Uniper : Annual Report FY 2021 (Selected Spreadsheets)

Table of Content

Table of Content

Indicators

Statement of Income

P&L EBIT Reconciliation Matrix

SORIE

Balance Sheet Asset

Balance Sheet Liabilities

Statement of Cash Flows

Statement of Changes in Equity

EBIT Reconciliation

Net Debt

Segment Information

Sales by Segment and Product

Adjusted EBIT

Adjusted net income

Financial Results

Fin. Liabilities by Segment

Leases in GuV

Indicators

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Financial and Non-Financial Indicators for the Uniper Group¹
Unit	2021	2020	2019	2018	2017
Power purchases and owned generation	Billion kWh	467.9	558.0	616.8	709.0	728.2
Electricity sales	Billion kWh	465.3	552.9	612.7	707.0	725.9
Gas volume sold	Billion kWh	2,258.5	2,205.9	2,179.3	2,019.3	1,944.8
Direct fuel-derived carbon emissions	Million t CO₂	50.9	42.6	47.0	59.5	63.3
Carbon intensity²	g/kWh	454	453	445	499	506
Sales	€ in millions	163,979	50,968	65,804	91,813	72,238
Adjusted EBIT³	€ in millions	1,187	998	863	865	1,114
For informational purposes: Adjusted EBITDA³	€ in millions	1,856	1,657	1,561	1,543	1,741
Net income/loss	€ in millions	-4,106	402	644	-442	-538
Earnings per share⁴ ⁵	€	-11.39	1.08	1.67	-1.10	-1.79
Dividend proposal / Dividend per share⁴	€	0.07	1.37	1.15	0.90	0.74
Cash provided by operating activities (operating cash flow)	€ in millions	3,621	1,241	932	1,241	1,385
Adjusted net income³ ⁶	€ in millions	906	774	614	N/A	N/A
Investments	€ in millions	720	743	657	642	843
Growth	€ in millions	329	406	297	325	451
Maintenance and replacement	€ in millions	392	336	361	317	392
Economic net debt⁷	€ in millions	324	3,050	2,650	2,509	2,445
Employees as of the reporting date	11,494	11,751	11,532	11,780	12,180
Proportion of female employees	%	25.4	25.2	24.6	24.2	23.9
Average age	Years	45	45	45	44	44
Employee turnover rate	%	4.4	3.7	4.5	4.7	5.0
¹Comparative disclosures are not restated when the scope of consolidation changes. ²Uniper's carbon intensity is defined as the ratio between direct fossil-fuel-derived CO₂ emissions from electricity and heat generation from Uniper's fully consolidated stationary facilities (financial control approach) and Uniper's generation volume. This indicator does not include facilities that produce only heat and/or steam. ³Adjusted for non-operating effects. ⁴Basis: outstanding shares as of reporting date. ⁵For the respective fiscal year. ⁶Adjusted net income is used as a management indicator for the entire Group for the first time beginning in 2020. The figure for 2019 is disclosed solely for informational purposes to provide year-over-year comparability. ⁷The line item "Margining receivables" contains additional securities beginning on 30 June 2021. Economic net debt as of December 31, 2020, has been adjusted for consistency. Additional information on this topic can be found in the Financial Condition section of the annual statement.

Statement of Income

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Uniper Consolidated Statement of Income
€ in millions	Note	2021	2020
Sales including electricity and energy taxes	164,259	51,291
Electricity and energy taxes	-281	-324
Sales	(5)	163,979	50,968
Changes in inventories (finished goods and work in progress)	-11	-83
Own work capitalized	(6)	100	93
Other operating income	(7)	130,817	24,578
Cost of materials	(8)	-157,012	-48,710
Personnel costs	(11)	-1,200	-1,012
Depreciation, amortization and impairment charges	(15)	-1,306	-1,077
Other operating expenses	(7)	-140,288	-24,196
Income from companies accounted for under the equity method	(16)	46	48
Income/Loss before financial results and taxes	-4,876	608
Financial results	(9)	262	-67
Net income/loss from equity investments	7	-9
Interest and similar income	158	121
Interest and similar expenses	-134	-349
Other financial results	231	171
Income taxes	(10)	507	-139
Net income/loss	-4,106	402
Attributable to shareholders of Uniper SE	-4,169	397
Attributable to non-controlling interests	63	6
€
Earnings per share (attributable to shareholders of Uniper SE) - basic and diluted	(13)
From continuing operations	-11.39	1.08
From net income/loss	-11.39	1.08

P&L EBIT Reconciliation Matrix

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Matrix for Reconciliation of Income/Loss before Financial Results and Taxes 2021¹
Adjustments of items of income/loss before financial results and taxes to adjusted EBIT
€ in millions	Income statement items	Net book gains (-) / losses (+)	FV meas- ure- ment of deriv- atives	Adj. of reve- nues and cost of materials	Restruc- turing²	Misc. other non-op. earnings	Impair- ment charges/ reversals³	Total adjust- ments	Income from equity invest- ments⁴	Components of adjusted EBIT
Sales including electricity and energy taxes	164,259	-	-	-57,872	-	-	-	-57,872	-	106,387
Electricity and energy taxes	-281	-	-	-	-	-	-	-	-	-281
Sales	163,979	-	-	-57,872	-	-	-	-57,872	-	106,106
Changes in inventories (finished goods and work in progress)	-11	-	-	-	-	-	-	-	-	-11
Own work capitalized	100	-	-	-	-	-	-	-	-	100
Other operating income	130,817	-17	-117,779	-	-	-136	-594	-118,526	-	12,291
Cost of materials	-157,012	-	-	54,778	-	148	-	54,925	-	-102,087
Personnel costs	-1,200	-	-	-	159	-2	-	156	-	-1,044
Depreciation, amortization and impairment charges	-1,306	-	-	-	2	-	633	635	-	-671
Other operating expenses	-140,288	8	126,562	-	-3	129	40	126,735	-	-13,553
For informational purposes: Subtotal of adjusted EBIT components before income from equity-method accounting and from equity investments	N/A	-	-	-	-	-	-	0	-	1,132
Income from companies accounted for under the equity method	46	-	-	-	-	-	-	0	-	46
For calculation purposes: Income from equity investments⁴	N/A	-	-	-	-	-	2	2	7	9
Reconciliation of income/loss before financial results and taxes to adjusted EBIT (summarized)	-4,876	-9	8,783	-3,095	158	137	81	6,056	7	1,187
¹Owing to the adjustments made, the earnings items shown here may differ from the figures determined in accordance with IFRS. A reconciliation of income/loss before financial results and taxes prepared in compliance with the Guidelines on Alternative Performance Measures published by the European Securities Markets Authority (ESMA) is provided in note 32 to the annual financial statements. ²Expenses for (and income from) restructuring and cost management in the Global Commodities segment included depreciation and amortization of €2 million in the 2021 fiscal year (2020: €5 million). ³Non-operating impairment charges/reversals consist of non-operating impairment charges and reversals triggered by regular impairment tests. The total of the non-operating impairment charges/reversals and economic depreciation and amortization/reversals differs from the depreciation, amortization and impairment charges reported in the income statement, since the two items also include impairment charges on companies accounted for under the equity method and other financial assets; in addition, a small portion is included in restructuring/cost-management expenses and in miscellaneous other non-operating earnings. ⁴In the income statement according to IFRS, income from equity investments is part of financial results, which are not shown in this matrix, and is added as a component of adjusted EBIT. The presentation within the items of the income statement that make up income/loss before financial results and taxes is used in this matrix solely to determine adjusted EBIT.

SORIE

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Uniper Consolidated Statement of Recognized Income and Expenses
€ in millions	2021	2020
Net income/loss	-4,106	402
Remeasurements of equity investments	-69	177
Remeasurements of defined benefit plans	392	-327
Remeasurements of defined benefit plans of companies accounted for under the equity method	-	-2
Income taxes	-122	107
Items that will not be reclassified subsequently to the income statement	201	-46
Cash flow hedges	-175	2
Unrealized changes	-173	5
Reclassification adjustments recognized in income	-2	-2
Currency translation adjustments	169	-687
Unrealized changes	169	-686
Reclassification adjustments recognized in income	-	-1
Companies accounted for under the equity method	-1	2
Unrealized changes	1	-1
Reclassification adjustments recognized in income	-2	3
Income taxes	54	-
Items that might be reclassified subsequently to the income statement	46	-683
Total income and expenses recognized directly in equity	247	-729
Total recognized income and expenses (total comprehensive income)	-3,859	-326
Attributable to shareholders of Uniper SE	-3,946	-220
Attributable to non-controlling interests	88	-106

Balance Sheet Asset

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Uniper Consolidated Balance Sheet
€ in millions	Note	Dec. 31, 2021	Dec. 31, 2020
Assets
Goodwill	(14), (17)	1,783	1,751
Intangible assets	(14), (17)	708	734
Property, plant and equipment and right-of-use assets	(15), (17)	10,055	9,769
Companies accounted for under the equity method	(16), (17)	322	380
Other financial assets	(18)	859	926
Equity investments	747	827
Non-current securities	111	98
Financial receivables and other financial assets	(20)	4,065	4,047
Receivables from derivative financial instruments	(20)	16,913	2,723
Other operating assets and contract assets	(20)	247	182
Deferred tax assets	(10)	2,121	1,061
Non-current assets	37,074	21,572
Inventories	(19)	1,849	1,166
Financial receivables and other financial assets	(20)	8,131	1,128
Trade receivables	(20)	11,629	6,522
Receivables from derivative financial instruments	(20)	64,732	7,284
Other operating assets and contract assets	(20)	1,875	1,999
Income tax assets	(10)	33	23
Liquid funds	(21)	2,966	289
Assets held for sale	(4)	108	239
Current assets	91,323	18,650
Total assets	128,397	40,222

Balance Sheet Liabilities

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Uniper Consolidated Balance Sheet
€ in millions	Note	Dec. 31, 2021	Dec. 31, 2020
Equity and liabilities
Capital stock	(22)	622	622
Additional paid-in capital	(22)	10,825	10,825
Retained earnings	(22)	-1,388	3,082
Accumulated other comprehensive income	-3,756	-3,778
Equity attributable to shareholders of Uniper SE	6,303	10,751
Equity attributable to non-controlling interests	(22)	485	437
Equity	6,788	11,188
Financial liabilities and liabilities from leases	(25)	1,655	1,027
Liabilities from derivative financial instruments	(25)	16,336	2,477
Other operating liabilities and contract liabilities	(25)	260	193
Provisions for pensions and similar obligations	(23)	1,065	1,371
Miscellaneous provisions	(24)	6,346	5,657
Deferred tax liabilities	(10)	433	333
Non-current liabilities	26,094	11,056
Financial liabilities and liabilities from leases¹	(25)	7,320	716
Trade payables	(25)	11,568	6,804
Liabilities from derivative financial instruments	(25)	70,397	7,550
Other operating liabilities and contract liabilities	(25)	1,443	1,153
Income taxes	(10)	425	95
Miscellaneous provisions	(24)	4,361	1,456
Liabilities associated with assets held for sale	(4)	-	205
Current liabilities	95,514	17,977
Total equity and liabilities	128,397	40,222
¹As of December 31, 2021, this item includes an amount of €4,300 million in liabilities that Uniper plans to repay within the next twelve months, but for which Uniper has the option to manage the funds in line with financing requirements and, therefore, not to repay them until after 12 months. Further details can be found in Notes 25 and 29. These liabilities did not exist in the previous year.

Statement of Cash Flows

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Uniper Consolidated Statement of Cash Flows¹
€ in millions	2021	2020
Net income/loss	-4,106	402
Depreciation, amortization and impairment of intangible assets, of property, plant and equipment, and of right-of-use assets	1,306	1,077
Changes in provisions	3,398	103
Changes in deferred taxes	-1,051	21
Other non-cash income and expenses	-647	-369
Gain/Loss on disposal of intangible assets, property, plant and equipment, equity investments and securities (> 3 months)	-11	10
Intangible assets and property, plant and equipment	-5	14
Equity investments	-4	-5
Securities (> 3 months)	-2	-
Changes in operating assets and liabilities and in income taxes	4,731	-3
Inventories	-655	301
Trade receivables	-5,087	496
Other operating receivables and income tax assets	-71,352	2,533
Trade payables	289	-333
Other operating liabilities and income taxes	81,537	-3,000
Cash provided by operating activities (operating cash flow)	3,621	1,241
Proceeds from disposal of	65	83
Intangible assets and property, plant and equipment	18	12
Equity investments	47	71
Purchases of investments in	-720	-743
Intangible assets and property, plant and equipment	-708	-725
Equity investments	-12	-17
Proceeds from disposal of securities (> 3 months) and of financial receivables and fixed-term deposits	498	596
Purchases of securities (> 3 months) and of financial receivables and fixed-term deposits	-7,362	-1,064
Cash provided by investing activities	-7,520	-1,128
Cash proceeds/payments arising from changes in capital structure²	-7	4
Cash dividends paid to shareholders of Uniper SE	-501	-421
Cash dividends paid to other shareholders	-38	-28
Proceeds from new financial liabilities	8,978	450
Repayments of financial liabilities and reduction of outstanding lease liabilities	-1,871	-684
Cash provided by financing activities	6,561	-679
Net increase/decrease in cash and cash equivalents	2,663	-566
Effect of foreign exchange rates on cash and cash equivalents	14	-18
Cash and cash equivalents at the beginning of the reporting period	243	825
Cash and cash equivalents of first-time consolidated companies	-	1
Cash and cash equivalents at the end of the reporting period	2,919	243
Supplementary information on cash flows from operating activities
Income tax payments	-215	-91
Interest paid	-69	-59
Interest received	51	33
Dividends received	52	56
¹Note 28 contains additional information on the Statement of Cash Flows.
²No material netting has taken place in either of the periods presented here.

Statement of Changes in Equity

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Statement of Changes in Equity
€ in millions	Accumulated other comprehensive income that might be reclassified subsequently to the income statement
Capital stock	Additional paid-in capital	Retained earnings	Currency translation adjustments	Cash flow hedges	Equity attributable to shareholders of Uniper SE	Non-controlling interests	Total
Balance as of January 1, 2020	622	10,825	3,145	-3,207	1	11,386	556	11,942
Change in scope of consolidation	0	0	0	0	-0	0	17	17
Dividends	0	0	-421	0	0	-421	-28	-449
Changes in ownership	6	0	0	6	-2	4
Total comprehensive income	0	0	351	-572	0	-220	-106	-326
Net income/loss	0	0	397	0	0	397	6	402
Other comprehensive income	0	0	-46	-572	0	-617	-112	-729
Remeasurements of defined benefit plans	0	0	-222	0	0	-222	0	-222
Remeasurements of investments	0	0	177	0	0	177	0	177
Changes in accumulated other comprehensive income	0	0	0	-572	0	-572	-112	-683
Balance as of December 31, 2020	622	10,825	3,082	-3,779	1	10,751	437	11,188
Balance as of January 1, 2021	622	10,825	3,082	-3,779	1	10,751	437	11,188
Change in scope of consolidation	0	0	0	0	0	0	5	5
Capital decrease	0	0	0	0	0	0	-7	-7
Dividends	0	0	-501	0	0	-501	-38	-539
Total comprehensive income	0	0	-3,968	143	-121	-3,946	88	-3,859
Net income/loss	0	0	-4,169	0	0	-4,169	63	-4,106
Other comprehensive income	0	0	200	143	-121	223	25	247
Remeasurements of defined benefit plans	0	0	269	0	0	269	0	269
Remeasurements of investments	0	0	-69	0	0	-69	-0	-69
Changes in accumulated other comprehensive income	0	0	0	143	-121	22	25	47
Balance as of December 31, 2021	622	10,825	-1,388	-3,636	-120	6,303	485	6,788

EBIT Reconciliation

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Reconciliation of Income/Loss before Financial Results and Taxes
€ in millions	2021	2020
Income/Loss before financial results and taxes	-4,876	608
Net income/loss from equity investments	7	-9
EBIT	-4,869	599
Non-operating adjustments	6,056	399
Net book gains (-) / losses (+)	-9	10
Impact of derivative financial instruments	8,783	-570
Adjustments of revenue and cost of materials from physically settled commodity derivatives to the contract price	-3,095	995
Restructuring / Cost-management expenses (+) / income (-)¹	158	65
Miscellaneous other non-operating earnings	137	-192
Non-operating impairment charges (+) / reversals (-)²	81	92
Adjusted EBIT	1,187	998
For informational purposes: Economic depreciation and amortization/reversals	669	658
For informational purposes: Adjusted EBITDA	1,856	1,657
¹Expenses for (and income from) restructuring and cost management in the Global Commodities segment included depreciation and amortization of €2 million in the 2021 fiscal year (2020: €5 million). ²Non-operating impairment charges/reversals consist of non-operating impairment charges and reversals triggered by regular impairment tests. The total of the non-operating impairment charges/reversals and economic depreciation and amortization/reversals differs from depreciation, amortization and impairment charges reported in the income statement since the two items also include impairment charges on companies accounted for under the equity method and other financial assets; in addition, a small portion is included in restructuring / cost-management expenses and in miscellaneous other non-operating earnings.

Net Debt

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Economic Net Debt
€ in millions	Dec. 31, 2021	Dec. 31, 2020
(+) Financial liabilities and liabilities from leases	8,975	1,743
(+) Bonds	-	-
(+) Commercial paper	1,480	65
(+) Liabilities to banks	2,964	259
(+) Lease liabilities	745	761
(+) Margining liabilities	783	193
(+) Liabilities from shareholder loans towards Uniper shareholders and co-shareholders	2,931	378
(+) Other financing	70	87
(-) Cash and cash equivalents	2,919	243
(-) Current securities	47	46
(-) Non-current securities	111	98
(-) Margining receivables¹	7,866	898
Net financial position	-1,969	457
(+) Provisions for pensions and similar obligations	1,065	1,371
(+) Provisions for asset retirement obligations	1,228	1,223
(+) Other asset retirement obligations	853	802
(+) Asset retirement obligations for Swedish nuclear power plants	2,940	2,916
(-) Receivables from the Swedish Nuclear Waste Fund recognized on the balance sheet	2,565	2,495
Economic net debt	324	3,050
(-) For informational purposes: Receivables from the Swedish Nuclear Waste Fund (KAF) ineligible for capitalization²	211	223
For informational purposes: Fundamental economic net debt	113	2,827
¹The line item "Margining receivables" contains additional securities beginning on June 30, 2021. These are akin to other margining receivables and have so far been reported as other financial receivables, which are not part of economic net debt. Margining receivables, net financial position, economic net debt and fundamental economic net debt as of December 31, 2020, have been adjusted for consistency. ²Due to IFRS valuation rules (IFRIC 5), €211 million (December 31, 2020: €223 million) of Uniper's share of the fair value of the net assets of the Swedish Nuclear Waste Fund may not be capitalized on the balance sheet. Accordingly, there exists an additional receivable from the Swedish Nuclear Waste Fund ineligible for recognition on the balance sheet, and the economic net obligation for the decommissioning of the Swedish nuclear power plants is thus reported too high in the table by the amount of this receivable.

Segment Information

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Financial Information by Segment
€ in millions	European Generation	Global Commodities²	Russian Power Generation	Administration/ Consolidation	Uniper Group
2021	2020	2021	2020	2021	2020	2021	2020	2021	2020
External sales	2,575	1,830	160,391	48,226	1,010	909	2	2	163,979	50,968
Intersegment sales	24,846	5,858	21,721	5,472	-	-	-46,567	-11,329	-	-
Sales	27,421	7,688	182,112	53,698	1,010	909	-46,565	-11,327	163,979	50,968
Adjusted EBIT (segment earnings)	473	492	756	496	230	226	-272	-216	1,187	998
Equity-method earnings¹	-	-	46	48	-	-	-	-	46	48
Operating cash flow before interest and taxes	1,419	1,017	2,329	246	341	317	-236	-223	3,854	1,358
Investments	520	555	54	50	131	121	16	16	720	743
¹The income/loss from companies accounted for under the equity method presented here is generally adjusted for non-operating effects and therefore differs from the income/loss from companies accounted for under the equity method as presented in the income statement in accordance with IFRS.
²Regarding the change in sales in the Global Commodities segment, see also Notes 3 and 5 to the 2021 Consolidated Financial Statements.

Sales by Segment and Product

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Sales by Segment and Product
€ in millions	European Generation	Global Commodities	Russian Power Generation	Administration/ Consolidation	Uniper Group
2021	2020	2021	2020	2021	2020	2021	2020	2021	2020
Electricity	20,955	5,313	60,214	21,052	988	889	-37,711	-8,545	44,446	18,709
Gas	5,687	1,722	106,460	26,119	-	-	-7,770	-2,149	104,377	25,692
Other	779	652	15,439	6,527	22	21	-1,084	-634	15,155	6,567
Total	27,421	7,688	182,112	53,698	1,010	909	-46,565	-11,327	163,979	50,968

Adjusted EBIT

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Adjusted EBIT
€ in millions	2021	2020	+/- %
European Generation	473	492	-3.8
Global Commodities	756	496	52.2
Russian Power Generation	230	226	1.9
Administration/Consolidation	-272	-216	-26.0
Total	1,187	998	18.9

Adjusted net income

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Reconciliation to Adjusted Net Income
€ in millions	2021	2020
Income/Loss before financial results and taxes	-4,876	608
Net income/loss from equity investments	7	-9
EBIT	-4,869	599
Non-operating adjustments	6,056	399
Adjusted EBIT	1,187	998
Interest income/expense and other financial results	256	-57
Non-operating interest expense and negative other financial results (+) / interest income and positive other financial results (-)	-185	97
Operating interest income/expense and other financial results	71	39
Income taxes	507	-139
Expense (+) / Income (-) resulting from income taxes on non-operating earnings	-829	-86
Income taxes on operating earnings	-321	-226
Less non-controlling interests in operating earnings	-31	-37
Adjusted net income	906	774

Financial Results

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Financial Results
€ in millions	2021	2020
Income from companies in which equity investments are held	9	7
Impairment charges/reversals on other financial assets	-2	-17
Net income/loss from equity investments	7	-9
Interest and similar income	158	121
Amortized cost	117	102
Other interest and similar income	42	20
Interest and similar expenses	-134	-349
Amortized cost	-52	-30
Other interest and similar expenses	-82	-319
Net interest income‌	24	-228
Impairment charges/reversals	1	1
Net income from securities	10	1
Result from the Swedish Nuclear Waste Fund	221	168
Other financial results	231	171
Financial results	262	-67

Fin. Liabilities by Segment

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Financial Liabilities by Segment as of December 31, 2021
€ in millions	Commercial paper	Bank loans / Liabilities to banks	Liabilities from leases	Other financial liabilities	Financial liabilities
European Generation	-	6	165	432	602
Global Commodities	-	90	568	784	1,442
Russian Power Generation	-	-	10	41	51
Administration/Consolidation	1,480	2,869	2	2,529	6,880
Uniper Group	1,480	2,964	745	3,785	8,975

Leases in GuV

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Amounts Recognized in the Income Statement
€ in millions	2021	2020
Depreciation of right-of-use assets	-113	-128
Impairment charges on right-of-use assets	-18	-1
Reversals of impairments on right-of-use assets	26	83
Interest expense on lease liabilities	-39	-43
Expense relating to short-term leases	-217	-134
Expense relating to leases of low-value assets, not including short-term leases	-3	-2
Income from subleasing right-of-use assets	45	29
Total	-319	-195