Empower Energy Evolution
H1 2020 Interim Results
Andreas Schierenbeck - CEO Sascha Bibert - CFO
11 August 2020
Highlights
Financial results H1 2020 and outlook Appendix
Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 2 |
Highlights
Performance
- Adj. EBIT in H1 2020 €691m (vs. €308m in H1 2019)
- Adj. Net Income in H1 2020 €527m (vs. €189m in H1 2019)
- Apart from generally lower prices, Covid- 19 business impact mainly limited to project development
- Full-year2020 outlook range narrowed, resulting in a slightly higher mid-point
Portfolio & Strategy
- Uniper intensifies hydrogen activities by expanding the team and collaborating with GE and Siemens to decarbonize portfolio
- Preparation to participate in Germany's upcoming coal exit tenders
-
German CCGT power plants
Irsching 4+5 back in merchant market - Datteln 4 in operations since end of May, Berezovskaya 3 CoD shifted into H1 2021
Shareholders
- Five new shareholder representatives elected to the Supervisory Board at Uniper's 1st virtual AGM in May
- We welcome the appointment of the new CEO at Fortum
- Plan to develop more joint strategic options between Uniper and Fortum for the benefit of all stakeholders
Fortum
Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 3 |
The development of our hydrogen strategy is a key priority
Uniper's focus areas on the hydrogen value
Energy supply | Hydrogen | Conversion | Midstream | End users | ||
production | ||||||
Electrolysis | Liquefaction | Trading | Electricity | |||
Green | ||||||
H 2 | Wind, solar, … | Synfuel | Handling & | Industry | ||
synthesis | storage | |||||
Gas splitting | Ammonia | Pipeline | Mobility | |||
Blue | synthesis | transport | ||||
H2 | Natural gas | Reforming & | ||||
carbon capture | Hydrogenation | Ship & | Heating | |||
(CCUS) | truck transport | |||||
Key developments
- EU and Germany with ambitious new hydrogen plans
- EU's roadmap heading for 40 GW of electrolyser capacity by 2030 with Germany contributing 5 GW
- Green and blue hydrogen needed to decarbonize Europe
- Uniper with multi-approach strategy:
- Supporting policy makers in creating a functioning regulatory framework
- JVs to be part of flagship projects
- JV with technology leader to enable the power sector to be hydrogen-ready
Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 4 |
Execution of our European coal phase-out plan is progressing
Germany's coal exit path1
MW
50,000 | -40% | ||
40,000 | |||
Lignite | |||
30,000 | |||
20,000 | |||
Hard | |||
10,000 | coal | ||
0 | |||
June 2020 | Dec 2022e | Dec 2025e |
Uniper's coal exit path
Germany and rest of Europe
MW
5,000 | -78% |
Lignite
4,000
-65%
3,000 | Hard | |||
coal | ||||
2,000 | EuropeofRest | |||
1,000 | Germany | |||
0 | ||||
June 2020 | Dec 2022e | Dec 2025e |
Key developments
- Uniper committed to significant reduction in its European coal power capacity by 2025 (of which Germany alone c.-78%)
- Adoption of German Coal Phase-out Act on 3 July creates more clarity
- 1st German hard coal tender scheduled for 1 September
- Uniper goes ahead with site conversion plans
1. BMU, BNetzA, Uniper | Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 5 |
Markets - Spark spreads increased in forward markets
Gas prices1 | Carbon prices2 | Electricity prices3 | Dark & spark spreads4 |
€/MWh | €/t CO2 | €/MWh | €/MWh |
18
16
14
12
TTF
10
Jan 2020 Mar 2020 May 2020 Jul 2020
30
25
20
15
CO2
10
Jan 2020 Mar 2020 May 2020 Jul 2020
50 | 18 |
40 | 11 |
30 | 4 |
20 | -3 | CSS Peak | ||||
Germany | CSS Base | |||||
10 | Nordic | -10 | CDS Base | |||
Jan 2020 Mar 2020 May 2020 Jul 2020 | Jan 2020 | Apr 2020 | Jul 2020 |
1. Gas forwards 2021; 2. EU Allowances (EUA): spot prices; 3. Electricity baseload forwards 2021; 4. Dark and spark spreads Germany with electricity baseload and spark spread Germany with electricity peakload (efficiency coal plants 39%, gas plants 55%)
Source: Uniper Market Analysis; prices shown until 31 July 2020 | Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 6 |
Operating indicators - Lower demand for fossil generation
Global Commodities
Gas storage filling1
TWh
90
7589%
60 74%
45
30
15
0
H1 2019 | H1 2020 |
European Generation | Russian Power Gen. | Carbon emissions | ||||
Production volume2 | Production volume | Scope 1 | ||||
TWh | TWh | m tons | ||||
42 | -25% | 42 | -14% | 30 | -22% | |
35 | 35 | 24 | ||||
28 | 28 | |||||
Gas | 18 | |||||
21 | 21 | |||||
Coal | 12 | |||||
14 | 14 | |||||
Nuclear | ||||||
7 | 7 | 6 | ||||
Hydro | ||||||
0 | 0 | 0 | ||||
H1 2019 | H1 2020 | H1 2019 | H1 2020 | H1 2019 | H1 2020 |
1. | As of 30 June 2020 | ||
2. | Pro-rata view | Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 7 |
Highlights
Financial results H1 2020 and outlook
Appendix
Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 8 |
Key financials H1 2020 - Strong performance, higher net debt
Adj. EBIT | Adj. EBITDA | |
€m | €m | 1,012 |
691 | 657 | |||
308 | ||||
H1 2019 | H1 2020 | H1 2019 | H1 2020 | |
Adj. Net Income | Net Income1 | |||
€m | €m | 877 | ||
OCF | ||
€m | -322 | 288 |
-322
H1 2019 | H1 2020 |
H1 2019 | H1 2020 |
Economic Net Debt
€m
3,296
527
189
641
2,650
END /
1.7x Adj. EBITDA
H1 2019 | H1 2020 | H1 2019 | H1 2020 | YE 2019 | H1 2020 |
1. Net income attributable to Uniper shareholders | Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 9 |
Adjusted EBIT - Increase due to high gas result and resilient power generation
Reconciliation Adj. EBIT H1 2019 to H1 2020
€m | ||
308 | ||
Adj. EBIT H1 2019 | ||
308 | ||
Commodity optimization (gas) | ||
Outright power prices & volumes | ||
UK capacity market | ||
Intra-year carbon phasing | ||
Russian power generation | ||
Other | ||
Adj. EBIT H1 2020 | 691691 | |
Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 10 |
Adj. EBIT(DA) to OCF - Already close to seasonal peak in working capital after H1
Reconciliation Adj. EBIT H1 2020 to Operating Cash Flow H1 2020
€m
171 | ||||||||||
321 | ||||||||||
-221 | ||||||||||
1,012 | -770 | |||||||||
691 | 159 | |||||||||
-12 | ||||||||||
352 | -53 | |||||||||
288 | ||||||||||
Adj. EBIT | Depreciation and | Adj. EBITDA | Non-cash | Provision | Changes | Others (incl. | OCFbIT | Interest | Tax | OCF |
H1 2020 | amortization | H1 2020 | effective | utilization | in working | cumulative | H1 2020 | payments | payments | H1 2020 |
EBITDA items | capital | CO2-effect) |
Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 11 |
Adjusted Net Income - Economic interest & taxes as expected
Reconciliation of Adj. EBIT H1 2020 to Adj. Net Income H1 2020
€m
16
-155-25
691 | 527 |
Adj. EBIT | Economic | Taxes on | Minority interests Adj. Net Income |
H1 2020 | interest | operating | H1 2020 |
earnings |
Key developments
- Economic interest result with positive trend
- Structurally, interest result is supported by:
- Sizeable interest income from assets
- Low financial debt level
- Lower expenses from the accretion of interest on long-term provisions (pension and asset retirement obligations) going forward
- Tax rate on operating earnings of 22% in H1 within the guided range of 20% to 25%
- Minority interests driven by Unipro
Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 12 |
Economic Net Debt - As usual H1 up due to dividend payments
Reconciliation of Economic Net Debt YE 2019 to H1 2020
€m | 3,296 | ||||||||
153 | |||||||||
421 | 97 | ||||||||
2,650 | |||||||||
279 | -6 | 985 | |||||||
9910. | -10 | -288 | |||||||
1,128 | |||||||||
1,031 | |||||||||
1,183 | |||||||||
628 | |||||||||
Economic Net Debt | Divest | OCF | Investments | Dividend | Pensions | ARO | Other | Economic Net Debt | |
YE 2019 | H1 2020 | ||||||||
AROs1 | Pension2 | Net financial position3 |
- Includes nuclear and other asset retirement obligations (AROs) as well as receivables from Swedish Nuclear Waste fund (KAF).
- Decrease in interest rates for pension obligations by 0.1%-points in Germany and 0.5%-points in UK since end of 2019.
3. Includes cash & cash equivalents, non-current securities and financial liabilities. | Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 13 |
Outlook FY 2020 - Guidance narrowed; mid-point slightly up
Adjusted EBIT
€m
863 | 1,000 | 1,000 |
Range | Range | |
750 | 800 | |
FY 2019 | Old | New |
2020E | 2020E |
Guidance Range narrowed
Lower bar raised by €50m based on a strong H1 and decreasing risks towards year-end
Adjusted Net Income
€m
800 | 800 | |
614 | Range | Range |
550 | 600 | |
FY 2019 | Old | New |
2020E | 2020E |
Following EBIT trend
Assuming 'below-the-line' items to be largely unchanged
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 (€) | Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 14 |
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Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 15 |
Highlights
Financial results H1 2020 and outlook
Appendix
Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 16 |
Outright power hedging in Germany and Nordic
Hedged prices and hedge ratios Germany1
€/MWh
60
464648
40
20
100% | 85% | 70% |
0 | ||
2020 | 2021 | 2022 |
1, As of 30 June 2020
Calculations are based on pro rata volumes. Contracts for differences are included. Figures for 2020 reflect forward months, i.e. excluding realized period.
2. Achieved price Nordic: €32.2 per MWh in H1 2020
Hedged prices and hedge ratios Nordic1
€/MWh
60
292724
45
30
15
90%80%40%
0
2020 2 | 2021 | 2022 |
Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 17 |
Uniper Group - Generation capacity in Europe and Russia
Generation capacity
In MW1 | 30 Jun 2020 | 31 Dec 2019 | |
Gas | Russia2 | 7,131 | 7,131 |
UK | 4,188 | 4,188 | |
Germany | 2,912 | 2,912 | |
Netherlands | 525 | 526 | |
Sweden | 447 | 447 | |
Hungary | 428 | 428 | |
Hard coal | Germany | 3,954 | 2,902 |
UK | 2,000 | 2,000 | |
Netherlands | 1,070 | 1,070 | |
Lignite | Russia2 | 1,895 | 1,906 |
Germany | 500 | 500 | |
Hydro | Germany | 1,927 | 1,927 |
Sweden | 1,771 | 1,771 | |
Nuclear | Sweden | 1,996 | 1,988 |
Other | Germany | 1,418 | 1,418 |
Sweden | 1,162 | 1,162 | |
UK | 221 | 221 | |
Total | 33,546 | 32,497 |
1. | Legally attributable Capacity view = Pro rata view | 18 | |
2. | Incl. Czech Republic / Czech Republic business sold as of 28th of April 2020 | Uniper SE, Presentation H1 2020, 11 Aug. 2020 |
Uniper Group - Net electricity generation volumes in Europe and Russia
Electricity generation volumes
In TWh1 | H1 2020 | Q2 2020 | H1 2019 |
Gas | Russia | 18.1 | 8.2 | 21.3 |
UK | 4.6 | 2.1 | 6.7 | |
Germany | 0.3 | 0.1 | 0.5 | |
Netherlands | 0.7 | 0.2 | 0.9 | |
France3 | 0.0 | 0.0 | 2.0 | |
Hungary | 1.1 | 0.5 | 1.2 | |
Sweden | 0.0 | 0.0 | 0.0 | |
Hard coal | Germany | 2.6 | 1.2 | 3.3 |
UK | 0.0 | 0.0 | 0.6 | |
Netherlands | 1.7 | 0.8 | 1.6 | |
France3 | 0.0 | 0.0 | 0.3 | |
Lignite | Russia | 2.8 | 1.2 | 3.8 |
Germany | 1.3 | 0.4 | 2.2 | |
Hydro | Germany2 | 2.2 | 1.1 | 2.8 |
Sweden | 5.0 | 2.4 | 4.4 | |
Nuclear | Sweden | 6.7 | 2.7 | 8.8 |
Total | 47.1 | 20.9 | 60.4 | |
- Pro rata view; Net Generation production volumes = Owned Generation - Own Use Losses - Sales to Minority Owners + Purchases from Minorities
- Hydro Germany Net Generation Sales additionally includes pump-storage related waterflows and line losses of pumping activities
3. France sold. | Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 19 |
Uniper Group - Adjusted EBIT(DA) by sub-segment
Adjusted EBITDA and EBIT
€m | H1 2020 | H1 2019 | H1 2020 | H1 2019 | |
Adj. EBITDA | Adj. EBITDA | Adj. EBIT | Adj. EBIT | ||
European Generation | Subtotal | 397 | 390 | 217 | 173 |
Hydro | |||||
168 | 171 | 138 | 142 | ||
Nuclear | 112 | 83 | 85 | 52 | |
Fossil | |||||
140 | 153 | 19 | -1 | ||
Other/ Consol. | -23 | -18 | -25 | -20 | |
Global Commodities | Subtotal | 656 | 170 | 571 | 91 |
Gas | |||||
564 | 226 | 525 | 191 | ||
COFL | 35 | 5 | 5 | -33 | |
Power | |||||
57 | -61 | 41 | -67 | ||
Russian Power Generation | 172 | 220 | 123 | 174 | |
Administration / Consolidation | -212 | -124 | -220 | -130 | |
Total | 1,012 | 657 | 691 | 308 | |
Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 20 |
Adjusted EBIT - Development by sub-segment
European Generation
€m
20
33 -5
-4
Global Commodities
€m
108
334 38
Russian Power Generation
€m
-51
173
217
571
91
174
123
H1 2019 | Hydro | Nuc. | Fossil | Cons. | H1 2020 |
- Hydro: Higher volume effect offset by higher one-off costs
- Nuclear: Positive price effect partly offset by lower volumes due to outages & phase- out of Ringhals 2
- Fossil: UK capacity market income, positive carbon phasing effect partly offset by lapse of positive carbon management effects (intra-group phasing with GloCo)
H1 2019 | Gas | COFL | Power | H1 2020 |
- Gas midstream: Extraordinary gas optimization
- COFL: Higher sales volumes
- Power: Lapse of negative carbon management effects (intra-group phasing with European Generation)
H1 2019 | Russia | H1 2020 |
- Russia: Negative volume/price effect mainly driven by lower demand due to Covid-19, lower exports and higher hydro generation
Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 21 |
Uniper Group - Key financial performance items
Reconciliation of Adjusted EBITDA to Adjusted Net Income and net income
€m | H1 2020 | H1 2019 |
Adjusted EBITDA | 1,012 | 657 |
Economic depreciation and amortization / reversals | -321 | -349 |
Adjusted EBIT | 691 | 308 |
Economic interest result | 16 | -36 |
Minority participations on operating result | -25 | -29 |
Taxes on operating result | -155 | -54 |
Adjusted net income | 527 | 189 |
Non-operating result (before taxes and minorities) | 153 | 754 |
Minority participations on non-operating earnings and on other financial result | -11 | -14 |
Taxes on non-operating result | -16 | -120 |
Other financial result | -15 | 87 |
Taxes on the other financial result | 2 | -18 |
Net income/ loss attributable to shareholder of the Uniper SE | 641 | 877 |
Sales | 19,977 | 33,736 |
Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 22 |
Uniper Group - Adjusted EBIT to Net Income
Reconciliation of Adjusted EBIT H1 2020 to Net Income H1 2020
€m
Adj. | Economic | Adjusted | Derivative | Adjustments from | Net | Other | Taxes on non- | Net Income1 |
EBIT | interest, taxes, | Net Income | ||||||
financial | physically settled | impairments | operating earnings & | |||||
minorities | instruments | commodity | other financial result, | |||||
derivatives | minorities |
Non-operatingearnings
1. Net income attributable to Uniper shareholders. | Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 23 |
Uniper Group - Economic interest result (net)
Economic interest result
€m | H1 2020 | H1 2019 |
Interest rate effects for leasing | -12 | -12 |
Interest from financial assets / liabilities | ||
36 | 33 | |
Interest cost from provisions for pensions and similar provisions | ||
-8 | -11 | |
Accretion of provisions for asset retirement obligation and other provisions | ||
-8 | -9 | |
Capitalized interest1 | 41 | 32 |
Other2 | -34 | -69 |
Economic interest result (net) | 16 | -36 |
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. | 24 | ||
2. | Includes e.g. interest due to tax provisions/receivables and adjustments due to changes in interest rates on provisions. | Uniper SE, Presentation H1 2020, 11 Aug. 2020 |
Uniper Group - Non-operating adjustments
Non-operating adjustments w/o interest1
€m | H1 2020 | H1 2019 |
Impact of derivative financial instruments | -716 | -473 |
Adjustments of revenue and cost of materials from physically settled commodity derivatives to the contract price | ||
276 | -231 | |
Restructuring / cost management expenses / income | ||
60 | 4 | |
Non-operating impairment charges / reversals | ||
89 | 2 | |
Miscellaneous other non-operating earnings | 111 | -112 |
Net book gains / losses | ||
-1 | - | |
Non-operating adjustments w/o interest | -182 | -810 |
1. The comparative figures shown have been restated. | 25 | |
Further information can be found in the Annual Report, Note 3 to the Consolidated Financial Statements. | Uniper SE, Presentation H1 2020, 11 Aug. 2020 |
Uniper Group - Cash-effective investments
Investments by segment
€m | H1 2020 | H1 2019 | % |
European Generation | 187 | 133 | 40.6 |
Global Commodities | 27 | 14 | 92.9 |
Russian Power Generation | |||
57 | 84 | -32.1 | |
Administration / Consolidation | |||
9 | 9 | 0.0 | |
Total | 279 | 240 | 16.6 |
Investment split - Maintenance and growth
€m | H1 2020 | H1 2019 | % |
Maintenance & replacement | 104 | 94 | 10.5 |
Growth | |||
175 | 145 | 20.6 | |
Total | 279 | 240 | 16.6 |
Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 26 |
Uniper Group - Net financial position
Net financial position
€m | 30 Jun 2020 | 31 Dec 2019 |
Liquid funds | 669 | 871 |
Non-current securities | ||
87 | 100 | |
Margining receivables | ||
200 | 336 | |
Financial liabilities and liabilities from leases | ||
2,140 | 1,935 | |
Net financial position | 1,183 | 628 |
Provisions for pensions and similar obligations | ||
1,128 | 1,031 | |
Asset retirement obligations 1) | ||
985 | 991 | |
Economic Net Debt | 3,296 | 2,650 |
1. Reduced by receivables from the Swedish Nuclear Waste Fund.
Due to IFRS valuation rules (IFRIC 5), €276 million (December 31, 2019: €291 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 | 27 |
table by the amount of this receivable." | Uniper SE, Presentation H1 2020, 11 Aug. 2020 |
Uniper Group - Consolidated balance sheet (1/2)
Balance sheet - Non-current and current assets1
€m | 30 Jun 2020 | 31 Dec 2019 |
Goodwill | 1,816 | 1,886 |
Intangible assets | 733 | 742 |
Property, plant and equipment and right-of-use assets | 9,810 | 10,201 |
Companies accounted for under the equity method | 451 | 446 |
Other financial assets | 644 | 710 |
Financial receivables and other financial assets | 3,836 | 3,813 |
Receivables from derivative financial instruments | 4,259 | 4,787 |
Other operating assets and contract assets | 163 | 159 |
Income tax assets | - | - |
Deferred tax assets | 894 | 988 |
Non-current assets | 22,607 | 23,732 |
Inventories | 1,862 | 1,508 |
Financial receivables and other financial assets | 518 | 651 |
Trade receivables | 4,132 | 7,090 |
Receivables from derivative financial instruments | 10,552 | 8,601 |
Other operating assets and contract assets | 992 | 1,287 |
Income tax assets | 47 | 16 |
Liquid funds | 669 | 871 |
Current assets | 18,771 | 20,024 |
Total assets | 41,378 | 43,756 |
1. The comparative figures shown have been restated. | 28 | |
Further information can be found in the Annual Report, Note 3 to the Consolidated Financial Statements. | Uniper SE, Presentation H1 2020, 11 Aug. 2020 |
Uniper Group - Consolidated balance sheet (2/2)
Balance sheet - Equity and liabilities1
€m | 30 Jun 2020 | 31 Dec 2019 |
Capital stock | 622 | 622 |
Additional paid-in capital | 10,825 | 10,825 |
Retained earnings | 3,262 | 3,145 |
Accumulated other comprehensive income | -3,564 | -3,207 |
Equity attributable to the shareholders of Uniper SE | 11,145 | 11,386 |
Attributable to non-controlling interest | 516 | 556 |
Equity (net assets) | 11,660 | 11,942 |
Financial liabilities and liabilities from leases | 1,116 | 1,119 |
Liabilities from derivative financial instruments | 4,353 | 4.277 |
Other operating liabilities and contract liabilities | 267 | 694 |
Provisions for pensions and similar obligations | 1,128 | 1,031 |
Miscellaneous provisions | 5,409 | 5,422 |
Deferred tax liabilities | 379 | 410 |
Non-current liabilities | 12,653 | 12,954 |
Financial liabilities and liabilities from leases | 1,023 | 815 |
Trade payables | 4,439 | 7,308 |
Liabilities from derivative financial instruments | 9,531 | 8,238 |
Other operating liabilities and contract liabilities | 1,067 | 1,322 |
Income taxes | 96 | 61 |
Miscellaneous provisions | 908 | 1,115 |
Current liabilities | 17,065 | 18,860 |
Total equity and liabilities | 41,378 | 43,756 |
1. The comparative figures shown have been restated. | 29 | |
Further information can be found in the Annual Report, Note 3 to the Consolidated Financial Statements. | Uniper SE, Presentation H1 2020, 11 Aug. 2020 |
Uniper Group -
Consolidated statement of cash flows (1/2)
Statement of cash flows1
€m | H1 2020 | H1 2019 |
Net income / loss | 677 | 921 |
Depreciation, amortization and impairment of intangible assets, of property, plant and equipment, and of right-of-use assets
Changes in provisions Changes in deferred taxes
Other non-cash income and expenses
Gain/loss on disposal of intangible assets, property, plant and equipment, equity investments and securities (> 3M)
Changes in operating assets and liabilities and in income taxes
562 | 357 |
-166 | -589 |
113 | 178 |
-205 | -93 |
-1 | -12 |
-693 | -1,084 |
Cash provided by operating activities (operating cash flow) | 288 | -322 |
Proceeds from disposals | 10 | 423 |
Payments for investments | -279 | -240 |
Proceeds from disposals of securities (>3M) and of financial receivables and fixed-term deposits | 223 | 839 |
Purchases of securities (>3M) and of financial receivables and fixed-term deposits | -171 | -424 |
Changes in restricted cash and cash equivalents | - | - |
Cash provided (used for) by investing activities | -217 | 598 |
1. The comparative figures shown have been restated. | 30 | |
Further information can be found in the Annual Report, Note 3 to the Consolidated Financial Statements. | Uniper SE, Presentation H1 2020, 11 Aug. 2020 |
Uniper Group -
Consolidated statement of cash flows (2/2)
Statement of cash flows1
€m | H1 2020 | H1 2019 |
Cash proceeds/payments arising from changes in capital structure | 4 | 3 |
Cash dividends paid to shareholders of Uniper SE | -421 | -329 |
Cash dividends paid to other shareholders | -15 | - |
Proceeds from new financial liabilities | 386 | 559 |
Repayments of financial liabilities and reduction of outstanding lease liabilities | -270 | -986 |
Cash provided (used for) by financing activities | -315 | -753 |
Net increase / decrease in cash and cash equivalents | -245 | -477 |
Effect of foreign exchange rates on cash and cash equivalents | -6 | 6 |
Cash and cash equivalents at the beginning of the reporting period | 825 | 1.138 |
Cash and cash equivalents from disposal groups | - | -4 |
Cash and cash equivalents of first-time consolidated companies | - | 8 |
Cash and cash equivalents at the end of the reporting period | 575 | 670 |
1. The comparative figures shown have been restated. | 31 | |
Further information can be found in the Annual Report, Note 3 to the Consolidated Financial Statements. | Uniper SE, Presentation H1 2020, 11 Aug. 2020 |
Financial calendar & further information
Financial calendar
10 November 2020
Quaterly Statement January - September 2020
04 March 2021
2020 Annual Report
06 May 2021
Quaterly Statement January - March 2021
19 May 2021
2021 Annual Shareholders Meeting
10 August 2021
Interim Report January - June 2021
Further information
https://ir.uniper.energy
32
Uniper - Contact your Investor Relations team
Udo Giegerich
Executive Vice President Group Finance&InvestorRelations
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
Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 33 |
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.
Uniper SE, Presentation H1 2020, 11 Aug. 2020 | 34 |
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Uniper SE published this content on 11 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2020 17:22:17 UTC