Sweden 0.0 0.0 0.0 Hard coal Germany 2.6 1
Slide 20: Adjusted EBIT(DA) by sub-segment
Uniper Group – Adjusted EBIT(DA) by sub-segment Adjusted EBITDA and EBIT H1 2020 H1 2019 H1 2020 H1 2019 €m Adj. EBITDA Adj. EBITDA Adj. EBIT Adj. EBIT European Generation Subtotal 397 390 217 173 Hydro 168 171 138 142 Nuclear 112 83 85 52 Fossil 140 153 19 -1 Other/ Consol. -23 -18 -25 -20 Global C
Slide 21: Adjusted EBIT – Development by sub-segment
Adjusted EBIT – Development by sub-segment European Generation Global Commodities Russian Power Generation €m €m €m 108 20 33 38 -5 334 -4 -51 217 571 174 173 91 123 H1 2019 Hydro Nuc. Fossil Cons. H1 2020 H1 2019 Gas COFL Power H1 2020 H1 2019 Russia H1 2020 Hydro: Higher volume effect offset by
Slide 22: Key financial performance items
Uniper Group – Key financial performance items Reconciliation of Adjusted EBITDA to Adjusted Net Income and Net income €m H1 2020 H1 2019 Adjusted EBITDA 1,012 657 Economic depreciation and amortization / reversals -321 -349 Adjusted EBIT 691 308 Economic interest result 16 -36 Minority participatio
Slide 23: Adjusted EBIT to Net Income
Uniper Group – Adjusted EBIT to Net Income Reconciliation of Adjusted EBIT H1 2020 to Net Income H1 2020 €m Adj. Economic Adjusted Derivative Adjustments from Net Other Taxes on non- Net Income1 EBIT interest, taxes, Net Income financial physically settled impairments operating earnings & minorities
Slide 24: Economic interest result (net)
Uniper Group – Economic interest result (net) Economic interest result €m H1 2020 H1 2019 Interest rate effects for leasing -12 -12 Interest from financial assets / liabilities 36 33 Interest cost from provisions for pensions and similar provisions -8 -11 Accretion of provisions for asset retirement
Slide 25: Non-operating adjustments
Uniper Group – Non-operating adjustments Non-operating adjustments w/o interest1 €m H1 2020 H1 2019 Impact of derivative financial instruments -716 -473 Adjustments of revenue and cost of materials from physically settled commodity derivatives to the contract price 276 -231 Restructuring / cost mana
Slide 26: Cash-effective investments
Uniper Group – Cash-effective investments Investments by segment €m H1 2020 H1 2019 % European Generation 187 133 40.6 Global Commodities 27 14 92.9 Russian Power Generation 57 84 -32.1 Administration / Consolidation 9 9 0.0 Total 279 240 16.6 Investment split – Maintenance and growth €m H1 2020 H1
Slide 27: Net financial position
Uniper Group – Net financial position Net financial position €m 30 Jun 2020 31 Dec 2019 Liquid funds 669 871 Non-current securities 87 100 Margining receivables 200 336 Financial liabilities and liabilities from leases 2,140 1,935 Net financial position 1,183 628 Provisions for pensions and similar
Slide 28: Consolidated balance sheet (1/2)
Uniper Group – Consolidated balance sheet (1/2) Balance sheet – Non-current and current assets1 €m 30 Jun 2020 31 Dec 2019 Goodwill 1,816 1,886 Intangible assets 733 742 Property, plant and equipment and right-of-use assets 9,810 10,201 Companies accounted for under the equity method 451 446 Other f
Slide 29: Consolidated balance sheet (2/2)
Uniper Group – Consolidated balance sheet (2/2) Balance sheet – Equity and liabilities1 €m 30 Jun 2020 31 Dec 2019 Capital stock 622 622 Additional paid-in capital 10,825 10,825 Retained earnings 3,262 3,145 Accumulated other comprehensive income -3,564 -3,207 Equity attributable to the shareholders
Slide 30: Consolidated statement of cash flows (1/2)
Uniper Group – Consolidated statement of cash flows (1/2) Statement of cash flows1 €m H1 2020 H1 2019 Net income / loss 677 921 Depreciation, amortization and impairment of intangible assets, of property, plant and equipment, and of 562 357 right-of-use assets Changes in provisions -166 -589 Changes
Slide 31: Consolidated statement of cash flows (2/2)
Uniper Group – Consolidated statement of cash flows (2/2) Statement of cash flows1 €m H1 2020 H1 2019 Cash proceeds/payments arising from changes in capital structure 4 3 Cash dividends paid to shareholders of Uniper SE -421 -329 Cash dividends paid to other shareholders -15 - Proceeds from new fina
Slide 32: Financial calendar & further information
Financial calendar & further information Financial calendar Further information https://ir.uniper.energy 10 November 2020 Quaterly Statement January – September 2020 04 March 2021 2020 Annual Report 06 May 2021 Quaterly Statement January – March 2021 19 May 2021 2021 Annual Shareholders Meeting 10 A
Slide 33: Contact your Investor Relations team
Uniper – Contact your Investor Relations team Udo Giegerich Carlo Beck Anna Denisova Executive Vice President Manager Investor Relations Manager Investor Relations Group Finance&Investor Relations +49 211 4579 4402 udo.giegerich@uniper.energy carlo.beck@uniper.energy anna.denisova@uniper.energy Adam
Slide 34: 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