Capital Markets Story
Including 9M 2019 Highlights and Outlook
November 2019 - Februar 2020
Agenda
Intro Uniper Story in a Nutshell
9M 2019 Essentials and
Financial Results and Outlook
FY 2019
Appendix
2
Uniper - at a glance
European
Generation
EBIT1 | Global |
Commodities | |
International
Power
- One of the largest European generators with ~24 GW of own, mostly dispatchable generation capacity
- Diversified base across technologies and markets
- Strong capabilities in construction, operations and maintenance
- Leading physical energy trader, global footprint
- Large gas midstream business in Europe with 400 TWh gas LTC portfolio, own storage capacity of ~8 bcm and pipeline shareholdings
- Optimization of European generation portfolio
- Primarily power business in Russia
- Unipro as number 3 privately-owned Russian generation company
- ~11 GW of generation assets
1 EBIT by segment, FY 2018 | Capital Markets Story, Nov 2019 - Feb 2020 | Intro A |
European Generation and International Power A well-diversified generation portfolio
European Generation: Net capacity (GW)1,2
International Power: Net capacity (GW)1
UK
Sweden
4.6
Benelux Germany
Gas
Hard Coal
Lignite
Russia
Hydro
6.4 1.6
10.5
Hungary
23.5 | 0.4 |
GW | |
10.8
Nuclear
10.8
OtherGW
Key message | Key message | ||
| Central-western Europe is our home turf | | Market with favourable regulatory framework |
| Represent the markets with clearest upside price lever in Europe | | Well-positioned and optimised portfolio |
1 | Net capacity for 2018 - accounting view, excluding Uniper France (sold in Q3 2019) | ||
2 | Excluding generation capacities from Hydro LTCs in Austria and Switzerland (564 MW) | Capital Markets Story, Nov 2019 - Feb 2020 | Intro B |
Global Commodities - Strong asset base along the entire gas value chain
Global Commodities: Gas value chain
Supply Portfolio
Infrastructure shareholdings and bookings | ||
LNG Regas | Transmission | Storage |
Sales Portfolio
- Procurement of in total ~2,200 TWh from domestic and foreign producers
- Thereof ~400 TWh contracted long-term with time and volume flex
- Market-reflectivepricing
940 TWh
~400 TWh1
- LNG bookings in Gate and Grain and access to terminals in Spain with the ability to bring additional volumes into the market
- Intention to build floating ship regas unit (FSRU) at Wilhelmshaven port / Germany
- Shareholdings in major European transit pipelines
- Bookings across Europe:
- Hub-to-hub
- Market entry-exit
- Storage entry-exit
Nord Stream
BBL II
OPAL
Transitgas
- #3 storage player in Europe with a flexible, diversified portfolio
- 7.9 bcm of storage
capacity
Uniper Market Share
Capacity | ~30% | 21% | 3% |
25 bcm | |||
Market | 8bcm | ||
5bcm | |||
- Gas Sales of in total ~2,200 TWh, thereof around 10% contracted to traditional sales customers with specific demand patterns
- Around 1,000 customers, mainly municipal utilities, industrials and power plants
- Gas, power, energy related services
- Market share ~25%
2016
Capital Markets Story, Nov 2019 - Feb 2020 | Intro C |
Dividend - Unique policy and attractive growth
Unique cash based dividend policy
Adjusted Funds from Operations (Adj. FFO)
-
Maintenance / replacement
investments
Free Cash from Operations (FCfO)
Dividends
Main message
- Cash flow based dividend policy
- At least 75% of FCfO to be cashed out
- CAGR of 25% between financial year 2016 and 2020
- 2020 target based on September 2017 commodity market prices
Strong expected dividend growth… | …underpinned by improving earnings mix | |||
€m | ||||
2016 | 2020 | |||
25% | ||||
600 | 2020 | |||
CAGR | ||||
400 2016
200
0
FY2016 | FY2017 | FY2018 | FY2019E | FY2020E |
Capital Markets Story, Nov 2019 - Feb 2020 | Intro D |
Setting the sails - Phase 2 of Uniper's strategy
2017/18 | Phase1: In delivery mode |
✓Transparency increased | |
- | ✓Performance improved |
✓Portfolio optimized | |
2016 | |
✓Cash optimized, Rating improved |
Delivery mode: Dividend payout above plan
€m
Dividend outlook | ||||||
600 | Actual dividend | ~500 | ||||
400 | 313 329 | 390 | ||||
250 271 | ||||||
200 200 |
200
0 | ||||
FY2016 | FY2017 | FY2018E | FY2019E | FY2020E |
beyond | Phase 2: New cash flow streams | |||
Benefit from security-of-supply | ||||
and | ||||
Exploit linking energy markets | ||||
Seek partnerships to profit from | ||||
2018 | ||||
global power growth | ||||
First growth projects initiated
Gas CHP plant Scholven
Gas OCGT plant Irsching
Liqvis LNG filling stations for trucks
Source photos: Uniper, Liqvis | Capital Markets Story, Nov 2019 - Feb 2020 | Intro E |
Strategy - Focus on strengthening portfolio
Uniper
approach
European Generation
Global Commodities
International Power
- Benefit from merchant market upsides
- Diversify risks in contract portfolios
- Develop and grow non-wholesale elements
- Underutilized European portfolio to benefit from rising prices
- Capex focussed on secured capacities (regulatory, contractually)
- Gas storage beneficiary from decarbonization and gas to power
- Development of further globally diversified portfolio of sourcing and sales contracts across energy commodities
- Attractive regulated Russian position to be maintained
- Key investment focus: Russian modernization framework
Capital Markets Story, Nov 2019 - Feb 2020 | Intro F |
Optionality - Attractive future upsides
Security of supply
Commodity
Organic growth
- Upsides in existing capacity markets; Germany still without capacity market scheme
- Commissioning of Datteln IV and Berezovskaya III to increase stable earnings
€10 higher Nordic | |||
Power prices - multiple drivers for Central Europe and Nordic | |||
| CO2-price expected to move to higher levels in 2020s | power price | |
= ~0.2bn | |||
| Tightening in Central European marktes early 2020s | ||
Increasing interconnection of Nordic market | €1 higher | ||
Gas storage - summer/winter spreads very low | |||
| Decarbonisation leads to higher gas share in power mix | summer/winter- | |
spread price | |||
| Reducing western European gas supply | ||
= ~0.1bn | |||
- Unipro well placed to benefit from Russian modernisation initiative
- Industrial solutions identified as key growth opportunity in core markets
Capital Markets Story, Nov 2019 - Feb 2020 | Intro G |
Capital allocation - Disciplined and focused
Financial framework: Clear boundaries | Capex plan: ~€2.4bn1 between 2018 and 2020 | |||||||||||
€m | ||||||||||||
Target rating: BBB (flat) | 800 | |||||||||||
| Dividend: min. 75% to 100% FCfO | 400 | €400m | |||||||||
| Investing with discipline | M&R | ||||||||||
0 | ||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |||||||
Maintenance & Replacement | Legacy growth projects | New growth capex | ||||||||||
Hurdle rates for new growth: conservative
Surcharge; | |||||||
Surcharge; | |||||||
+500bps | |||||||
+300bps | |||||||
WACC | WACC | ||||||
non-wholesale projects | commodity exposed projects | ||||||
Capex: ~€2.4bn between 2018 and 2020
Maintenance capex
- Staying at low levels below €0.4bn p.a. New growth capex
- Total of €0.5bn earmarked for projects in 2018 to 2020 Non-wholesaleprojects
- Secured by longterm contracts or capacity mechanism Commodity exposed projects
- Risk diversing character, limited cash effective exposure
1. Capex for Datteln IV boiler walls repair not included here | Capital Markets Story, Nov 2019 - Feb 2020 | Intro H |
Highlights summarized
- Management focused on delivery and shareholder value …
Performance
- …with an incentivisation aligned to shareholder interest
- Diversified portfolio of assets and markets …
Portfolio
- … with improving risk return profile in group cash flows
- 25% dividend growth CAGR between FY 2016 and FY 2020 based on unique policy
Potential
- Attractive longer-term upsides in gas and power markets
Capital Markets Story, Nov 2019 - Feb 2020 | Intro I |
Agenda
Intro Uniper Story in a Nutshell
9M 2019 Essentials and
Financial Results and Outlook
FY 2019
Appendix
12
9M 2019 Results in-line with Expectations, Outlook increased
Adj. EBIT(DA) - 9M 2019 down vs. previous year | Outlook 2019 - EBIT raised and range narrowed1 |
€m | 891 | -171 | €m | |
720 | ||||
EBIT | ||||
-183 | ||||
386 | 203 | EBITDA | ||
9M 2018 | 9M 2019 |
Adj. EBIT(DA) - Isolated Q3 2019 up
€m | EBIT | EBITDA | |||||
+112 | 63 | ||||||
+110 | -49 | ||||||
-105 | |||||||
-215 | |||||||
Q3 2018 | Q3 2019 | Q3 2018 | Q3 2019 | ||||
865 | +150 | 950 |
850 | Range | |
Range | 750 | |
550 | ||
FY 2018 | Old 2019E | new 2019E |
1. Outlook now incl. reinstatement of UK capacity market | Capital Markets Story, Nov 2019 - Feb 2020 | 2 |
Key Developments
Team
Outstanding health & safety performance Positive employee survey
New COO announced
m
Performance
- Datteln 4 power plant COD well on track
- Berezovskaya 3 COD end of Q1 2020 expected
Shareholder
Fortum with acquisition of additional min. 20.5%,
- subject to regulatory clearance
Constructive talks continue
y
Portfolio & Strategy
German coal exit discussion progresses UK capacity market reinstated
Capital Markets Story, Nov 2019 - Feb 2020 | 3 |
Commodity Markets - Volatile Trend
Carbon trading prices1 | Gas prices2 | Electricity prices3 | |
EUR/t CO2 | EUR/MWh | EUR/MWh | |
30 | 24 | 60 | |
25 | 22 | 50 | |
20 | 20 | 40 | |
15 | 18 | 30 | |
10 | EUA | 16 | 20 |
TTF | Germany | ||
Nordic | |||
5 | 14 | 10 | |
Jan 2018 Okt 2018 | Jul 2019 | Jan 2018 Okt 2018 Jul 2019 | Jan 2018 Okt 2018 Jul 2019 |
Dark & spark spreads4
EUR/MWh
7
4
1
-2
-5
CDS 2020
CSS 2020
-8
Jan 2018 Okt 2018 Jul 2019
1. | EU Allowances (EUA) spot prices 2. Gas forwards 2020 3. Electricity baseload forwards 2020 | ||
4. | Dark and spark spreads Germany 2020 (Efficiency coal plants 39%, gas plants 55%) | Capital Markets Story, Nov 2019 - Feb 2020 | 4 |
Source: Bloomberg, Uniper Market Analysis; prices shown until end of October 2019 |
Uniper - Operating Indicators
Global Commodities - | European Generation - |
Gas storage filling1 | Production volume2 |
TWh | TWh | |||
79% | 98% | 60 | -11% | |
90 | ||||
75 | 50 | |||
Gas | ||||
60 | 40 | |||
45 | 30 | Coal | ||
30 | 20 | Nuclear | ||
15 | 10 | |||
Hydro | ||||
0 | 0 | |||
9M 2018 | 9M 2019 | 9M 2018 | 9M 2019 |
International Power - Production volume
TWh | ||
60 | +3% | |
50 | ||
40 | ||
30 | ||
20 | ||
10 | ||
0 | ||
9M 2018 | 9M 2019 |
Key messages
Global Commodities
- Gas storage filling levels at maximum
European Generation
- Fuel switch coal to gas accelerated
- Unplanned coal plant outage in NL
- Higher outright volumes
International Power
- Output up due to favorable export/import balance
- Positive trend slowed down in Q3
1. | Physical filling-level | Capital Markets Story, Nov 2019 - Feb 2020 | |
2. | Pro-rata view | 5 |
Adjusted EBIT 9M 2019 - Down largely due to structural Effects
Reconciliation Adjusted EBIT 9M 2018 to 9M 2019
€m
Adj. EBIT 9M 2018386Overall trend persistent in Q3
H1 2018 One-offs | 9M 2019 negatively impacted by H1 2018 | ||
one-offs, LNG Freeport hedge and absence | |||
LNG Freeport | of UK capacity payments as anticipated in | ||
outlook | |||
Guided
New
Regulation (UK cap.)
Outright (price and
volume effects) Commodity gas
Unavailability MV3/RH2
Russia performance
Adj. EBIT 9M 2019 | 203 | |
- On the operational side mostly positive developments from higher outright prices, gas and Russia
- Unavailability of power stations Ringhals 2 (RH2/SWE) until April and Maasvlakte 3 (MV3/NL) until mid October
Capital Markets Story, Nov 2019 - Feb 2020 | 6 |
Adjusted EBIT 9M 2019 - Development by Sub-Segment
European Generation
€m | |||
-49 | -16 | 6 | |
260 | |||
-64 | |||
137 | |||
9M Hydro Nuc. Fossil Cons. | 9M |
2018 | 2019 |
- Hydro: lapse of Q2 2018 provision release, positive volume effects
- Nuclear: Ringhals 2 outage
- Fossil: lower coal-fired production, outage at Maasvlakte 3 and absence of UK capacity payments, partly offset by positive carbon management effects with Global Commodities
Global Commodities
€m
18
-62 | |
126 | |
-80 | 1 |
9M | Gas COFL Power 9M |
2018 | 2019 |
- Gas midstream: benefits from portfolio optionality as hub prices corrected at the front end
- COFL: negative LNG Freeport hedge effects
- Power: negative carbon management effects with European Generation
International Power
€m
16 | |
204 | 220 |
9M 2018 Russia 9M 2019 |
- Generation business in Russia benefitted from higher day-ahead prices and increased generation volumes
Capital Markets Story, Nov 2019 - Feb 2020 | 7 |
Adjusted EBIT to OCF - Negative due to temporary Working Capital Effects
Reconciliation Adjusted EBIT 9M 2019 to Operating Cash Flow 9M 2019
€m | 401 |
517 | ||||||||||||||||||||||||||||
720 | -800 | |||||||||||||||||||||||||||
203 | ||||||||||||||||||||||||||||
18 | -218 | -277 | ||||||||||||||||||||||||||
-557 | -16 | |||||||||||||||||||||||||||
-44 | ||||||||||||||||||||||||||||
Adj. EBIT | Depreci- | Adj. EBITDA | Non-cash | Provision | Changes in | Payments | OCFbIT | Interest | Tax | OCF | ||||||||||||||||||
9M 2019 | ation and | 9M 2019 | effective | utilization | working | related to | 9M 2019 | payments | payments | 9M 2019 | ||||||||||||||||||
amortization | EBITDA | capital | non-oper. | |||||||||||||||||||||||||
items | earnings, | |||||||||||||||||||||||||||
others |
Capital Markets Story, Nov 2019 - Feb 2020 | 8 |
Economic Net Debt - Up mainly due to Working Capital and Pensions
Reconciliation Economic Net Debt YE 2018 vs. 9M 2019
€bn | |||||||||||||||
0,4 | 0,1 | 3.6 | |||||||||||||
3.2 | 0,4 | -0,1 | 0.8 | ||||||||||||
0,3 | |||||||||||||||
0,9 | 2.5 | ||||||||||||||
0,3 | |||||||||||||||
-0,7 | 0,9 | 1,2 | |||||||||||||
0,8 | -0,3 | ||||||||||||||
0,8 | |||||||||||||||
1,5 | 1,5 | ||||||||||||||
0,8 | |||||||||||||||
Economic | Margining | Pro-forma | Divest | OCF | Dividend Investments Pension | ARO | Other | Economic | |||||||
net debt YE | adjustment | Economic | net debt 9M | ||||||||||||
2018 - as | net debt YE | 2019 | |||||||||||||
reported | 2018 | AROs1 | Pension2 | Net financial position3 | |||||||||||
- Includes nuclear and other asset retirement obligations ('AROs') as well as receivables from Swedish Nuclear Waste fund ('KAF')
- Change in interest rates for pension obligations by 1.1%-points for Germany since end of 2018
- Includes cash & cash equivalents, non-current securities, financial receivables from consolidated
Group companies and financial liabilities | Capital Markets Story, Nov 2019 - Feb 2020 | 9 |
Outlook 2019 - Adjusted EBIT increased and Dividend Policy confirmed
Outlook 2019 - Adjusted EBIT | Dividend pay-out and policy |
€m | €m |
865 | +150 | 950 | |||||
850 | |||||||
Range | |||||||
Range | 750 | ||||||
550 | 489 | ||||||
329 | 390 | ||||||
271 | |||||||
200 | |||||||
FY 2018 | Old 2019E | New 2019E | FY2016 FY2017 FY2018 FY2019 FY2020 | ||||
Dividend | above CAGR |
Mid-point - Raised with reinstated UK capacity market | Policy - Dividend payout ratio on FCfO 75% - 100% |
Range - Narrowed with increased visibility | Ambition - Dividend growth path CAGR 25% p.a. |
Capital Markets Story, Nov 2019 - Feb 2020 | 10 |
Agenda
Intro Uniper Story in a Nutshell
9M 2019 Essentials and
Financial Results and Outlook
FY 2019
Appendix
22
Outright Power Hedging in Germany and Nordic
Outright position - Baseload power price1
>85% | >85% | >40% | |
€/MWh | >80% | >60% | >10% |
60 |
50
40
30
20
2019 | 2020 | 2021 | |
Hedged price Germany | Hedge ratio Germany | ||
Hedged price Nordic | Hedge ratio Nordic | ||
1. Status: 30 September 2019 | Capital Markets Story, Nov 2019 - Feb 2020 | 12 |
Uniper Group - Adjusted EBIT(DA) by Sub-segment
Adj. EBITDA and EBIT
€m | 9M 2019 | 9M 2018 | 9M 2019 | 9M 2018 | |
Adj. EBITDA | Adj. EBITDA | Adj. EBIT | Adj. EBIT | ||
European Generation | Hydro | 241 | 305 | 196 | 245 |
Nuclear | 77 | 91 | 30 | 46 | |
Fossil | |||||
159 | 229 | -68 | -4 | ||
Other/ Consol. | -19 | -25 | -22 | -27 | |
Subtotal | 458 | 600 | 137 | 260 | |
Global Commodities | Gas | 166 | 140 | 104 | 86 |
COFL | 13 | 63 | -37 | 43 | |
Power | |||||
-63 | 5 | -66 | -4 | ||
Subtotal | 115 | 208 | 1 | 126 | |
International Power | Russia | 290 | 279 | 220 | 204 |
Subtotal | 290 | 279 | 220 | 204 | |
Administration / Consolidation | -144 | -197 | -155 | -204 | |
Total | 720 | 891 | 203 | 386 | |
Capital Markets Story, Nov 2019 - Feb 2020 | 13 |
Uniper Group - Key Financial Performance items
€m | 9M 2019 | 9M 2018 |
Net income / loss after income taxes | 1,056 | -521 |
Attributable to the shareholders of Uniper SE | 1,009 | -550 |
Attributable to non-controlling interests | ||
47 | 29 | |
Net interest income / expense | 118 | 1 |
Other financial result | -119 | -22 |
Income taxes | ||
242 | -198 | |
EBIT | 1,297 | -740 |
Non-operating adjustments | -1,093 | 1,126 |
Adjusted EBIT | 203 | 386 |
Economic depreciation and amortization / reversals | 517 | 505 |
Adjusted EBITDA | 720 | 891 |
Sales | 52,778 | 53,059 |
Capital Markets Story, Nov 2019 - Feb 2020 | 14 |
Uniper Group - Adjusted EBITDA to Net Income
Reconciliation Adj. EBITDA 9M 2019 to net income 9M 2019
€m | 144 | ||||||||
947 | |||||||||
-28 | -113 | ||||||||
1.009 | |||||||||
720 | |||||||||
- 144 | |||||||||
- 517 | 203 | 59 | |||||||
Adj. | D&A | Adj. | Economic | Underlying | MTM | Net | Other | Taxes on non- | Net |
EBITDA | EBIT | interest, taxes, | earnings | Derivatives | impairments | operating | |||
Income1 | |||||||||
minorities | earnings, | ||||||||
minorities |
Non-operating earnings
1. Net income attributable to Uniper shareholders. | Capital Markets Story, Nov 2019 - Feb 2020 | 15 |
Uniper Group - Economic Interest Expense (net)
Economic interest expense of the Uniper Group
€m | 9M 2019 | 9M 2018 |
Interest from financial assets / liabilities | 19 | 9 |
Interest cost from provisions for pensions and similar provisions | -15 | -13 |
Accretion of provisions for retirement and obligation and other provisions | ||
-76 | -60 | |
Construction period interests1 | ||
54 | 34 | |
Other2 | -69 | 26 |
Economic interest expense (net) | -88 | -4 |
- 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.
- Includes e.g. interest due to tax provisions/ receivables and adjustments due to changes in interest rates on provisions.
Capital Markets Story, Nov 2019 - Feb 2020 | 16 |
Uniper Group - Non-operating Adjustments
Non-operating adjustments
€m | 9M 2019 | 9M 2018 |
Net book gains / losses | - | 31 |
Fair value measurement of derivative financial instruments | -947 | 731 |
Restructuring / cost management expenses / income | ||
-33 | -51 | |
Non-operating impairment charges / reversals | ||
28 | 361 | |
Miscellaneous other non-operating result | ||
-142 | 54 | |
Non-operating adjustments | -1,093 | 1,126 |
Capital Markets Story, Nov 2019 - Feb 2020 | 17 |
Uniper Group - Cash-effective Investments
Investments by segment
€m | 9M 2019 | 9M 2018 | % |
European Generation | 233 | 225 | 3.8 |
Global Commodities | 17 | 12 | 41.7 |
International Power | |||
134 | 129 | 4.3 | |
Administration / Consolidation | |||
17 | 21 | -21.4 | |
Total | 401 | 387 | 3.6 |
Investment split - maintenance and growth
€m | 9M 2019 | 9M 2018 | % |
Maintenance & replacement | 178 | 157 | 13.1 |
Growth | 223 | 230 | -3.1 |
Total | 401 | 387 | 3.6 |
Capital Markets Story, Nov 2019 - Feb 2020 | 18 |
Uniper Group - Net financial Position
Net financial position of the Uniper Group1
€m | 30 Sep 2019 | 31 Dec 2018 |
Liquid funds | 391 | 1,400 |
Non-current securities | 94 | 83 |
Receivables from margining | ||
358 | 698 | |
Financial liabilities | ||
2,359 | 2,939 | |
Net financial position | 1,517 | 757 |
Provisions for pensions and similar obligations | 1,236 | 804 |
Asset retirement obligations | 948 | |
847 | ||
Economic net debt | 3,600 | 2,509 |
1. Since 2019 receivables from margining are reported as part of the economic net debt This also | Capital Markets Story, Nov 2019 - Feb 2020 | |
is applied retrospectively for FY 2018 (FY 2018: €3,208m). | 19 |
Uniper Group - Consolidated Balance Sheet (1/2)
Balance sheet of the Uniper Group - Non-current and current assets
€m | 30 Sep 2019 | 31 Dec 2018 |
Goodwill | 1,880 | 1,816 |
Intangible assets | 742 | 768 |
Property, plant and equipment | 10,745 | 10,612 |
Companies accounted for under the equity method | 465 | 440 |
Other financial assets | 777 | 866 |
Equity investments | 684 | 783 |
Non-current securities | 94 | 83 |
Financial receivables and other financial assets | 3,680 | 3,618 |
Operating receivables and other operating assets | 4,525 | 4,914 |
Income tax assets | 6 | 6 |
Deferred tax assets | 1,097 | 1,116 |
Non-current assets | 23,917 | 24,156 |
Inventories | 1,895 | 1,604 |
Financial receivables and other financial assets | 630 | 1,391 |
Trade receivables and other operating assets | 13,742 | 21,468 |
Income tax assets | 70 | 40 |
Liquid funds | 391 | 1,400 |
Assets held for sale | - | 546 |
Current assets | 16,728 | 26,449 |
Total assets | 40,645 | 50,605 |
Capital Markets Story, Nov 2019 - Feb 2020 | 20 |
Uniper Group - Consolidated Balance Sheet (2/2)
Balance sheet of the Uniper Group - Equity and liabilities
€m | 30 Sep 2019 | 31 Dec 2018 |
Capital stock | 622 | 622 |
Additional paid-in capital | 10,825 | 10,825 |
Retained earnings | 3,392 | 3,032 |
Accumulated other comprehensive income | -3,291 | -3,531 |
Equity attributable to the shareholders of Uniper SE | 11,547 | 10,948 |
Attributable to non-controlling interest | 578 | 497 |
Equity (net assets) | 12,125 | 11,445 |
Financial liabilities | 1,146 | 1,187 |
Operating liabilities | 4,432 | 4,856 |
Provisions for pensions and similar obligations | 1,236 | 804 |
Miscellaneous provisions | 5,229 | 5,455 |
Deferred tax liabilities | 464 | 355 |
Non-current liabilities | 12,507 | 12,657 |
Financial liabilities | 1,213 | 1,752 |
Trade payables and other operating liabilities | 13,623 | 22,469 |
Income taxes | 44 | 47 |
Miscellaneous provisions | 1,133 | 1,478 |
Liabilities associated with assets held for sale | - | 757 |
Current liabilities | 16,012 | 26,503 |
Total equity and liabilities | 40,645 | 50,605 |
Capital Markets Story, Nov 2019 - Feb 2020 | 21 |
Uniper Group -
Consolidated Statement of Cash Flows (1/2)
Statement of cash flows Uniper Group
€m | 9M 2019 | 9M 2018 |
Net income / loss | 1,056 | -521 |
Depreciation, amortization and impairment of intangibles / property, plant, equipment | 554 | 875 |
Changes in provisions | -416 | -224 |
Changes in deferred taxes | 231 | -207 |
Other non-cash income and expenses | -199 | 7 |
Gain / loss on disposals | -12 | -48 |
Changes in operating assets and liabilities and in income tax | -1,492 | 207 |
Cash provided (used for) by operating activities | -277 | 89 |
Proceeds from disposals | 323 | 130 |
Payments for investments | -401 | -387 |
Proceeds from disposals of securities (>3M) and of financial receivables | 1,102 | 455 |
Purchases of securities (>3M) and of financial receivables | -577 | -1,351 |
Changes in restricted cash and cash equivalents | 14 | -13 |
Cash provided (used for) by investing activities | 461 | -1,166 |
Capital Markets Story, Nov 2019 - Feb 2020 | 22 |
Uniper Group -
Consolidated Statement of Cash Flows (2/2)
Statement of cash flows Uniper Group
€m | 9M 2019 | 9M 2018 |
Cash provided (used for) by investing activities | 461 | -1,166 |
Payments received / made from changes in capital | 3 | 5 |
Payed dividend to the shareholder of Uniper SE | -329 | -271 |
Payed dividend to other shareholders | -16 | -16 |
Proceeds from financial liabilities | 1,353 | 1,419 |
Repayment of financial liabilities | -2,007 | -95 |
Cash provided (used for) by financing activities | -997 | 1,042 |
Net increase / decrease in cash and cash equivalents | -813 | -35 |
Effect from foreign exchange rates on cash and cash equivalents | 9 | -6 |
Cash and cash equivalents at the beginning of the year | 1,138 | 852 |
Cash and cash equivalents of deconsolidated companies | -4 | |
Cash and cash equivalents from first-time consolidated companies | 8 | - |
Cash and cash equivalents at the end of the reporting period | 338 | 811 |
Capital Markets Story, Nov 2019 - Feb 2020 | 23 |
Financial Calendar & further Information
Financial calendar | Further information |
10 March 2020 | https://ir.uniper.energy |
Annual Report 2019 | |
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 |
Capital Markets Story, Nov 2019 - Feb 2020 | 24 |
Uniper - Contact your Investor Relations team
Udo Giegerich
Executive Vice President
Group Finance&Investor Relations
udo.giegerich@uniper.energy
Adam Strzyz
Head of Investor Relations (SVP)
adam.strzyz@uniper.energy
Carlo Beck
Manager Investor Relations
+49 211 4579 4402 carlo.beck@uniper.energy
Peter Wirtz
Manager Investor Relations
+49 211 4579 4414 peter.wirtz@uniper.energy
Anna Denisova
Manager Investor Relations
anna.denisova@uniper.energy
Eva Christin Göttges
Manager Investor Relations
eva-christin.goettges@uniper.energy
Capital Markets Story, Nov 2019 - Feb 2020 | 25 |
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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.
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Uniper SE published this content on 18 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 December 2019 15:05:01 UTC