Uniper Se · XETR:UN0
Uniper — Q3 2021 Earnings Presentation
27 slides from Uniper's earnings presentation, Nov 5, 2021
Slide 1: Empower Energy Evolution – 9M 2021 Interim Results
Empower Energy Evolution 9M 2021 Interim Results Tiina Tuomela – CFO 05 November 2021
Slide 2: Highlights – Interim results above plan and raising the outlook for the full year
Highlights – Interim results above plan and raising the outlook for the full year Performance Portfolio & Strategy Adj. EBIT 9M 2021 €614m (€405m in 9M 2020) Reliable portfolio: Uniper contributes to security of supply in volatile European energy markets Adj. Net Income 9M 2021 €487m (€308m in
Slide 3: Gas markets – Europe under stress with lower supply and higher demand
Gas markets – Europe under stress with lower supply and higher demand Northwest EU gas supply1 Gas prices Germany2 Gas storage filling3 bcm €/MWh % 200 120 100 97% 98% 150 100 80 75% 68% 80 100 60 60 50 40 40 0 20 20 -50 Production Imports Imports 0 0 (Pipeline) (LNG) Nov 20 Apr 21 Sep 21 Europe Ger
Slide 4: Operating indicators – Healthy gas inventories and higher generation volumes
Operating indicators – Healthy gas inventories and higher generation volumes Global Commodities European Generation Russian Power Gen. Carbon emissions Gas storage filling1 Production volume2 Production volume2 Scope-13 TWh TWh TWh m tons 100 50 +16% 50 +6% 50 +21% 80 40 13.3 40 40 435 gCO2/ 10.0 Co
Slide 5: Key financials 9M 2021 – Reflecting exceptional commodity market development
Key financials 9M 2021 – Reflecting exceptional commodity market development Adjusted EBIT Adjusted EBITDA Operating Cash Flow (OCF) €m €m €m 1,100 2,244 614 891 405 833 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 Adjusted Net Income (ANI) Net Income1 Economic Net Debt (END)2 €m €m €m 387 3,050
Slide 6: Adjusted EBIT – Continued strong support from gas business
Adjusted EBIT – Continued strong support from gas business Reconciliation Adj. EBIT 9M 2020 to 9M 2021 €m Adj. EBIT 9M 2020 405 Commodity gas and international European fossil generation Outright power prices & volumes Carbon phasing Russian power generation Other Adj. EBIT 9M 2021 614 Uniper SE, Pr
Slide 7: Adj. EBIT(DA) to OCF – Benefitting from positive working capital development
Adj. EBIT(DA) to OCF – Benefitting from positive working capital development & non cash-effective CO2 provision increases Reconciliation Adj. EBIT 9M 2021 to Operating Cash Flow 9M 2021 €m 927 -12 -107 615 486 66 2,363 2,244 1,100 -345 614 PY: 405 PY: 891 PY: 926 PY: 833 Adj. EBIT Depreciation Adj.
Slide 8: Economic Net Debt – Mainly driven by high operating cash flow
Economic Net Debt – Mainly driven by high operating cash flow Reconciliation of Economic Net Debt YE 2020 to 9M 2021 €m 1,113 3,050 -750 1,026 -56 1,223 NFP Pensions AROs 501 69 523 1,390 1,371 -344 -109 -2,244 457 Economic Net Debt Divest OCF Investments Dividend Other NFP Pensions ARO Economic Net
Slide 9: Outlook FY 2021 – Earnings outlook raised
Outlook FY 2021 – Earnings outlook raised Adjusted EBIT Adjusted Net Income (ANI) €m €m 1,300 998 1,050 Range 1,050 Range 1,050 850 Range 774 Range 800 850 650 FY 2020 FY 2021E FY 2021E FY 2020 FY 2021E FY 2021E (old) (new) (old) (new) Uniper SE, Presentation 9M 2021, 05 Nov 2021 9
Slide 10: Appendix
Appendix 10
Slide 11: Commodity prices – Continued price surge in Q3
Commodity prices – Continued price surge in Q3 Gas prices1 Carbon prices2 Electricity prices3 Dark & spark spreads4 €/MWh €/t CO2 €/MWh €/MWh 80 80 200 80 160 60 60 60 120 40 40 40 80 20 20 20 40 0 Germany CDS Base Nordic CSS Base 0 0 0 -20 CSS Peak Nov 20 Apr 21 Sep 21 Nov 20 Apr 21 Sep 21 Nov 20 A
Slide 12: 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 TWh €/MWh TWh €/MWh 41 46 49 51 29 25 22 21 3 30 2 20 85% 100% Front Front months months 1 90% 90% 10 85% 55% 0 0 9M 20212 2021 2022 2023 9M 20212, 3 2021 2022 2023 1. As of 30
Slide 13: Generation capacity by technology & region
Generation capacity by technology & region In MW1 30 Sep 2021 31 Dec 2020 Gas Russia2 7,139 7,139 United Kingdom 4,180 4,180 Germany 2,920 2,912 Netherlands 525 525 Sweden – 449 Hungary 428 428 Hard coal Germany 3,954 3,954 United Kingdom 2,000 2,000 Netherlands 1,070 1,070 Lignite Russia2 1,895 1,8
Slide 14: Net electricity generation volumes by technology & region
Net electricity generation volumes by technology & region In TWh1 9M 2021 9M 2020 Gas Russia 28.6 26.5 United Kingdom 9.2 7.3 Germany 2.8 0.5 Netherlands 0.7 1.1 Hungary 1.6 1.7 Sweden 0.0 0.0 Hard coal Germany 5.5 4.9 United Kingdom 2.7 0.1 2 Netherlands 3.4 3.2 Lignite Russia 2.7 2.9 Germany 1.7 1
Slide 15: Adjusted EBIT(DA) by sub-segment
Adjusted EBIT(DA) by sub-segment 9M 2021 9M 2020 9M 2021 9M 2020 €m Adj. EBITDA Adj. EBITDA Adj. EBIT Adj. EBIT European Generation Subtotal 540 484 271 211 Hydro 265 244 219 199 Nuclear 103 102 59 62 Fossil 209 165 36 -19 Other / Consolidation -37 -27 -42 -31 Global Commodities Subtotal 893 420 771
Slide 16: Adjusted EBIT – Development by sub-segment
Adjusted EBIT – Development by sub-segment European Generation Global Commodities Russian Power Generation €m €m €m 343 24 54 20 117 -11 771 -3 271 -1 211 288 169 168 9M 2020 Hydro Nuclear Fossil Other 9M 2021 9M 2020 Gas Internat./ Power 9M 2021 9M 2020 Russia 9M 2021 Other Hydro: Volume normaliz
Slide 17: Reconciliation of Income/Loss before Financial Results & Taxes
Reconciliation of Income/Loss before Financial Results & Taxes €m 30 Sep 2021 30 Sep 2020 Income / Loss before financial results and taxes -6,489 507 Net income / loss from equity investments 10 9 EBIT -6,479 517 Non-operating adjustments 7,093 -112 Net book gains (-) / losses (+) -12 -7 Impact of d
Slide 18: Reconciliation of Adjusted EBIT to (Adjusted) Net Income
Reconciliation of Adjusted EBIT to (Adjusted) Net Income €m 30 Sep 2021 30 Sep 2020 Adjusted EBIT 614 405 Economic interest result 84 33 Interest results for leasing -15 -18 Interest from financial assets / liabilities 62 56 Interest cost from provisions for pensions and similar obligations -9 -12 A
Slide 19: Cash-effective investments
Cash-effective investments €m 30 Sep 2021 30 Sep 2020 European Generation 394 361 Global Commodities 30 35 Russian Power Generation 89 86 Administration / Consolidation 10 9 Total 523 491 thereof Growth 262 283 thereof Maintenance & replacement 260 208 Uniper SE, Presentation 9M 2021, 05 Nov 2021 19
Slide 20: Economic Net Debt
Economic Net Debt €m 30 Sep 2021 31 Dec 2020 Liquid funds (-) 1,797 289 Non-current securities (-) 107 98 Margining receivables1 (-) 5,337 898 Financial liabilities and liabilities from leases (+) 6,491 1,743 Net financial position -750 457 Provisions for pensions and similar obligations (+) 1,026 1
Slide 21: Consolidated balance sheet (1/2) – Assets
Consolidated balance sheet (1/2) – Assets €m 30 Sep 2021 31 Dec 2020 Goodwill 1,788 1,751 Intangible assets 719 734 Property, plant and equipment and right-of-use assets 9,803 9,769 Companies accounted for under the equity method 331 380 Other financial assets 1,150 926 Financial receivables and oth
Slide 22: Consolidated balance sheet (2/2) – Equity & liabilities
Consolidated balance sheet (2/2) – Equity & liabilities €m 30 Sep 2021 31 Dec 2020 Capital stock 622 622 Additional paid-in capital 10,825 10,825 Retained earnings -1,846 3,082 Accumulated other comprehensive income -3,609 -3,778 Equity attributable to the shareholders of Uniper SE 5,993 10,751 Attr
Slide 23: Consolidated statement of cash flows (1/2)
Consolidated statement of cash flows (1/2) €m 9M 2021 9M 2020 Net income / loss -4,768 446 Depreciation, amortization and impairment of intangible assets, of property, plant and equipment, and of right-of-use assets 701 727 Changes in provisions 2,191 -111 Changes in deferred taxes -1,739 73 Other n
Slide 24: Consolidated statement of cash flows (2/2)
Consolidated statement of cash flows (2/2) €m 9M 2021 9M 2020 Cash proceeds / payments arising from changes in capital structure1 -2 4 Cash dividends paid to shareholders of Uniper SE -501 -421 Cash dividends paid to other shareholders -15 -15 Proceeds from new financial liabilities 4,951 290 Repaym
Slide 25: Financial calendar & further information
Financial calendar & further information Financial calendar Further information https://ir.uniper.energy 23 February 2022 2021 Annual Report 03 May 2022 Quarterly Statement January – March 2022 18 May 2022 2022 Annual Shareholders Meeting 02 August 2022 Interim Report January – June 2022 03 November
Slide 26: Uniper – Contact your Investor Relations team
Uniper – Contact your Investor Relations team Stefan Jost Adam Strzyz Christian Lösse Executive Vice President Head of Investor Relations (SVP) Manager Investor Relations Group Finance&Investor Relations +49 171 778 8215 +49 151 6772 5191 stefan.jost@uniper.energy adam.strzyz@uniper.energy christian
Slide 27: 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