Performance Indicators at a Glance
Financial and Non-Financial Indicators for the Uniper Group
First quarter | Unit | 2021 | 2020 | 2019 | 2018 | 2017 |
Sales | € in millions | 21,159 | 12,891 | 20,820 | 21,025 | 22,253 |
Adjusted EBIT¹ | € in millions | 731 | 651 | 185 | 350 | 514 |
For informational purposes: | ||||||
Adjusted EBITDA¹ | € in millions | 889 | 811 | 356 | 511 | 689 |
Net income/loss | € in millions | 842 | 484 | 758 | 130 | 751 |
Earnings per share² ³ | € | 2.24 | 1.33 | 2.01 | 0.31 | 2.00 |
Cash provided by operating activities | ||||||
(operating cash flow) | € in millions | 408 | 119 | 105 | 620 | 902 |
Adjusted net income4 | € in millions | 594 | 499 | 117 | N/A | N/A |
Investments | € in millions | 157 | 141 | 108 | 118 | 140 |
Growth | € in millions | 86 | 102 | 76 | 84 | 98 |
Maintenance and replacement | € in millions | 72 | 40 | 32 | 34 | 42 |
Economic net debt5 | € in millions | 2,531 | 3,113 | 2,650 | 2,509 | 2,445 |
Employees as of the reporting date5 | 11,813 | 11,751 | 11,532 | 11,780 | 12,180 |
¹Adjusted for non-operating effects.
²Basis: outstanding shares as of reporting date. ³For the respective fiscal year.
4Adjusted net income is used as a management indicator for the entire Group for the first time beginning in 2020. The figure for 2019 is disclosed solely for informational purposes to provide year-over-year comparability. 5Figures as of March 31, 2021; comparative figures as of December 31 of each year.
This document is a Quarterly Statement pursuant to Section 53 of the Exchange Rules ("Börsenordnung") of the Frankfurt Stock Exchange ("Frankfurter Wertpapierbörse") as of April 12, 2021, and does not represent an interim financial report as defined in International Accounting Standard ("IAS") 34.
Only the German version of this Quarterly Statement is legally binding.
Uniper applies commercial rounding. Any rounding differences existing between individual amounts and totals are accepted.
The Uniper Group's business activities are subject to substantial seasonal fluctuations, which can have effects on the Uniper Group's assets, financial condition and earnings. Financial indicators communicated during the year can thus differ materially from the figures of the corresponding prior-year quarter and are therefore of limited significance for full-year results.
This Quarterly Statement, and especially the Forecast Report section, contains certain forward-looking statements that are based on current assumptions and forecasts made by Uniper SE management and on other information currently available to Uniper SE management. Various known and unknown risks, uncertainties and other factors could cause the actual results, financial condition, development or performance of the Company to differ materially from that anticipated in the estimates given here. Risks and chances of this nature include, but are not limited to, the risks specifically described in the Risk and Chances Report. Furthermore, Uniper SE does not intend, and specifically disclaims any obligation, to update such forward-looking statements or to adjust them in line with future events or developments.
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Q1 2021 | Quarterly Statement |
Contents
Significant Developments of the Months of January through March 2021 | 4 |
Business Model of the Group | 4 |
Business Report | 4 |
Industry Environment | 4 |
Business Performance | 5 |
Earnings | 7 |
Financial Condition | 15 |
Assets | 18 |
Risk and Chances Report | 19 |
Forecast Report | 19 |
Other | 20 |
Non-Financial Information | 20 |
Consolidated Financial Statements | 22 |
Consolidated Statement of Income | 22 |
Consolidated Statement of Recognized Income and Expenses | 23 |
Consolidated Balance Sheet | 24 |
Consolidated Statement of Cash Flows | 25 |
Additional Indicators | 26 |
Financial Calendar | 28 |
Significant Developments of the Months of January through March 2021
First-quarter adjusted EBIT and adjusted net income significantly higher year over year
Lower economic net debt as a result of strong operating cash flow and lower pension liabilities
Full-year earnings forecast for 2021 raised
Business Model of the Group
Uniper is a parent-owned international energy company with operations in more than 40 countries and with 11,813 employees. Its business is the secure provision of energy and related services in an increasingly decarbonizing environment. The parent company of the Uniper Group is Uniper SE; the corporate headquarters are in Düsseldorf, Germany. The majority shareholder of Uniper SE, with an indirect interest of more than 75%, is Fortum Oyj, Espoo, Finland ("Fortum"). As a separate listed group, Uniper publishes its quarterly statements, its half-year interim financial statements, and its consolidated annual financial statements, all of which are also included in Fortum's respective consolidated financial statements. The majority shareholder of Fortum is the Republic of Finland.
The shares of Uniper SE are traded on the Frankfurt Stock Exchange's regulated market in its subsegment with additional post-admission obligations (the "Prime Standard") and are included in the MDAX and various MSCI equity indices.
The Uniper Group is composed of three operating business segments: European Generation, Global Com- modities, and Russian Power Generation. Combined separately under Administration/Consolidation are administrative functions that are performed centrally across segments, as well as the consolidations required to be carried out at Group level.
Business Report
Industry Environment
Energy Policy and Regulatory Environment
In its cabinet meeting on February 10, 2021, the federal government in Germany adopted draft legislation to establish a legal and regulatory framework for pure hydrogen transmission networks and to amend the Energy Industry Act accordingly. The draft law is currently making its way through the parliamentary legislative process. With this legislation, the federal government is laying important groundwork for implementing Germany's National Hydrogen Strategy of 2020 and for creating a hydrogen industry that includes the necessary transmission infrastructure.
The European Union and the United Kingdom reached agreement on a future relationship on December 24, 2020. The EU-UK Trade and Cooperation Agreement has been ratified by the British parliament and transposed into UK law, while the ratification process in the EU is completed by the end of April 2021. The Euro- pean Council adopted the provisional application of the agreement on December 30, 2020, and it took effect on January 1, 2021.
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Q1 2021 | Quarterly Statement |
At the end of 2020, the government in the United Kingdom published a series of documents, including a ten- point plan for a green industrial revolution and a white paper elaborating on that plan. The goals under the plan include 5 GW of hydrogen production capacity, as well as 40 GW of offshore wind power, four carbon capture, usage and storage (CCUS) clusters and one operational CCUS power plant by 2030. The British government further envisions starting the process for supporting CCUS clusters in May/June of this year, with submissions invited from potential transportation and storage operators. The government consultation on bringing forward the coal phase-out by one year to October 1, 2024, closed at the end of February 2021; a final decision is expected by June 2021. The white paper also set out the government's decision to launch a UK emissions trading system. That system, the UK Emissions Trading Scheme, has been introduced for regulatory compliance from January 1, 2021, with the first auction taking place in May 2021.
The Swedish government's work to develop an electrification strategy continues. In February 2021, the government tasked the Swedish Energy Agency with developing a national hydrogen strategy. The strategy is to be presented to the government before the end of this summer. The Swedish government presented a proposal for reducing connection costs for offshore wind power in February 2021. The already ongoing debate on power shortages in southern Sweden and the need to build a balanced electricity system continues and is being accentuated by the offshore wind proposal.
On December 8, 2020, the Dutch government presented its draft law to limit the use of coal (implementing the Urgenda court ruling) and is currently debating it in the national parliament. The proposed legislation will restrict coal use by setting an upper limit for carbon emissions produced in connection with the use of coal as a fuel at 35% of 1990 levels. In the current draft of the law, this upper limit will take effect from the second quarter of 2021 and will initially apply until the end of 2024. Discussions on the level of financial compensation are ongoing.
In Russia, the competitive capacity auction mechanism for the modernization of thermal power plants (KOM- Mod) was introduced by government decree of January 25, 2019. The current auction dates for 2027 are April 30, 2021, for KOMMod 2027 (including KOMMod 2027-2029 for innovative CCGT projects) and Novem- ber 15, 2021, for KOM 2027 (auction for power plants without specific capacity agreements). In March 2021, the Russian government adopted the rules for renewable energy projects support in the wholesale market starting from 2021, but the amount of that support is still under discussion.
Business Performance
Business Developments and Key Events in the Months of January through March 2021
In March 2020, the World Health Organization officially designated the outbreak of the novel lung disease (Covid-19) a pandemic that is currently spreading around the world. Uniper is continuously monitoring developments in this regard and has taken measures to protect its employees and business partners. The measures in place for its employees since March 2020 include working from home for administrative functions and new shift models for operational work. Uniper also has effective business continuity plans in place for its operations and administrative functions, which ensure that the Company is well prepared for such events. Nevertheless, the development of the pandemic and the measures taken to contain it worldwide have had an impact on the global traded markets and have contributed to substantial price volatility in the commodity and financial markets. As of the end of the reporting period, most of these markets had returned to price levels seen before the outbreak of the Covid-19 pandemic, recovering from the steep declines they had sustained at the end of the comparative period. Uniper has not applied for assistance under the German government's package of measures to help businesses mitigate the impact of the coronavirus. Current de- velopments, as well as possible future developments that were apparent as of the reporting date, also have an impact on Uniper's assets, financial condition and earnings, and have been taken into account accordingly in the financial statements. There have been no market-based changes compared with the 2020 Consolidated Financial Statements that would have necessitated impairment testing, since it was already assumed that the underlying market prices would recover during the three-year period covered by the medium-term planning for fiscal 2021.
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Uniper SE published this content on 06 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 May 2021 18:50:10 UTC.