Uniper Se · XETR:UN0
Uniper — H1 2023 Earnings Presentation
39 slides from Uniper's earnings presentation, Aug 1, 2023
Slide 1: H1 2023 Interim Results & Strategic Update
H1 2023 Interim Results & Strategic Update Michael Lewis (CEO) & Jutta Dönges (CFO) 01 August 2023
Slide 2: Strategic Update, H1 2023 Results and Outlook, Appendix
Strategic Update H1 2023 Results and Outlook Appendix
Slide 3: Accelerating the Energy Transition – Flexible, Balanced, Bespoke
Strategic Update Accelerating the Energy Transition – Flexible, Balanced, Bespoke
Slide 4: Market trends: Uniper uniquely positioned for massive transformation of the energy system
Market trends: Uniper uniquely positioned for massive transformation of the energy system Key drivers Market development Green Power Growth: European Generation Mix (GW) Massive increase in renewables to enable Others (incl. batteries) decarbonization by electrification ➔ Uniper to optimize value of
Slide 5: Uniper 2030: Flexible, balanced, bespoke
Uniper 2030: Flexible, balanced, bespoke – Providing what the energy system needs Leveraging Coal phase out by 20292 Independent and stand- interlinkage of Investing >€8bn as first step on path to alone investment grade Uniper 2030 power and gas in 2023-2030 in growth carbon neutrality by rated comp
Slide 6: Customer focus: Synchronized with the needs of our customers
Customer focus: Synchronized with the needs of our customers to deliver the energy transition Gas Power Solutions Our customers: ~1000 Remain supplier of choice. Significantly expand green Provide matching solutions municipal utilities, Diversify and decarbonize our power sales portfolio of specific
Slide 7: Green & Flexible Power: Closing the critical gap in the energy transition
Green & Flexible Power: Closing the critical gap in the energy transition TODAY THE WAY AHEAD 2030 - HIGHLIGHTS Grow green power 22.5 GW Phase out coal by 20291. 15-20 GW of generating capacity (2022) generation capacity installed Grow wind and solar assets and renewable PPAs. 20% green Optimi
Slide 8: Greener Gases: Ensuring secure and continuous gas flows
Greener Gases: Ensuring secure and continuous gas flows with a diversified and greener portfolio TODAY THE WAY AHEAD 2030 - HIGHLIGHTS Reliably supply municipal utilities, >200 TWh industrials and own generation >200TWh of gas B2B sales portfolio based on a diversified mid-stream gas sales based o
Slide 9: Optimization: Enabling the energy transition in real time
Optimization: Enabling the energy transition in real time for customers and markets Our basis: Strong portfolio of Leverage Balance sales and Expansion of Originate energy assets increasing supply by trading existing products to Profound commercial interlinkage of energy products commercial optimize
Slide 10: Our sustainability targets: Clear milestones to implement green transformation
Our sustainability targets: Clear milestones to implement green transformation Environmental Climate targets Biodiversity 2029 2030 2035 2040 Enhance biodiversity Coal exit1 ≥55% carbon Group-wide Group-wide through systematic impact reduction carbon carbon assessments. for generation neutrality2
Slide 11: Investing in attractive opportunities to accelerate Uniper's green transformation by 2030
Investing in attractive opportunities to accelerate Uniper’s green transformation by 2030 Green & Flexible Power Greener Gases Decarbonization of existing assets > € 8 billion Enhancing security of supply of transformation through reshaped gas midstream Investment in GW-scale in new and growth
Slide 12: Transformation process already well underway
Transformation process already well underway Stand-alone New strategy & Implementation of EU investment grade Uniper 2030 Stabilization financial recovery remedy measures rating & independence Implementation of strategy H1 2023 Presentation, 01 August 2023 12
Slide 13: H1 2023 Results and Outlook
Strategic Update H1 2023 Results and Outlook Appendix
Slide 14: H1 2023 Highlights – Uniper's recovery in full swing
H1 2023 Highlights – Uniper’s recovery in full swing € Business performance & major events € 4,069m Greatest uncertainty resolved by hedging of open positions caused by non-delivery of PY: €-385m1 Russian gas Adjusted EBITDA Exceptional H1 2023 earnings driven by gains from procurement of gas replac
Slide 15: Operating indicators – Strong performance in downward-trending energy markets
Operating indicators – Strong performance in down- ward-trending energy markets Global Commodities European Generation Group carbon emissions Gas storage filling (%)1 Production volume (TWh)2 Scope-1 (m tons)3 +71% -18% -22% 30.4 25.1 49% 78% 6.1 11.8 9.3 9.2 3.7 6.1 H1 2022 H1 2023 H1 2022 H1 2023
Slide 16: Key financials H1 2023 – Increase in earnings on a broad basis
Key financials H1 2023 – Increase in earnings on a broad basis Adjusted EBIT Adjusted EBITDA Operating Cash Flow (OCF) €m €m €m 3,701 4,069 4,259 -757 -385 -2,427 1 H1 2022 1 H1 2023 H1 2022 H1 2023 H1 2022 1 H1 2023 Adjusted Net Income 1 (ANI) Net Income Economic Net Debt3 €m €m €m 2,487 9,422 3,04
Slide 17: Adjusted EBIT – Gas and European fossil generation as strongest earnings drivers
Adjusted EBIT – Gas and European fossil generation as strongest earnings drivers Reconciliation Adj. EBIT H1 2022 to H1 2023 €m Adj. EBIT H1 2022 -757 Gas (incl. Russian gas curtailment) International (LNG, other fuels) & Power European fossil generation Outright power (hydro & nuclear) Other Adj. E
Slide 18: Operating cash flow – Corresponding to adjusted operating result
Operating cash flow – Corresponding to adjusted operating result Reconciliation Adj. EBIT H1 2023 to Operating Cash Flow 1 H1 2023 €m 1,031 1,774 170 210 368 54 227 4,640 4,259 3,701 4,069 PY: -757 PY: -385 PY: -2,234 PY: -2,427 Adj. EBIT Depreciation Adj. EBITDA Non-cash Provision Changes in Other
Slide 19: Financials – Improvements on the back of sound operative performance
Financials – Improvements on the back of sound operative performance € Equity Margining Financing instruments/use of funds €bn €bn €bn 10.0 11.0 13.7 undrawn credit Bank loans 4.4 facilities 8.8 -31.5 4.3 KfW 3.1 0.9 Q3 2022 YE 2022 Q1 2023 Q2 2023 Q3 2022 YE 2022 Q1 2023 Q2 2023 Available facilitie
Slide 20: Economic net debt – Into positive territory with strong operating cash flow
Economic net debt – Into positive territory with strong operating cash flow Reconciliation of Economic Net Debt YE 2022 to H1 2023 €m 3,049 4,259 -1,493 240 197 180 56 89 Economic Net Debt OCF Investments Divestments Other Effects Pensions ARO Economic Net Cash YE 2022 H1 2023 AROs1 Pensions Net fin
Slide 21: Financial Outlook FY 2023 – Exceptional year expected
Financial Outlook FY 2023 – Exceptional year expected Adjusted EBIT and Adjusted Net Income for FY 2023 expected to be in a magnitude of a mid-single digit billion euros amount for the full financial year1 Uniper Group Exceptional performance driven by extraordinary higher hedged spreads European Ge
Slide 22: Appendix
Strategic Update H1 2023 Results and Outlook Appendix
Slide 23: 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 Nordic 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 24: Outright power hedging in Germany and Nordic
Outright power hedging in Germany and Nordic – Physical asset positions Hedged prices and hedge ratios Germany1 Hedged prices and hedge ratios Nordic1 €/MWh €/MWh TWh 19 28 139 TWh 40 46 47 8 24 6 18 4 12 2 6 90% 85% 30% 80% 40% 10% 0 0 2 2 2023 2024 2025 2023 2024 2025 1. Contracts for differences
Slide 25: European generation capacity
European generation capacity In 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.
Slide 26: Electricity generation
Electricity generation In TWh1 H1 2023 H1 2022 Gas Subtotal 9.2 10.0 United Kingdom 5.5 5.6 Germany 2.2 2.3 Netherlands 0.4 0.6 Hungary 1.1 1.3 Hard coal Subtotal 6.1 9.3 Germany 3.3 5.0 United Kingdom 1.0 2.1 2 Netherlands 1.8 2.1 Hydro Subtotal 6.1 6.5 Germany3 2.7 2.5 Sweden 3.4 4.0 Nuclear Swede
Slide 27: Adjusted EBIT(DA) by sub-segment
Adjusted EBIT(DA) by sub-segment H1 2023 H1 2022 H1 2023 H1 2022 €m Adj. EBITDA Adj. EBITDA Adj. EBIT Adj. EBIT European Generation Subtotal 1,780 13 1,465 -217 Hydro 373 148 340 117 Nuclear 62 51 31 23 Fossil 1,370 -150 1,119 -320 Other / Consolidation -24 -36 -25 -38 Global Commodities Subtotal 2,
Slide 28: Adjusted EBIT – Development by sub-segment
Adjusted EBIT – Development by sub-segment European Generation Global Commodities €m €m 223 8 13 340 122 1,465 2,349 1,438 2,061 -217 -174 H1 2022 Fossil Hydro Nuclear Other H1 2023 H1 2022 Gas Internat./ Power H1 2023 Other Fossil: Strong underlying performance due to successful hedging Gas mid
Slide 29: Reconciliation of Income/Loss before Financial Results & Taxes
Reconciliation of Income/Loss before Financial Results & Taxes €m H1 2023 H1 2022 Income / Loss before financial results and taxes 9,786 -12,982 Net income / loss from equity investments -4 0 EBIT 9,782 -12,982 Non-operating adjustments -6,081 12,225 Net book gains (-) / losses (+) -20 -1 Impact of
Slide 30: Reconciliation of Adjusted EBIT to Adjusted Net Income
Reconciliation of Adjusted EBIT to Adjusted Net Income €m H1 2023 H1 2022 Adjusted EBITDA 4,069 -385 Economic depreciation, amortization & impairments -368 -372 Adjusted EBIT 3,701 -757 Economic interest result -165 143 Adjusted EBT 3,535 -614 Taxes on operating result -1,041 134 Minority participat
Slide 31: Cash-effective investments
Cash-effective investments €m H1 2023 H1 2022 European Generation 169 135 Global Commodities 63 27 Administration / Consolidation 8 15 Total 240 177 thereof Growth 74 39 thereof Maintenance and replacement 166 139 H1 2023 Presentation, 01 August 2023 31
Slide 32: Economic net debt
Economic net debt €m 30 Jun 2023 31 Dec 2022 Financial liabilities and liabilities from leases (+) 4,936 11,575 Commercial paper (+) 110 - Liabilities to banks (+) 3,220 8,627 Lease liabilities (+) 666 690 Margining liabilities (+) 579 1,890 Liabilities from shareholder loans towards Uniper sharehol
Slide 33: Consolidated balance sheet (1/2) – Assets
Consolidated balance sheet (1/2) – Assets €m 30 Jun 2023 31 Dec 2022 Intangible assets 671 687 Property, plant and equipment and right-of-use assets 7,949 9,228 Companies accounted for under the equity method 314 291 Other financial assets 818 1,137 Financial receivables and other financial assets 2
Slide 34: Consolidated balance sheet (2/2) – Equity & liabilities
Consolidated balance sheet (2/2) – Equity & liabilities €m 30 Jun 2023 31 Dec 2022 Capital stock 14,160 14,160 Additional paid-in capital 10,825 10,825 Retained earnings -10,656 -19,840 Accumulated other comprehensive income -880 -917 Equity attributable to shareholders of Uniper SE 13,449 4,228 Equ
Slide 35: Consolidated statement of cash flows (1/2)
Consolidated statement of cash flows (1/2) €m H1 2023 H1 2022 Net income/loss 9,443 -12,418 Income/loss from discontinued operations – 608 Depreciation, amortization and impairment of intangible assets, of property, plant and equipment, and of 1,250 1,847 right-of-use assets Changes in provisions -7
Slide 36: Consolidated statement of cash flows (2/2)
Consolidated statement of cash flows (2/2) €m H1 2023 H1 2022 Proceeds from disposal 197 99 Purchases of investments -240 -177 Proceeds from disposal of securities (> 3 months) and of financial receivables and fixed-term deposits 2,844 818 Purchases of securities (> 3 months) and of financial receiv
Slide 37: Financial calendar & further information
Financial calendar & further information Financial calendar 01 August 2023 Interim Report January – June 2023 31 October 2023 Quarterly Statement January – September 2023 Stay informed about Uniper 28 February 2024 Annual Report 2023 uniper.energy/investors
Slide 38: 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 1515 504 9337 stefan.jost@uniper.energy sebastian.veit@uniper.energy Peter Wirtz Sabine Burkhardt Manager Investor Relations Assis
Slide 39: 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