EnBW Energie Baden Württemberg : Investor and Analyst conference call 2021
March 23, 2022 at 04:24 am EDT
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Investor and analyst conference call
FY 2021»
Thomas Kusterer
Chief Financial Officer
Marcel Münch
Head of Finance, M&A and Investor Relations
23 March 2022
Investor and analyst conference call FY 2021
Resilient business model in times of market volatility and geopolitical change Strategy EnBW 2025 - shaping the infrastructure world of tomorrow
Our exposure to Russia
Natural gas
EnBW
No direct import contracts
VNG
2 direct import contracts
2021: 99 of 495 TWh
1 ending Dec. 2022
2022: ~100 TWh
2023 - 2030: ~65 TWh p.a.
Coal
EnBW
86% imported from Russia (~3.6 m t) in 2021
Additional coal supplies from Colombia and South Africa
Diversification
Diversification
Option to use LNG, VNG's extensive gas storage inventory,
Screening of potential new coal suppliers already started at year-end
source internationally
2021 e.g. the US, Australia and Indonesia
Integrated set up along entire value chain - resilient business model
Smart infrastructure
System-critical
Sustainable generation
for customers
infrastructure
infrastructure
Strategy EnBW 2025 and beyond focuses on infrastructure and is supported by national and European goals
2
EnBW manages risk proactively and successfully
Planning cash flow and hedging generation margins forward
Generation hedge (Own generation 2021: 42 TWh)
Margins locked in by selling generation forward into the market
Significant margin calls comfortably served at all times
2022 entirely hedged: No material impact on earnings expected
Investor and analyst conference call FY 2021
Hedge levels1
2022: 100%
2023: 60 - 90%
2024: 30 - 50%
Diversified debt instruments
Bilateral bank lines, syndicated credit facility, commercial papers programme, bonds, bank loans, promissory notes, etc.
Forward-looking liquidity management
Liquidity risk covered in advance with operational liquidity sources
Limitation of counterparty risks
Careful evaluation of different scenarios including stress tests
Forecast of potential short- and long-term margin movements
Proactive further strengthening of the liquidity position
Active management
Adding bilateral
Drawing EnBW's
Use of commercial
of hedging position
bank lines
syndicated loan
paper
1 As of 31 December 2021
3
Investor and analyst conference call FY 2021
Positive earnings development at upper end of forecast range
Adjusted EBITDA
Share of adjusted EBITDA by segments1
in € m
2,959
Smart Infrastructure for Customers
2,781
System Critical Infrastructure
Renewable Energies
Sustainable Generation Infrastructure
Thermal Generation and Trading
63%
EU taxonomy
compliant
+6.4%
2020
2021
1 Divergence from 100% due to others/consolidation
4
Investor and analyst conference call FY 2021
Smart Infrastructure for Customers
Positive development in underlying business overcompensated by rising procurement costs for basic service
Adjusted EBITDA
in € m
335
323
Electricity and gas sales
Improved earnings in commodity business
Unpredictable increase in number of customers in basic service led
to substantial additional procurement cost
-4%
Bad debt allowances
2020
2021
5
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EnBW - Energie Baden-Württemberg AG published this content on 23 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 March 2022 08:23:04 UTC.
EnBW Energie Baden Wuerttemberg AG (EnBW) is a Germany-based holding company of the EnBW Group, operating in the energy sector. The core activities of EnBW are divided into three business areas: Electricity, Gas, and Energy and Environmental Services. The Electricity business area is divided into Electricity generation and trading, and Electricity grid and sales divisions. It generates electricity from nuclear power, hydropower, solar power, geothermal energy and wind power, among others. The Gas business area consists of the midstream area, including the import agreements and infrastructure, storage, trading, as well as the downstream area, including the distribution and sales. The Energy and Environmental Services business area includes such areas as thermal and non-thermal disposal, water and other energy related services. The Company also has sales offices and subsidiaries in Germany and throughout central and eastern Europe.