Uniper Se · XETR:UN0
Uniper — H1 2019 Earnings Presentation
31 slides from Uniper's earnings presentation, Aug 8, 2019
Slide 1: H1 2019 Interim Results
H1 2019 Interim Results Andreas Schierenbeck – CEO Sascha Bibert – CFO August 08, 2019
Slide 2: Agenda
Agenda Essentials H1 2019 Financial Results H1 2019 and Outlook FY 2019 Appendix 2
Slide 3: New Uniper Management – Our Agenda
New Uniper Management – Our Agenda Team Shareholder Complete and perform Clarify Performance Portfolio and strategy Deliver Focus and expand Uniper SE, H1 2019 Interim Results, 08 Aug. 2019 3
Slide 4: New Uniper Management – First Observations
New Uniper Management – First Observations Decarbonisation Digitalisation Uniper SE, H1 2019 Interim Results, 08 Aug. 2019 4
Slide 5: Operations and Performance – Essentials H1 2019
Operations and Performance – Essentials H1 2019 Earnings: 2nd quarter in line with Q1 trend and expectations; H1 2019 results impacted by one-offs and intra-year phasing Financial results – Adj. EBIT: 49% decrease to €308m uncommon seasonality Portfolio optimisation: sale of OLT and Eneva clos
Slide 6: Project Update – Past, Present & Future
Project Update – Past, Present & Future Sale of activities in France Datteln IV hard coal plant Sale closed in July 2019 COD in summer 2020 Coal exit threat over majority of French Boiler assembly well advanced generation portfolio On track for commercial operation date in 2.6 GW of generati
Slide 7: Commodity Markets – Carbon & Gas setting the Scene
Commodity Markets – Carbon & Gas setting the Scene Carbon trading prices1 Gas prices2 Electricity prices3 Dark & spark spreads4 EUR/t CO2 EUR/MWh EUR/MWh EUR/MWh 30 24 60 7 25 22 50 4 20 20 40 1 15 18 30 -2 10 EUA 16 20 Germany -5 TTF Nordic CDS 2020 CSS 2020 5 14 10 -8 Jan 2018 Sep 2018 May 2019 Ja
Slide 8: Uniper – Operating Indicators
Uniper – Operating Indicators Global Commodities – European Generation – International Power – Key messages Gas storage filling Production volume1 Production volume Global Commodities TWh TWh TWh Gas storage filling levels -4% +12% clearly higher than prior year 75 40 40 European Generation 60 32
Slide 9: Agenda
Agenda Essentials H1 2019 Financial Results H1 2019 and Outlook FY 2019 Appendix 9
Slide 10: Key Financials H1 2019 – A slow Start
Key Financials H1 2019 – A slow Start Adj. EBIT(DA) Operating cash flow, Adj. FFO Economic net debt €bn 0.94 €bn €bn 3.18 0.66 0.47 2.51 0.59 0.60 0.12 0.31 -0.32 H1 2018 H1 2019 H1 2018 H1 2019 H1 2018 H1 2019 Pro-forma YE 2018 H1 2019 EBIT EBITDA Adj. EBIT(DA) as expected Operating cash flow negat
Slide 11: Adj. EBIT H1 2019 – Down largely due to structural Effects
Adj. EBIT H1 2019 – Down largely due to structural Effects Reconciliation Adj. EBIT H1 2018 to H1 2019 €m Adj. EBIT H1 2018 601 Key developments H1 2018 One-offs Most negative effects are either: LNG Freeport ‘Guided’, i.e. they are anticipated within Regulation (UK Cap.) full-year guidance, or Gu
Slide 12: Adj. EBIT H1 2019 – Development by Sub-segment
Adj. EBIT H1 2019 – Development by Sub-segment European Generation Global Commodities International Power €m €m €m 49 32 -86 -17 1 372 -97 -83 174 173 186 142 -61 91 H1 Hydro Nuc. Fossil Cons. H1 H1 Gas COFL Power H1 H1 Russia H1 2018 2019 2018 2019 2018 2019 Operating trend overlaid by one-offs Pos
Slide 13: Adj. EBIT to OCF – Negative Working Capital Impact
Adj. EBIT to OCF – Negative Working Capital Impact Reconciliation Adj. EBIT H1 2019 to Operating Cash Flow H1 2019 €m 301 349 657 308 -700 -252 -322 13 -523 -12 -58 Adj. EBIT Depreci- Adj. EBITDA Non-cash Provision Changes in Payments OCFbIT Interest Tax OCF H1 2019 ation and H1 2019 effective utili
Slide 14: Economic Net Debt – Up mainly due to WC & Pensions
Economic Net Debt – Up mainly due to WC & Pensions Reconciliation Economic Net Debt YE 2018 vs. H1 2019 €bn 0.2 3.2 0.2 3.2 0.2 0.9 0.3 -0.1 0.8 2.5 0.3 -0.7 0.9 0.8 -0.4 1.0 0.8 1.5 1.3 0.8 Economic Margining Pro-forma Divest OCF Dividend Investments Pension ARO Other Economic net debt YE adjustmen
Slide 15: Outlook 2019 – Dividend Guidance reiterated
Outlook 2019 – Dividend Guidance reiterated Adj. EBIT Dividend Key highlights €bn €bn 0.87 0.851 0.39 European Generation Range 0.33 Lapse of 2018 one-offs 0.55 Improving outright position Absence of UK capacity market income Lower production due to plant unavailability (new) 0. 9 Global Com
Slide 16: Agenda
Agenda Essentials H1 2019 Financial Results H1 2019 and Outlook FY 2019 Appendix 16
Slide 17: Outright Power Hedging in Germany and Nordic
Outright Power Hedging in Germany and Nordic Outright position – Baseload power price1 >85% >70% >15% €/MWh >75% >60% >10% 50 40 30 20 2019 2020 2021 Hedged price Germany Hedge ratio Germany Hedged price Nordic Hedge ratio Nordic 1. Status: 30 June 2019 Uniper SE, H1 2019 Interim Results, 08 Aug. 20
Slide 18: Adjusted EBIT(DA) by Sub-segment
Uniper Group – Adjusted EBIT(DA) by Sub-segment Adj. EBITDA and EBIT H1 2019 H1 2018 H1 2019 H1 2018 €m Adj. EBITDA Adj. EBITDA Adj. EBIT Adj. EBIT European Generation Hydro 171 273 142 228 Nuclear 83 99 52 69 Fossil 153 251 -1 96 Other/ Consol. -18 -19 -20 -21 Subtotal 390 604 173 372 Global Commod
Slide 19: Uniper Group – Key Financial Performance items
Uniper Group – Key Financial Performance items €m H1 2019 H1 2018 Net income / loss after income taxes 968 -522 Attributable to the shareholders of Uniper SE 925 -546 Attributable to non-controlling interests 43 24 Net interest income / expense 93 25 Other financial result -87 -15 Income taxes 213 -
Slide 20: Adjusted EBITDA to Net Income
Uniper Group – Adjusted EBITDA to Net Income Reconciliation Adj. EBITDA H1 2019 to net income H1 2019 €m 79 772 -2 -98 925 657 - 349 308 - 134 174 Adj. D&A Adj. Economic Underlying MTM Net Other Taxes on non- Net EBITDA EBIT interest, taxes, earnings Derivatives impairments operating Income1 minorit
Slide 21: Uniper Group – Economic Interest Expense (net)
Uniper Group – Economic Interest Expense (net) Economic interest expense of the Uniper Group €m H1 2019 H1 2018 Interest from financial assets / liabilities 11 5 Interest cost from provisions for pensions and similar provisions -11 -9 Accretion of provisions for retirement and obligation and other p
Slide 22: Uniper Group – Non-operating Adjustments
Uniper Group – Non-operating Adjustments Non-operating adjustments €m H1 2019 H1 2018 Net book gains / losses - 31 Fair value measurement of derivative financial instruments -772 1,057 Restructuring / cost management expenses / income 4 -55 Non-operating impairment charges / reversals 2 270 Miscella
Slide 23: Uniper Group – Cash-effective Investments
Uniper Group – Cash-effective Investments Investments by segment €m H1 2019 H1 2018 % European Generation 133 136 -2.2 Global Commodities 14 11 29.1 International Power 84 83 0.9 Administration / Consolidation 9 14 -36.5 Total 240 244 -1.8 Investment split – maintenance and growth €m Q1 2019 Q1 2018
Slide 24: Uniper Group – Net financial Position
Uniper Group – Net financial Position Net financial position of the Uniper Group1 €m 30 Jun 2019 31 Dec 2018 Liquid funds 717 1,400 Non-current securities 93 83 Receivables from margining 442 698 Financial liabilities 2,572 2,939 Net financial position 1,319 757 Provisions for pensions and similar o
Slide 25: Uniper Group – Consolidated Balance Sheet (1/2)
Uniper Group – Consolidated Balance Sheet (1/2) Balance sheet of the Uniper Group – Non-current and current assets €m 30 Jun 2019 31 Dec 2018 Goodwill 1,873 1,816 Intangible assets 748 768 Property, plant and equipment 10,711 10,612 Companies accounted for under the equity method 426 440 Other finan
Slide 26: Uniper Group – Consolidated Balance Sheet (2/2)
Uniper Group – Consolidated Balance Sheet (2/2) Balance sheet of the Uniper Group – Equity and liabilities €m 30 Jun 2019 31 Dec 2018 Capital stock 622 622 Additional paid-in capital 10.825 10,825 Retained earnings 3.445 3,032 Accumulated other comprehensive income -3.315 -3,531 Equity attributable
Slide 27: Uniper Group – Consolidated Statement of Cash Flows (1/2)
Uniper Group – Consolidated Statement of Cash Flows (1/2) Statement of cash flows Uniper Group €m H1 2019 H1 2018 Net income / loss 968 -522 Depreciation, amortization and impairment of intangibles / property, plant, equipment 357 616 Changes in provisions -374 -433 Changes in deferred taxes 200 -23
Slide 28: Uniper Group – Consolidated Statement of Cash Flows (2/2)
Uniper Group – Consolidated Statement of Cash Flows (2/2) Statement of cash flows Uniper Group €m H1 2019 H1 2018 Cash provided (used for) by investing activities 598 -908 Payments received / made from changes in capital 3 5 Payed dividend to the shareholder of Uniper SE -329 -271 Proceeds from fina
Slide 29: Financial Calendar & further Information
Financial Calendar & further Information Financial calendar Further information 12 November 2019 https://ir.uniper.energy Quarterly Statement January – September 2019 10 March 2020 Annual Report 2019 07 May 2020 Quarterly Statement January – March 2020 20 May 2020 2020 Annual Shareholders Meeting (D
Slide 30: Uniper – 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 Ada
Slide 31: 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