Enbw Energie Baden-wuerttemberg Ag · XETR:EBK
Enbw Energie Baden-wuerttemberg — EnBW Energie Baden-Württemberg — 6M 2024 Earnings Presentation
27 slides from Enbw Energie Baden-wuerttemberg's earnings presentation, Aug 9, 2024
Slide 1: 6M 2024 results
Slide 2: Highlights of the first half of 2024
• Solid first half results across all segments in line with expected normalization of commodity and energy prices €2.6 bn €0.9 bn • Group adj. EBITDA guidance for 2024 reiterated and on track to achieve Adj. EBITDA Adj. net profit 6M 2023: €3.5 bn 6M 2023: €1.7 bn €4.6 – 5.2 bn • Successful green bo
Slide 3: Key figures of energy transition progress
+0.2 GW (to 6.5 GW) -1 GW (to 3.5 GW) 1.5 GW (under construction) Installed renewables capacity1 Coal-based capacity H2-ready new flexible capacity 55% 3% (-1% pt yoy) >800 km (under construction) Renewables installed capacity share Coal-based revenues TSO power links projects 5 GW -100 g/kWh (to 29
Slide 4: Group adjusted EBITDA
in € m €4.6 - 5.2 bn 3,498 Guidance 2024 912 - Pumped storage earnings contribution below exceptionally high 2,588 level in the previous year 596 1,695 855 - Return to normalized earnings level after very high earnings 68% low-risk contribution in 2023 55% low-risk earnings -26% earnings 1,157 1,021
Slide 5: Sustainable Generation Infrastructure: adjusted EBITDA
in € m €2.6 – 3.1 bn 2,607 Guidance 2024 - Lower margins from pumped storage 912 + New capacity additions in onshore wind and solar + Higher run-of-river power generation and better wind yields 1,451 596 - Lower realized hedged generation margins 1,695 -44% - Lower trading results due to reduced vol
Slide 6: System Critical Infrastructure: adjusted EBITDA
in € m €1.9 - 2.2 bn Guidance 2024 + Higher earnings as a result of increased investments in grid expansion 1,157 1,021 + Lower expenses for maintaining grid reserve and redispatch - Higher personnel expenses +13% 6M 2023 6M 2024 • €948 m (6M 2023: €770 m) predominantly in transmission grid projects
Slide 7: Smart Infrastructure for Customers: adjusted EBITDA
in € m €0.25 - 0.35 bn Guidance 2024 + Absence of negative prior-year effect relating to deconsolidation of our subsidiary bmp greengas1 - Lower sales volumes due to mild temperatures - Restructuring of the product portfolio of our solar home storage 173 subsidiary 21 6M 2023 6M 2024 • €333 m (6M 20
Slide 8: Net cash investments
in € m Net cash investments Co-financing/divestments 2,480 13% 13% 1,584 Sustainable Generation Infrastructure Renewable Energies 2,160 €2.5 bn Thermal Generation and Trading 6M 2024 System Critical Infrastructure 1,602 35% Smart Infrastructure for Customers +57% 38% 320 -18 6M 2023 6M 2024 87% of t
Slide 9: Retained cash flow
in € m -61% 2,588 -97 2,238 -515 -241 -61 1,610 -64 -730 880 Adjusted EBITDA Non-cash items Taxes paid Payments in Dividends Others FFO Declared RCF RCF 6M 2024 in adj. EBITDA relation to received & dividends 6M 2024 6M 2023 ALM model1 interests paid/received 1 Asset Liability Management Model: mana
Slide 10: Net debt and debt repayment potential
in € bn +8% • Debt repayment 2.2 potential target of 0.1 12.6 ≥15%1 -0.3 -0.4 Current credit ratings: 11.7 • A-/Baa1 0.1 -0.9 • Commitment to maintain solid investment grade ratings Net debt RCF Adjusted Net cash Equity credit of Change in pension Others Net debt 31.12.2023 working capital investmen
Slide 11: Outlook 2024 by segment
in € bn • Decline on the back of the falling energy prices and lower hedged generation margins 4.6 2.6 - 3.1 • Increased capacity in renewables 4.6 – 5.2 1.8 1.9 - 2.2 • Higher earnings from grids through returns 2023: 6.4 from increased investments • No repetition of negative one-offs 2023 0.2 0.25
Slide 12: Questions & Answers
—EnBW > Questions & Answers
Slide 13: Additional information
—EnBW > Additional information
Slide 14: Adjusted earnings
in € m 6M 2024 6M 2023 Change in % Adjusted EBITDA 2,588 3,498 -26 Amortization and depreciation -832 -842 -2 Adjusted EBIT 1,756 2,656 -34 Investment and financial result 3 -133 - Adjusted EBT 1,759 2,523 -30 Income tax -455 -651 -30 Adjusted Group net profit 1,305 1,872 -30 of which profit shares
Slide 15: Non-operating result
in € m 6M 2024 6M 2023 Change in % Income/expenses relating to nuclear power -59 -173 -66 Result from disposals -4 3 - Restructuring -12 -14 -16 Valuation effects 744 1,691 -56 Other non-operating result -19 129 - Non-operating EBITDA 651 1,636 -60 Impairment losses 0 -371 - Non-operating EBIT 651 1
Slide 16: Retained cash flow and FFO
in € m 6M 2024 6M 2023 Change in % EBITDA 3,239 5,134 -37 Changes in provisions excluding obligations from emission rights -350 -147 - Non-operating valuation effects derivatives -744 -1,691 -56 Other non-cash-relevant income/expenses -82 -96 -15 Income tax paid -528 -426 24 Interest and dividends r
Slide 17: Change in working capital
in € m -130 -29 -145 -616 600 -826 -1,001 Trade receivables/payables, Inventories and obligations Other assets and liabilities Change in Change in EEG funds Change in non- Change in working capital services not yet invoiced, from emission rights adjusted working capital operating valuation advance p
Slide 18: Net debt
in € bn 17.5 -1.5 -6.4 10.0 12.6 -7.0 9.0 Financial debt and others 50% equity Operating cash & Net financial debt Pension and nuclear Dedicated financial assets Net debt credit from hybrid bonds cash equivalents power provisions (net) 1 As of 30 June 2024. 18
Slide 19: Risk mitigating hedging strategy
in % EnBW follows a risk mitigating hedging strategy • Risk mitigating hedging strategy focuses on reducing price fluctuations risks • Forward hedging up to 3 years in advance of our electricity generation, whilst also hedging the prices for necessary fuels and emission allowances 80 - 100 • Sales c
Slide 20: Other financing sources
in € bn Other financing sources undrawn utilized • EIFO2 covered bank loan of €0.5 bn with a consortium, partial amount of €0.25 bn utilized 10.0 • Bank loans and promissory notes of subsidiaries 1.2 8.8 3.9 3.0 2.0 1.8 1.5 3.6 0.9 0.5 1.7 0.3 0.1 Debt issuance US private Promissory notes Hybrid bon
Slide 21: Bond maturity profile
in € m as of 30 June 2024 Senior bonds First call dates of hybrid bond Hybrid bond Green senior bonds First call dates of green hybrid bonds Green hybrid bonds 1,669 1,500 500 1,251 5004 1,150 1,000 1,000 950 1,000 1,000 500 5002 650 750 700 500 500 5001 5001 5007 500 500 1,000 5006 850 6693 500 500
Slide 22: Credit ratings: Moody's and S&P
Baa1/stable A-/stable Latest update Latest update 10 January 2024 15 November 2023 • Leadership position as vertically integrated utility • Diversified and integrated position throughout the energy supply chain, within Baden-Württemberg which has demonstrated its resilience across different economic
Slide 23: ESG ratings
A Average B Prime status 28.0 Medium risk A- Leadership 1 MSCI Scale: AAA to CCC (Leader AAA – AA; Average A – BB, Laggard B – CCC). I 2 ISS ESG Scale: A+ to D- (absolute best-in-class basis; Prime Status awarded). I 3 Sustainalytics Scale: 0 to 40+ 23 (Risk Score: negligible (0-10); low (10-20); me
Slide 24: Investor Relations contacts
SVP Finance, M&A Head of Investor Relations Senior Manager and Investor Relations Investor Relations +49 721 63 16 102 +49 721 63 12 210 +49 721 63 12 060 ma.muench@enbw.com l.zikmundova@enbw.com j.vonwietersheim@enbw.com Manager Manager Manager Investor Relations Investor Relations Investor Relatio
Slide 25: Financial calendar and downloads
Download now (PDF, 4.7 MB) 12 November 2024, 02:00 p.m. (CET) Download now (PDF, 3.6 MB) Investor and analyst conference call Download now (PDF, 11.5 MB) Download now (PDF, 5.6 MB) Download now (PDF, 8.6 MB) Download now (PDF, 2.5 MB) Open in browser now 25
Slide 26: Disclaimer
No offer or investment recommendation Forward-looking statements This presentation is prepared for information purposes only. It does not constitute an offer, an invitation or a This presentation, which has been prepared by EnBW, includes statements that are, or may be deemed to be, recommendation t
Slide 27: Investor Relations
Investor Relations investor.relations@enbw.com +49 721 63-12060 Durlacher Allee 93 76131 Karlsruhe, Germany Companies registered office: Karlsruhe, Germany Local court Mannheim ⋅ HRB no. 107956 Chairman of the Supervisory Board: Lutz Feldmann Board of management: Dr. Georg Stamatelopoulos (Chairman)
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