Uniper : Presentation Full Year Results 2019

Empower Energy Evolution

Full-year 2019

Strategic & Financial Update

Andreas Schierenbeck - CEO Sascha Bibert - CFO

10 March 2020

Agenda

Full-Year 2019

Strategic Update

Financial Update

Appendix

2

Highlights

Fortum

Team

• New Board of Management complete
• Turnover rate further declined 2019
• Excellent employee survey results

Performance

• Adj. EBIT FY 2019 of €863m in line with increased gui- dance on back of strong Q4
• Adj. Net Income of €614m
• CoD Berezovskaya 3 postponed into Q3 2020
• CoD for Datteln 4 already in early summer 2020 expected

Portfolio & Strategy

• Clearly committed timetable for exiting hard coal in Germany
• Agreement for sale of lignite- fired Schkopau by Oct 2021
• Significant progress in business (Scholven & UK grid stability tender)

Shareholders

• Fortum has supported
  Uniper's strategy and financial policy
• Continuous dialogues
• Strong results support increased dividend proposal of €421m for FY 2019

Full-Year 2019

3

Results FY 2019 - Fully in line with increased outlook

Adj. EBIT

Adj. EBITDA

Adj. FFO

Dividend2

€m
865	950
863
	750
FY 2018	FY 2019

€m
1,543	1,561
FY 2018	FY 2019

€m
	1.050
756	923
	850
FY 2018	FY 2019

€m
329	421
FY 2018	FY 2019

Adj. Net Income

Net Income1

€m

€m

610

687

614

-401

FY 2018

FY 2019

FY 2018

FY 2019

Economic Net Debt & Rating
€m	2,650
2,509	BBB
		watch negative
1.6x	1.7x	BBB+
		stable
FY 2018	FY 2019	Net Debt / Adj. EBITDA

1.	Net income attributable to Uniper shareholders
2.	Dividend proposal for FY 2019	Full-Year 2019	4

Adj. EBIT FY 2019 - Prior year one-offs compensated

Reconciliation of Adjusted EBIT FY 2018 to FY 2019

€m

Adj. EBIT	Lapse	Other	UK	Outright Unavai- Commodity LNG	Russia Adj. EBIT
FY 2018	one-offs	(nuclear	capacity	prices & lability optimization Freeport	FY 2019
	(H1 2018)	provisions)	income	volumes

Key Messages

Significant YoY effect from provision movements

Positive business development:

• Generation: upside from UK capacity income & higher outright result, only slightly offset by lower availability at Maasvlakte 3 & Ringhals 2
• Commodities: Strong Q4 optimization result partly offsets Freeport hedge effect
• Russia: above prior year driven by higher prices

Full-Year 2019

5

Operating Cash Flow FY 2019 - Driven by strong Q4

Reconciliation of Adjusted EBIT FY 2019 to Operating Cash Flow FY 2019

€m

1,561

1,011

Adj. EBIT	D&A	Adj. EBITDA	Non-cash	Provision	Chg. net	Payments	OCFbIT	Interest	Tax	OCF
FY 2019		FY 2019	effective	utilization	working	non-op.	FY 2019			FY 2019
			EBITDA		capital	earnings,
			items			others

Full-Year 2019

6

Economic Net Debt FY 2019 - Interest rate impact

Reconciliation of Economic Net Debt YE 2018 to YE 2019

€bn

3.2
0.9					2.5												0.2		0.0	0.1	2.7
		-0.7															0.7							1.0
			0.9		-0.3
0.8										0.3
1.5					0.8				-0.9															1.0
					0.8																					0.6
Economic	Margining	Economic	Divest			OCF	Dividend Investments Pensions	ARO		Other	Economic
Net Debt	adjustment	Net Debt																				Net Debt
YE 2018				YE 2018																				YE 2019
					Pro-forma
											AROs1				Pension2			Net financial position3

1. Includes nuclear and other asset retirement obligations (AROs) as well as receivables from Swedish Nuclear Waste fund (KAF).
2. Change in interest rates for pension obligations by 0.8%-points for Germany since end of 2018.
3. Includes cash & cash equivalents, non-current securities, financial receivables from consolidated Group companies

and financial liabilities.

Full-Year 2019

7

Outlook FY 2020 - Positive bottom-line development

Adjusted EBIT

€m	1,000
863	Range
	750
FY 2019	FY 2020E

Stable development

Contribution from new build projects and increased outright prices offset by lower fossil earnings

Adjusted Net Income (ANI)

€m

	800
614	Range
	550
FY 2019	FY 2020E

Noticeably increased

Significant improvement of economic financial result

Dividend

€m

		500
421		1.371
1.151
FY 2019	FY 2020E

Higher dividend target 2020

Above envisaged 25% CAGR path (FY 2016 - FY 2020)

1. DPS - Dividend per share (€)

Full-Year 2019

8

Adj. EBIT FY 2020 - Legacy projects to be finalized

Reconciliation of Adjusted EBIT FY 2020E vs. FY 2019

€m

863

1,000

Range

750

Adj. EBIT		Commodity		Fossil fleet	Commissioning		Outright	Other	Adj. EBIT
FY 2019		optimization		(incl. RUS)	Datteln 4 &	1		(nuclear	FY 2020E
					Berezovskaya 3		provisions)

1. Commercial operation: Datteln 4 early summer 2020 and Berezovskaya 3 in Q3 2020

Full-Year 2019

9

Agenda

Full-Year 2019

Strategic Update

Financial Update

Appendix

10

Uniper's evolutionary steps

Setting the

sails

2018-2019

To open

seas

• Operations improved
• Growth in security-of-supply initiated
• Legacy projects about to be finalized
• Total shareholder return >200% since IPO1
• CO2-reduction >36% since 20162

Tightening

the ship

2015-2017

• Cash optimized
• Portfolio streamlined
• Credit rating secured
• Transparency increased

1.	Total shareholder return since listing on 12 Sep. 2016 until 31 Dec. 2019
2.	Total scope 1 emission reduction FY 2019 vs. FY 2016 according to Uniper Sustainability Report	Strategic Update	11

Empower energy evolution - Towards carbon neutrality

Hydro	Nuclear	Clean thermal	Renewables	Green gas
		generation

Vision for a clean energy portfolio

Strategic Update

12

Ambition to drive decarbonization

European Generation		International Power	Global Commodities

mt CO2 1

50

40

44.2

30	24
	22.1
20
10	Net zero
target
0

2016 20192035E

Carbon neutral by 2035		Variety of activities aimed at
	carbon emission reductions
1. Direct emissions - scope 1
Source photos: Unipro, Uniper	Strategic Update	13

Uniper's new strategy - Clear transition agenda

Coal

generation

EBIT 2019

Decarbonize

• Exit path for hard coal and lignite fleet with aim to offer new business and employment prospects
• Improve carbon footprint of remaining fleet
• Materialize commercial value with brownfield site conversions

Gas generation &

gas midstream

EBIT 2019

Expand & decarbonize

• Expand Customer Solutions business with industrial customers and TSOs
• Materialize merchant upside of existing high efficient gas-firedpower generation
• Decarbonization of gas flows as long- term goal with upside for existing generation and gas mid-stream

Carbon-free generation

EBIT 2019

Expand

• Expand carbon-free position by either direct exposure to the renewable value chain or act as enabler of renewable projects
• Key focus on sustainable portfolio transformation

Active de-risking		Leverage current portfolio		Explore new options

Strategic Update

14

Coal power exit - De-risking portfolio and protecting

Coal generation

cash flows

Uniper's coal fleet - Exit path

MW

	Schkopau ► 900 MW
9,000	Scholven	► 760 MW
	Wilhelmshaven ► 757 MW
	Heyden	► 875 MW
	Staudinger 5	► 510 MW
6,000	Ratcliffe	► 2,000 MW
	Maasvlakte 3	► 1,070 MW
3,000		Datteln 4 ► 1,050 MW
			Berezovskaya	► 2,263 MW
0
2020E	2025E	2030E	2035E	2040E

Key messages

• Power portfolio to be de-risked
• Exit from lignite-fired power generation in Europe by autumn 2021
• Ambitious exit path for hard coal-fired generation in Germany with closure of four out of five power stations in 2022 and 2025
• German coal-fired power fleet with 78% lower capacity by 2020 and 2025
• Brownfield coal and gas power plant sites with option value

Strategic Update

15

New investment opportunities for our brownfield sites

Coal generation

Uniper's power plant sites

	Wilhelms-
	haven
Ratcliffe	Datteln	Heyden
Maasvlakte	Staudinger
	Scholven

Coal power plant site

Other brownfield site

New solutions

• Plans for own and 3rd party use
• Offering power assets & services for new applications or new security-of-supply solutions

Site conversion to industrial hubs

• Attract new customers to sites
• Expansion of own energy-related activities, e.g. waste-to-energy, servicing new data centers

Site conversion to gas-fired plants

• New CHP plant at Scholven site in execution mode
• Further power plant projects tailored to specific needs in advanced planning mode

Source photos: Uniper

Strategic Update

16

Gas generation & gas midstream

Materialize merchant upside of existing highly efficient gas-fired power generation

Uniper's gas-fired fleet with load factors (2019)

Uniper's gas plants well positioned

GW

9

utilized

non-utilized

6

3

UK

Germany

0

Russia

UK

GER

Other 1

• Fuel switch ongoing across Europe
• European spark spreads with further upside due to nuclear and coal phase-out
• German gas-fired power stations with upside in merchant market

• Uniper's gas plants in system-critical position to serve TSO- product needs
• Adequate compensation for providing flexibility & stability is key to ensure increasing share of renewables

1. Other: includes plants in Netherlands, Hungary and Sweden	Strategic Update	17

Gas-fired generation as key element for growth and carbon reduction

generation & gas midstream

Solutions for	Solutions for	Modernization
TSO	industrial	of gas-fired
customers	customers	plants

Gas

• New TSO grid stability products in GER and UK
• Capacity up to ~300 MW per project
• Commissioning from 2021 onwards

• Low carbon steam/energy solutions with new build or refurbishment of customer sites
• Core markets are GER, UK, NL
• Various design contracts closed, con- struction tenders pending with possible CoD post 2021

• Winner of tenders to refurbish three gas-fired units in Russia with total capacity: c. 2,500 MW
• Russian units will be recommissioned in 2022-2025
• Further upgrades under review

Strategic Update

18

Gas as key enabler of the energy transition - Hydrogen making net zero possible

Gas generation & gas midstream

Uniper's gas portfolio

Sales business

~300 TWh

Industrial

Customer

Solutions,

CHP

Gas storage

~8 bcm

Regasification

4.7 bcm p.a.

Gas fleet,

contracts with TSOs

Power-2-gas

Power-2-X

Gas LTCs

~400 TWh

LNG supply

~35 TWh p.a.

Uniper pushing for hydrogen

• Hydrogen is key to climate neutrality as electrification alone cannot achieve climate goals
• Key demand areas are transport, heavy industry but also power generation
• Legislative action needed to drive decarbonization of gas
• Uniper's infrastructure can deal with an increasing amount of hydrogen today
• Uniper operates various large scale hydrogen facilities
• Current projects envisage up to
  30-40 MWel electrolyser & injection of green hydrogen into the caverns

Source photos: Uniper

Strategic Update

19

Uniper's reliable carbon-free portfolio today

Carbon-free generation

~11 TWh p.a. of nuclear production in SWE

• Concessions for Oskarshamn 3, Forsmark 1-3 & Ringhals 3-4 run into early to mid 2040ies

1.4 GW

~13 TWh p.a. of hydro production in SWE & GER

• Concessions to operate are either unlimited (SWE) or long-term (GER 2030-2050+) with subsequent extension optionality

3.6 GW

Up to ~5 TWh p.a. of renewables contracted

• Enabling renewable energy projects as off-taker under long-term purchase price agreements (PPAs) in EU & USA with delivery mostly in 2021-2032

Strategic Update

20

Strategic ambitions impact steering

• Capex geared towards growth & focused on empowering energy evolution
• Strengthen / protect current zero-carbon portfolio
• Secure upside optionality on existing gas-

plants	Invest-
	ments

• Dividend policy simplified allowing for growth while keeping attractive pay-outs
• Stable investment grade rating & optimized balance sheet

Financial Structure KPI Steering

• Adjust financial steering & reporting KPI to growing business around providing flexibility & security of supply
• Continue successful track record regarding non-financial KPI
• Implementation of a long-termTRIF target (further 1/3 reduction by 2025)
• Include carbon-intensity into investment decision model

Strategic Update

21

Agenda

Full-Year 2019

Strategic Update

Financial Update

Appendix

22

FY 2016 - FY 2019 with strong delivery on strategic plan

Increased		Reduced commodity		Portfolio & capital		Attractive
cash generation		price exposure		use optimized		shareholder return

Adjusted FFO	Non-wholesale earnings	Economic Net Debt	Dividend
€m		%		€m		€m
	923			4,167			421
479					2,650
	30%	>50%	BBB-	BBB	201
				S&P-Rating	S&P-Rating
FY 2016	FY 2019	FY 2016	FY 2019	YE 2016	YE 2019 1	FY 2016	FY 2019

1. Figure would amount to €2,968m based on the former definition (i.e. excl. margining receivables).

Financial Update

23

Key financial aspirations

Earnings		Investment policy		Strong balance sheet		Simplified steering &
improvement		focused on growth		and focus on rating		dividend policy

				BBB
Ambition to increase		Increasing Growth		Focus to retain rating		Introduction of
		CAPEX				Adj. Net Income as KPI

Growing share of carbon-		Focused on energy		Updated investment	Ambition to increase
free generation		transition		hurdle rate concept	absolute dividend

Financial Update

24

2022 - Key drivers

Growth projects with substantial contribution

Declining earnings from fossil businesses

Lower fossil spread margins

Russia: Lower capacity

UK: Lower capacity payments

payments (shift from CSA to

and lapse of 2018/19 benefit

Earnings

KOM remuneration scheme)

Datteln 4 to start in early		Berezovskaya 3 to start in
summer 2020		Q3 2020
Outright GER and SWE:		Stronger LNG & gas midstream
Increase in achieved prices		business

Financial result improving: Economic interest structurally positive

Financial Update

25

Investment policy revised - Focused growth

Investment policy

Investment plan FY 2020 - 2022: €2.7bn

1,200
900
600
300
0
2018	2019	2020E	2021E	2022E
		Maintenance capex			Legacy growth capex
		New growth capex

Growth capex: >€1.5bn with clear focus

~25%~75%

Legacy growth projects	New growth projects
	Datteln 4		Irsching 6
	Berezovskaya 3		Scholven
			Russian modernization
		 UK grid stability project
			Brownfield development
		 Green power & gas

Financial Update

26

Financial framework with clear boundaries

Balance sheet

Investments - new hurdle concept

+100 BPS		+200 BPS
"green"		"other"

WACC after tax

(segment & country specific)

• Fixed-markup on WACC after tax depending on project's climate footprint
• Additional adjustments apply, depending on wholesale-exposure, technology and/or payback period

Retain BBB credit rating

Economic Net Debt / EBITDA

2.0x

1.7x

BBB

stable 1.8x

BBB+

stable

FY 2019

FY 2022E

• Aspired debt factor in the range of 1.8x - 2.0x aligned with rating target
• Ensures ongoing market access for business and energy trading
• Temporary deviations are tolerated

Financial Update

27

Dividend outlook

Free cash flow based policy		Outlook

	€m
steering	600
					1.37
&	400				1.15
policy				0.90
Dividend			0.74		~	~ 500
	200	0.55		329	421
			271
		201
	0				FY 2019 1
		FY 2016	FY 2017	FY 2018	FY 2020E
						Target
			Dividend		DPS - Dividend per share (€)

Key messages

Balance between attractive shareholder renumeration and growth CAPEX:

• Previous free cash flow based payout policy, i.e. 75%-100% of FCfO, is replaced by an absolute dividend target
• For FY 2020: Dividend target of € 1.37 per share (~€500m)
• Ambition to grow dividend further beyond 2020

1. Dividend proposal for FY 2019

Financial Update

28

Key takeaways

		Execution
1	Strong	3 in
Performance	progress
2019

Clear way	Ambition
2 forward	to grow
	4 earnings &
	dividend

Strategic and Financial Update

29

Agenda

Full-Year 2019

Strategic Update

Financial Update

Appendix

30

Appendix

Operating KPIs

Commodity prices and hedging

Financials

31

Uniper - Operating indicators

Global Commodities -	European Generation -
Gas storage filling1	Production volume2

TWh		TWh
76%	100%	90	-14%
105

International Power - Production volume

TWh

60-1%

Key messages

Global Commodities

• Gas storage filling levels at maximum

90						75
75						60	Gas
60						45
45							Coal
30						30
						Nuclear
15						15
0						0	Hydro
YE 2018 YE 2019	FY 2018 FY 2019

50	European Generation
 Fuel switch coal to gas
40	 Unplanned coal plant outage
30		in NL
	Higher outright volumes
20	International Power
		Stable output
10
0
FY 2018	FY 2019

1.	Physical filling-level
2.	Pro-rata view	Appendix	32

Appendix

Operating KPIs

Commodity prices and hedging

Financials

33

Commodity markets - Volatile trend

Carbon trading prices1

€/t CO2

30

25

20

15

10	CO2

5 Jan 2018 Nov 2018 Sep 2019

Gas prices2

€/MWh

22

20

18

16

14

TTF

12

Jan 2018 Nov 2018 Sep 2019

Electricity prices3

€/MWh

60

50

40

30

20		Germany
		Nordic

10

Jan 2018 Nov 2018 Sep 2019

Dark & spark spreads4

€/MWh

4

2

0

-2

-4CDS-DE CSS-DE

-6

Jan 2019 Jul 2019 Jan 2020

1. EU Allowances (EUA): spot prices 2. Gas forwards 2021 3. Electricity baseload forwards 2021
4. Dark and spark spreads Germany with electricity baseload (efficiency coal plants 39%, gas plants 55%)	Appendix	34
Source: Uniper Market Analysis; prices shown until 6 March 2020

Outright power hedging in Germany and Nordic

Outright position - Baseload power price1

	>100%	>45%	>35%
€/MWh	>75%	>15%	>0%
60

50

40

30

20

2020	2021	2022
		Hedged price Germany	Hedge ratio Germany
		Hedged price Nordic	Hedge ratio Nordic

1. Status: 31 December 2019

Appendix

35

Appendix

Operating KPIs

Commodity prices and hedging

Financials

36

Uniper Group - Adjusted EBIT(DA) by sub-segment

Adj. EBITDA and EBIT

€m		FY 2019	FY 2018	FY 2019	FY 2018
	Adj. EBITDA	Adj. EBITDA	Adj. EBIT	Adj. EBIT
European Generation	Hydro	304	363	243	288
	Nuclear	60	99	-3	39
	Fossil	519	408	208	86
	Other/ Consol.
	-20	-23	-24	-26
	Subtotal	863	847	424	386
Global Commodities	Gas	322	329	250	256
	COFL	70	16	5	-13
	Power	43	85	32	74
	Subtotal	435	430	287	318
International Power	Russia	404	373	308	278
	Subtotal	404	373	308	278
Administration / Consolidation		-141	-107	-156	-117
Total		1,561	1,543	863	865

Appendix37

Adj. EBIT FY 2019 - Development by sub-segment

European Generation

€m
386		121	3	424
-45	-42
FY 2018 Hydro	Nuc.	Fossil	Cons. FY 2019

Global Commodities		International Power
€m							€m
318			18			287	278	30		308
-6
-43
	FY 2018 Gas		COFL Power	FY 2019		FY 2018	Russia	FY 2019

• Hydro: Lapse of H1 2018 provision release; positive volume/price effects
• Nuclear: Nuclear waste provision and Ringhals 2 outage
• Fossil: UK capacity market income and positive carbon management effects with Global Commodities, partly offset by lower coal-fired production

• Gas Midstream: Good gas optimization offset by gas inventory impairments
• COFL: Strong contribution from marine fuel business and better coal trading offset negative LNG Freeport hedge effects
• Power: Carbon management effects with European Generation

• Russia: Positive price effects in Russia's
  European electricity market price zone and slightly positive FX effects

Appendix38

Uniper Group - Key financial performance items

Reconciliation of Adj. EBITDA to Adj. net income and net income

€m	FY 2019	FY 2018
Adjusted EBITDA	1,561	1,543
Economic depreciation and amortization / reversals	-698	-678
Adjusted EBIT	863	865
Economic interest result
17	28
Minority participations	-37	-39
Taxes on operating result	-231	-167
Adjusted net income	614	687
Non-operating result (before taxes and minorities)	-80	-1,225
Minority participations on non-operating earnings	3	79
Taxes on non-operating result	-51	201
Other financial result	159	-168
Taxes on the other financial result	-33	25
Net income/ loss attributable to shareholder of the Uniper SE	610	-401
Sales	65,804	91,813

Appendix39

Uniper Group - Adjusted EBITDA to Net Income

Reconciliation of Adj. EBIT FY 2019 to Adj. Net Income FY 2019

€m

Adj.	Economic	Adjusted	Derivative	Adjustments	Net	Other	Taxes on non-	Net
EBIT	interest,	net	financial	from physically	impairments		operating	Income1
	taxes,	income	instruments	settled			earnings & other
	minorities			commodity			financial result,
				derivatives			minorities

Non-operating earnings

1. Net income attributable to Uniper shareholders.

Appendix

40

Uniper Group - Economic Interest Expense (net)

Economic interest expense

€m	FY 2019	FY 2018
Interest from financial assets / liabilities	13	14
Interest cost from provisions for pensions and similar provisions		-17
-20
Accretion of provisions for retirement and obligation and other provisions		-22
-30
Capitalized interest1		50
89
Other2	-34	3
Economic interest expense (net)	18	28

1. Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of

the cost of the asset; borrowing cost are interest costs incurred by an entity in connection with the borrowing of funds.
2. Includes e.g. interest due to tax provisions/ receivables and adjustments due to changes in interest rates on provisions.	Appendix	41

Uniper Group - Non-operating adjustments

Non-operating adjustments1

€m	FY 2019	FY 2018
Net book gains / losses	-7	31
Impact of derivative financial instruments
-1,228	-402
Adjustments of revenue and cost of materials from physically settled commodity derivatives to the contract price
448	671
Restructuring / cost management expenses / income
-50	-73
Non-operating impairment charges / reversals
874	681
Miscellaneous other non-operating earnings	-90	35
Non-operating adjustments	-52	943

1. The comparative figures shown have been restated.
Further information can be found in the Annual Report, Note 3 to the Consolidated Financial Statements.	Appendix	42

Uniper Group - Cash-effective investments

Investments by segment

	€m	FY 2019	FY 2018	%
	European Generation	409	397	3.0
	Global Commodities
	27	32	-15.8
	International Power
	196	190	3.4
	Administration / Consolidation
	26	23	10.7
	Total	657	642	2.4
Investment split - Maintenance and growth
	€m	FY 2019	FY 2018	%
	Maintenance & replacement	361	317	13.7
	Growth
	297	325	-8.6
	Total	657	642	2.4

Appendix43

Uniper Group - Net financial position

Net financial position

€m	31 Dec 2019	31 Dec 2018
Liquid funds	889	1,400
Non-current securities
100	83
Margining receivables1
318	698
Financial liabilities and liabilities from leases	1,935	2,939
Net financial position	628	757
Provisions for pensions and similar obligations		804
1,031
Asset retirement obligations		948
991
Economic net debt	2,650	2,509

1. Since 2019 receivables from margining are reported as part of the Economic Net Debt.
This also is applies retrospectively for FY 2018 (FY 2018: €3,208m).	Appendix	44

Economic net debt is almost free of borrowed money

Economic Net Debt (YE 2019)

Subsidiary financial liabilities3

Interest rate sensitivities

Balance Sheet

€bn

2.7

1.0 Asset retirement obligations

1.0 Pension provisions

Subsidiary financial

1.9 liabilities

-1.0	Liquid funds
	Margining receivables
-0.3

			€bn
Lease liabilities			0.8
Margining
	0.5
Shareholder loans
0.4
Bank loans	0.1
Other	0.1

• Asset retirement obligations (c.p.)1
• • Current Interest rates: from 0% to 2.0%
  • Rough sensitivity: +/-10 BP = +/- €50m
• Pension provisions (c.p.)2

~€+400m

		~€-350m
			Interest
-50 BP	YE 2019	+50 BP	rate
	1.6%3

1. Considering only the gross obligation amount, i.e. assuming no movements in Swedish Nuclear Waste fund (KAF).
2. Considering only defined benefit obligations (DBO), i.e. assuming no movements in plan assets.

3. Weighted average interest rate.

Appendix

45

Uniper Group - Consolidated balance sheet (1/2)

Balance sheet - Non-current and current assets1

€m	31 Dec 2019	31 Dec 2018
Goodwill	1,886	1,816
Intangible assets	742	768
Property, plant and equipment and right-of-use assets	10,201	10,612
Companies accounted for under the equity method	446	440
Other financial assets	710	866
Financial receivables and other financial assets	3,813	3,618
Receivables from derivative financial instruments	4,787	4,691
Other operating assets and contract assets	159	222
Income tax assets	-	6
Deferred tax assets	988	1,184
Non-current assets	23,732	24,224
Inventories	1,508	1,683
Financial receivables and other financial assets	633	1,391
Trade receivables	7,090	8,354
Receivables from derivative financial instruments	8,601	12,214
Other operating assets and contract assets	1,287	1,118
Income tax assets	16	40
Liquid funds	889	1,400
Assets held for sale	-	546
Current assets	20,024	26,746
Total assets	43,756	50,970

1. The comparative figures shown have been restated.
Further information can be found in the Annual Report, Note 3 to the Consolidated Financial Statements.	Appendix	46

Uniper Group - Consolidated balance sheet (2/2)

Balance sheet - Equity and liabilities1

€m	31 Dec 2019	31 Dec 2018
Capital stock	622	622
Additional paid-in capital	10,825	10,825
Retained earnings	3,145	3,088
Accumulated other comprehensive income	-3,207	-3,531
Equity attributable to the shareholders of Uniper SE	11,386	11,004
Attributable to non-controlling interest	556	497
Equity (net assets)	11,942	11,501
Financial liabilities and liabilities from leases	1,119	1,187
Liabilities from derivative financial instruments	4.277	4.327
Other operating liabilities and contract liabilities	694	529
Provisions for pensions and similar obligations	1,031	804
Miscellaneous provisions	5,422	5,455
Deferred tax liabilities	410	448
Non-current liabilities	12,954	12,750
Financial liabilities and liabilities from leases	815	1,752
Trade payables	7,308	8,256
Liabilities from derivative financial instruments	8,238	12,546
Other operating liabilities and contract liabilities	1,322	1,667
Income taxes	61	47
Miscellaneous provisions	1,115	1,694
Liabilities associated with assets held for sale	-	757
Current liabilities	18,860	26,719
Total equity and liabilities	43,756	50,970

1. The comparative figures shown have been restated.
Further information can be found in the Annual Report, Note 3 to the Consolidated Financial Statements.	Appendix	47

Uniper Group -

Consolidated statement of cash flows (1/2)

Statement of cash flows1

€m	FY 2019	FY 2018
Net income / loss	644	-442
Depreciation, amortization and impairment of intangible assets, of property, plant and equipment, and of	1,750	1,532
right-of-use assets
Changes in provisions	-700	-51
Changes in deferred taxes	223	-113
Other non-cash income and expenses	-362	161
Gain/Loss on disposal of intangible assets, property, plant and equipment, equity investments and	-11	-50
securities (> 3M)
Changes in operating assets and liabilities and in income taxes	-612	204
Cash provided by operating activities (operating cash flow)	932	1,241
Proceeds from disposals	346	130
Payments for investments	-657	-642
Proceeds from disposals of securities (>3M) and of financial receivables and fixed-term deposits	1,185	653
Purchases of securities (>3M) and of financial receivables and fixed-term deposits	-657	-1,494
Changes in restricted cash and cash equivalents	4	90
Cash provided (used for) by investing activities	220	-1,263

1. The comparative figures shown have been restated.
Further information can be found in the Annual Report, Note 3 to the Consolidated Financial Statements.	Appendix	48

Uniper Group -

Consolidated statement of cash flows (2/2)

Statement of cash flows1

€m	FY 2019	FY 2018
Cash proceeds/payments arising from changes in capital structure	3	14
Payed dividend to the shareholder of Uniper SE	-329	-271
Payed dividend to other shareholders	-32	-31
Proceeds from financial liabilities	55	1,228
Repayments of financial liabilities and reduction of outstanding lease liabilities	-1,173	-621
Cash provided (used for) by financing activities	-1,477	319
Net increase / decrease in cash and cash equivalents	-326	297
Effect of foreign exchange rates on cash and cash equivalents	9	-9
Cash and cash equivalents at the beginning of the reporting period	1,138	851
Cash and cash equivalents from disposal groups	-	-1
Cash and cash equivalents of deconsolidated companies	-4	-
Cash and cash equivalents of first-time consolidated companies	8	-
Cash and cash equivalents at the end of the reporting period	825	1,138

1. The comparative figures shown have been restated.
Further information can be found in the Annual Report, Note 3 to the Consolidated Financial Statements.	Appendix	49

Financial calendar & further Information

Financial calendar	Further information
	https://ir.uniper.energy
07 May 2020

Quarterly Statement January - March 2020

20 May 2020

2020 Annual Shareholders Meeting (Duesseldorf)

11 August 2020

Interim Report January - June 2020

10 November 2020

Quarterly Statement January - September 2020

50

Uniper - Contact your Investor Relations team

Udo Giegerich

Executive Vice President

Group Finance&Investor Relations

[e-mail]

Adam Strzyz

Head of Investor Relations (SVP)

[e-mail]

Carlo Beck

Manager Investor Relations

[phone] [e-mail]

Peter Wirtz

Manager Investor Relations

[phone] [e-mail]

Anna Denisova

Manager Investor Relations

[e-mail]

Eva Christin Göttges

Manager Investor Relations

[e-mail]

51

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 any other purposes. By accessing this document you agree to abide by the limitations set out in this document.

This document is being presented solely for informational purposes and should not be treated as giving investment advice. It is not, and is not intended to be, a prospectus, is not, and should not be construed as, an offer to sell or the solicitation of an offer to buy any securities, and should not be used as the sole basis of any analysis or other evaluation and investors should not subscribe for or purchase any shares or other securities in the Company on the basis of or in reliance on the information in this document.

Certain information in this presentation is based on management estimates. Such estimates have been made in good faith and represent the current beliefs of applicable members of management of Uniper. Those management members believe that such estimates are founded on reasonable grounds. However, by their nature, estimates may not be correct or complete. Accordingly, no representation or warranty (express or implied) is given that such estimates are correct or complete.

We advise you that some of the information presented herein is based on statements by third parties, and that no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this information or any other information or opinions contained herein, for any purpose whatsoever. Certain statements contained herein may be statements of future expectations and other forward-looking statements that are based on the Company's current views and assumptions and involve known and unknown risks and uncertainties that may cause actual results, performance or events to differ materially from those expressed or implied in such statements. No one undertakes to publicly update or revise any such forward-looking statement. Neither Uniper nor any of their respective officers, employees or affiliates nor any other person shall assume or accept any responsibility, obligation or liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or the statements contained herein as to unverified third person statements, any statements of future expectations and other forward-looking statements, or the fairness, accuracy, completeness or correctness of statements contained herein.

In giving this presentation, neither Uniper nor its respective agents undertake any obligation to provide the recipient with access to any additional information or to update this presentation or any information or to correct any inaccuracies in any such information.

This presentation contains certain financial measures (including forward-looking measures) that are not calculated in accordance with IFRS and are therefore considered as "Non-IFRS financial measures". The management of Uniper believes that the Non-IFRS financial measures used by Uniper, when considered in conjunction with (but not in lieu of) other measures that are computed in accordance with IFRS, enhance an understanding of Uniper's results of operations, financial position or cash flows. A number of these Non-IFRS financial measures are also commonly used by securities analysts, credit rating agencies and investors to evaluate and compare the periodic and future operating performance and value of Uniper and other companies with which Uniper competes. These Non-IFRS financial measures should not be considered in isolation as a measure of Uniper's profitability or liquidity, and should be considered in addition to, rather than as a substitute for, net income and the other income or cash flow data prepared in accordance with IFRS. In particular, there are material limitations associated with our use of Non-IFRS financial measures, including the limitations inherent in our determination of each of the relevant adjustments. The Non-IFRS financial measures used by Uniper may differ from, and not be comparable to, similarly-titled measures used by other companies.

Certain numerical data, financial information and market data (including percentages) in this presentation have been rounded according to established commercial standards. As a result, the aggregate amounts (sum totals or interim totals or differences or if numbers are put in relation) in this presentation may not correspond in all cases to the amounts contained in the underlying (unrounded) figures appearing in the consolidated financial statements. Furthermore, in tables and charts, these rounded figures may not add up exactly to the totals contained in the respective tables and charts.