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    UN01   DE000UNSE018

UNIPER SE

(UN01)
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Uniper : Presentation Full Year Results 2019

03/10/2020 | 01:44am EDT

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

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

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.

Disclaimer

Uniper SE published this content on 10 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 March 2020 06:43:02 UTC


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