UNIPER SE Q1 2024 Interim Results
Jutta Dönges - CFO
07 May 2024
Agenda
- Q1 2024 Interim Results
- Appendix
Highlights - A sound start into Financial Year 2024
- Q1 2024 operating performance in line with expectations
- Normalizing margins in Q1 2024 still well above pre-crisis levels
- Outlook for the full year 2024 confirmed
- Financial position remains comfortable with economic net cash now of €4.5bn
- Strengthened financial flexibility with the new syndicated credit line of €3.0bn
- S&P re-affirmed BBB- investment grade rating with upgrade of Uniper's stand-alone credit profile1
- New business segmentation and new financial KPI with Adjusted EBITDA
- Divestment program to fulfil EU obligations further progressed with sale of Hungarian CCGT Gönyü
- 885m
Adjusted EBITDA
Q1 2024
- 570m
Adjusted Net Income
Q1 2024
1. On 08 March 2024 S&P Global Ratings affirmed Uniper's long-term credit rating of BBB- / stable outlook. | ||
The stand-alone credit rating (SACP) has been upgraded by 3 notches from b to bb. | ||
The current credit rating includes an uplift of two notches for state support (previously 5 notches). | Q1 2024 Presentation, 07 May 2024 | 3 |
Financing - Broader access to credit markets funding
Key financing instruments and financial headroom
€3.0bn sustainability-linked revolving credit facility (Bank RCF)
Signed in Q1 2024 and replacing previous RCF of €1.7bn
€5.0bn KfW-revolving credit facility (KfW RCF)
Steadily downsized from €16.5bn; Reduced from €11.5bn in May 2024
€2.0bn debt issuance program (DIP)
Re-established in early Q2 2024 to secure access to the Euro bond market
€1.8bn Euro commercial paper (CP) program
Prolongation in Q2 2023 to cover short-term liquidity needs
€4.5bn Economic net cash position
Comfortable cash position at the end of Q1 2024 achieved
Key financial objectives
Ensure adequate liquidity at all time
Enable access to diverse financial instruments to enable transformation investments
Expiry of KfW-credit facility until 2026
Achieve a solid investment grade rating
Q1 2024 Presentation, 07 May 2024 | 4 |
Key financials Q1 2024 - Earnings within sight of prior- year's record figures
Adjusted EBITDA
€m
991 | 885 |
Q1 2023 1 | Q1 2024 |
Adjusted Net Income (ANI)
€m
458 570
Q1 2023 1 | Q1 2024 |
Adjusted EBIT
€m
759 | 732 |
Q1 2023 1 | Q1 2024 |
Net Income2
€m
6,739 | 462 |
Q1 2023 1 | Q1 2024 |
Operating cash flow
€m | |
745 | 1,450 |
Q1 2023 1 | Q1 2024 |
Economic net cash
€m
3,058 | 4,524 |
YE 2023 | Q1 2024 |
1. Individual prior-year figures have been restated. For further information see Annual Report 2023 Note 3. | ||
2. Net income attributable to shareholders of Uniper SE. | Q1 2024 Presentation, 07 May 2024 | 5 |
Key earnings drivers Q1 2024 - Gas Midstream with rebound due to more normal seasonality
Reconciliation Adjusted EBITDA Q1 2023 to Q1 2024
€m
Adj. EBITDA Q1 2023 1 | 991 |
Greener Commodities -
Gas Midstream
Greener Commodities -
Power
Green Generation
Flexible Generation
Other
Adj. EBITDA Q1 2024 | 885 |
Main messages
Gas Midstream recovered mainly driven by lapse of negative timing effects
Power trading down from exceptional prior-year contribution
Green Generation with higher volume and lower realized prices
Flexible Generation still with very good returns after exceptional prior-year quarter
1. Individual prior-year figures have been restated. | Q1 2024 Presentation, 07 May 2024 | 6 |
Adjusted Net Income Q1 2024 - Supported by positive interest result
Reconciliation Adjusted EBITDA Q1 2024 to Adjusted Net Income Q1 2024
€m
885 | 154 | ||
52 | |||
732 | 206 |
7
570
PY: 991 | PY: 458 | ||
Adj. EBITDA | D&A | Adj. EBIT Econ. Interest Income tax Minorities | ANI |
Q1 2024 | Q1 2024 | Q1 2024 |
Main messages
Improved economic interest result boosted by high financial net cash position and lower commitment fees for credit lines
Clearly lower depreciation, mainly stemming from coal-fired power generation
Economic tax rate at 26.3% with a more balanced mix between domestic and international profits
Q1 2024 Presentation, 07 May 2024 | 7 |
Operating cash flow Q1 2024 - Boosted by working capital inflow
Reconciliation Adjusted EBITDA Q1 2024 to operating cash flow Q1 2024
€m
111 | ||||||||||||||||
1,871 | 14 | |||||||||||||||
436 | ||||||||||||||||
1,096 | ||||||||||||||||
1,450 | ||||||||||||||||
90 | 89 | |||||||||||||||
885 | ||||||||||||||||
PY: 991 | PY: 1,008 | PY: 745 | ||||||||||||||
Adj. EBITDA | Non-cash | Provision | Changes in | Other (incl. | OCFbIT | Interest | Taxes | OCF | ||||||||
Q1 2024 | effective | utilization | working capital | cumulative | Q1 2024 | Q1 2024 | ||||||||||
EBITDA items | CO2-effect) |
Q1 2024 Presentation, 07 May 2024 | 8 |
Economic net debt Q1 2024 - Even more in net cash territory
Reconciliation Economic net cash YE 2023 to Q1 2024
€m
293
1,450 | 79 | 4,524 | |||||
3,058
Economic net cash | OCF | Investments | Divestments | Other Effects 1 | Economic net cash |
YE 2023 | Q1 2024 |
1. Includes asset retirement obligations and pensions. | Q1 2024 Presentation, 07 May 2024 | 9 |
Outlook for FY 2024 confirmed
Adjusted EBITDA | Adjusted Net Income (ANI) |
€bn | €bn |
2.0
Range | |||
1.5 | 1.1 | ||
Range | |||
0.7 | |||
FY 2024E | FY 2024E |
Major drivers
Solid performance expected close to pre-crisis levels
Normalizing market prices impact earnings in a post-crisis environment
Green Generation with improved earnings expected from solid prices and higher volumes
Lower earnings in Flexible Generation and Greener Commodities expected after exceptional 2023 results
Q1 2024 Presentation, 07 May 2024 | 10 |
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Disclaimer
Uniper SE published this content on 07 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 05:32:06 UTC.
