ENBW Energie Baden-Wuerttemberg AG · XETR:EBK
ENBW Energie Baden-Wuerttemberg — EnBW Energie Baden-Württemberg — Q1 2023 Earnings Presentation
24 slides from ENBW Energie Baden-Wuerttemberg's earnings presentation, May 2023
Slide 1: Investor and analyst presentation 3M 2023
ae. i Thomas Kusterer Chief Financial Officer Marcel Minch SVP Finance, M&A and Investor Relations, :
Slide 2: Significantly higher operating result 3M 2023
Significantly higher operating result 3M 2023 • Adjusted EBITDA 3M 2023 at €2.8 bn: +140% S&P revised EnBW’s outlook to stable, confirming EnBW’s credit rating at A- • Solid financial performance 2022, accelerated coal exit and SBTI-approved CO2-reduction path Significant efforts on way to climate-n
Slide 3: Adjusted EBITDA and Group net profit 3M 2023
in € m in € m 2,840 1,450 1,185 464 +140% +212% 3M 2022 3M 2023 3M 2022 3M 2023 1 Attributable to the shareholders of EnBW AG 3
Slide 4: Lower seasonality in procurement prices than in the previous year
in € m Lower seasonality in procurement prices than in the previous year +100% 0 -60 3M 20221 3M 2023 1 Previous year’s figures restated 4
Slide 5: Significant growth in revenues from grid expansion investments
in € m 585 Significant growth in revenues as a result of increased investments in grid expansion 361 +62% 3M 20221 3M 2023 1 Previous year’s figures restated 5
Slide 6: Decreasing prices and valuation effects on trading transactions
in € m 2,351 282 Decreasing prices compared to 3M 2022 977 2,069 Large valuation effects on trading transactions 292 +141% Generation volumes sold in advance at significantly higher prices 684 Remaining volatility beneficial for trading activities 3M 20221 3M 2023 1 Previous year’s figures r
Slide 7: Net debt development
in € m +6% 11,536 10,847 37 -97 711 -3,083 3,121 Net debt RCF Increase Net cash investments Change in pension Others Net debt 31.12.2022 working capital provisions 31.3.2023 1 The liquid funds in the EEG account are only held in custody by the transmission system operator but may not be used for ope
Slide 8: Outlook 2023
in € bn 2022 0.4 0.5 to 0.5 4.7 1.6 2022 to to 1.1 1.9 5.2 2.9 2022 to 1.9 3.2 8
Slide 9: Questions & Answers
—EnBW > Questions & Answers
Slide 10: Appendix
Appendix —EnBW 1. Additional information 2. Service information
Slide 11: Non-operating result 3M 2023
in € m 3M 2023 3M 2022 Change in % Income/expenses relating to nuclear power -95.9 10.6 - Result from disposals 4.0 17.6 -77.2 Reversals/increase of provisions for onerous contracts relating to electricity procurement agreements 0.0 174.3 - Restructuring -6.8 -6.3 7.9 Valuation effects 893.7 -12.1 -
Slide 12: Net debt composition as of 31 March 2023
in € m 14,967 -1,250 -6,122 9,692 11,536 -5,752 7,965 Financial debt 50% equity Operating cash & Net financial debt Pension and nuclear Dedicated Net debt and others credit cash equivalents power provisions (net) financial assets 1 As of 31 March 2023 12
Slide 13: Change in working capital
in € m 3,713 209 153 1,045 2,306 Trade receivables/payables Derivatives Inventories Others Change in Working capital 1 1.1. – 31.12.2022 13
Slide 14: Income statement 3M 2023
in € m 3M 2023 3M 2022 Change in % Revenue 15,971.2 13,724.5 16.4 Changes in inventories/other own work capitalized 80.6 84.0 -4.1 Cost of materials -12,836.7 -12,178.9 5.4 Personnel expenses -673.5 -606.1 11.1 Other operating income/expenses 1,412.6 327.7 - EBITDA 3,954.2 1,351.2 - Amortization and
Slide 15: Funds from operations and retained cash flow
in € m 3M 2023 3M 2022 Change in % EBITDA 3,954.2 1,351.2 - Changes in provisions -51.9 -304.9 -83.0 Non-cash-relevant income/expenses -720.9 -146.9 - Income tax paid -123.3 -14.1 - Interest and dividends received 82.9 78.0 6.3 Interest paid for financing activities -60.3 -70.9 -15 Dedicated financi
Slide 16: Hedging status
in % 80-100 30-60 0-20 2024 2025 2026 1 As of 31 March 2023 16
Slide 17: Financing sources and liquidity
in € bn Other sources undrawn utilized Project financing and EIB loans, including a €0.6 bn EIB loan to finance our He Dreiht offshore wind farm. 10.0 Financing activities in the form of bank loans and promissory notes in subsidiaries 3.1 3.5 6.9 2.5 2.0 1.5 3.3 1.4 0.9 1.9 0.5 0.1 0.2 Debt issu
Slide 18: Bond maturity profile
in € m Green subordinated bonds Green senior bond First call dates of subordinated bonds as of 31 Mar. 2023 Subordinated bonds First call dates of green subordinated bonds Senior bonds 1,500 1,500 500 5004 1,000 1,000 1,000 1,000 750 700 5003 500 500 5002 5002 500 500 5005 500 1,000 500 500 1706 500
Slide 19: Credit ratings
Baa1 / stable A- / stable Latest update Latest update 6 January 2023 30 March 2023 Leadership position as vertically integrated utility EnBW’s diversified and integrated position should continue to prove it is more within Baden-Württemberg resilient than non-integrated peers to changing conditio
Slide 20: ESG ratings
B Management 27.3 Medium Risk B Prime Status A Average 1 CDP Scale: A to D (Leadership A/A-; Management B/B-; Awareness C/C-; Disclosure D/D-; Failure F) 3 ISS ESG Scale: A+ to D- (absolute best-in-class basis; Prime Status awarded) 2 Sustainalytics Scale: 0 to 40+ (Risk Score: negligible (0-10); lo
Slide 21: Investor Relations team
SVP Finance, M&A and Head of Finance Senior Manager Manager Manager Investor Relations Investor Relations Investor Relations Investor Relations +49 721 63 16 102 +49 721 63 12 844 +49 721 63 12 060 +49 721 63 13 646 +49 721 63 13 613 21
Slide 22: Financial calendar
11 August 2023, 01:00 pm CET Publication of figures for 6M 2023 Investor and analyst conference call 13 November 2023, 01:00 pm CET Publication of figures for 9M 2023 Investor and analyst conference call 22
Slide 23: Disclaimer
No offer or investment recommendation No Obligation to Update Information This presentation is provided for information purposes only and may not be reproduced either in full or in part, nor may it be passed on In giving this presentation, none of EnBW, the Joint Bookrunners or their respective agen
Slide 24: Investor Relations contact
Investor Relations investor.relations@enbw.com +49 721 63-12060 Durlacher Allee 93 76131 Karlsruhe Companies registered office: Karlsruhe Local court Mannheim ⋅ HRB no. 107956 Chairman of the Supervisory Board: Lutz Feldmann Board of management: Andreas Schell (Chairman), Dirk Güsewell, Thomas Kuste
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