Conference call on the first six months 2015 » EnBW Energie Baden-Württemberg AG Karlsruhe, 30 July 2015 Thomas Kusterer, Chief Financial Officer Ingo Peter Voigt, Senior Vice President, Head of Finance , M&A and Investor Relations
Important note Unless indicated otherwise, all data contained hereinafter identified by the use of the words “may”, “will”, “should”, refers to the EnBW group and is calculated according to “plans”, “intends”, “expects”, “believes”, “assumes”, IFRS. “forecasts”, “potentially” or “continued” and similar expressions. No offer or investment recommendation By nature, future-oriented statements are subject to risks This presentation has been prepared for information and uncertainties that cannot be controlled or accurately purposes only. It does not constitute an offer, an invitation predicted by EnBW. Actual events, future results, the or a recommendation to purchase or sell securities issued financial position, development or performance of EnBW by EnBW Energie Baden-Württemberg AG (EnBW), a and the companies of the EnBW group may therefore company of the EnBW group or any other company. This diverge considerably from the future-oriented statements presentation does not constitute a request, instruction or made in this presentation. Therefore it cannot be recommendation to vote or give consent. All descriptions, guaranteed nor can any liability be assumed otherwise that examples and calculations are included in this these future-oriented statements will prove complete, presentation for illustration purposes only. correct or precise or that expected and forecast results will actually occur in the future. Future-oriented statements This presentation contains future-oriented statements that No obligation to update the information are based on current assumptions, plans, estimates and EnBW assumes no obligation of any kind to update the forecasts of the management of EnBW. Such future- information contained in this presentation or to adjust or oriented statements are therefore only valid at the time at update future-oriented statements to future events or which they are published for the first time. Future-oriented developments. statements are indicated by the context, but may also be 2 Conference Call on the first six months 2015, 30 July 2015
In H1 2015 EnBW remains on track Financial performance Economic and regulatory Operating performance › € 366 m free ca ow positive cash flow environment › EnBW Baltic › Reduction of adj. net debt by c 2: Partial › Pressure on electricity wholesale le commissioning € 452 m due to FCF and market prices remains › EnBW 2020 unchanged after decreased pension provisions › Publication of White Paper based on increased discount PROKON creditors optioned for rate › Electricity market 2.0 with the cooperation model option › Joint-venture in Turkey: capacity reserve and amendment › Adj. financi cial l result t of € 349 m of German Regulation on Power installed capacity of renewable (capital gains from the sale of Plant Reserve (ResKV) portfolio reaching 337 MW securities) with positive impact › Reduction of CO on adj. group net profit CO 2 emissio ions: Transfer of lignite power plants into capacity reserve and gradual shut-down › Grid expansion: Favoured undergroun ound cables solution will lead to time delay and higher cost 3 Conference Call on the first six months 2015, 30 July 2015
H1 2015 – Results in line with expectations Revenue Adjusted EBITDA 10,914 1,277 1,272 in € million 10,388 in € million + 5 % + 0.4 % H1 2014 H1 2015 H1 2014 H1 2015 Adjusted group net profit 1 Non-operating EBIT in € million 1,028 in € million -178 + 89 % + 270 % 381 479 - 1,606 H1 2014 H1 2015 H1 2014 H1 2015 1 Of which profit/loss shares attributable to the shareholders of EnBW AG 4 Conference Call on the first six months 2015, 30 July 2015
Sales – Profitability increase mainly due to higher gas sales Electricity sales Gas Sales 51.5 24.0 23.9 in TWh in TWh 6.4 B2C 8.4 8.2 33.4 5.0 B2C - 0,4 % 54 % 45.1 15.6 15.7 B2B 28.4 B2B H1 2014 H1 2015 H1 2014 H1 2015 Adjusted EBITDA Key messages 179.4 › Weather-related higher gas sales volume in € million 132.2 › Ongoing optimisation in the area of sales › Investments: € 13 m, below prior-year level ( € 22 m) + 36 % H1 2014 H1 2015 5 Conference Call on the first six months 2015, 30 July 2015
Grids – Weather-related higher volumes, but - as expected - decreased earnings Transmission volume Development of transmission volumes in TWh 1 in TWh 1 Electricity Gas 48.8 46.6 16.2 33.3 32.6 13.3 + 5 % - 2 % + 22% H1 2014 H1 2015 H1 2014 H1 2015 H1 2014 H1 2015 Adjusted EBITDA Key messages 470.3 › Temperature-related increased gas transmission volumes in € million 437.0 › But several negative earnings impacts › Staff increase due to grid expansion - 7 % › Higher lease expenses relating to the new contract arrangement with the City of Stuttgart › One-off effect due to subsequent price adjustment for water price in Stuttgart › Investments: With € 218 m 34 % above H1 2014 (162 m) H1 2014 H1 2015 1 Distribution only 6 Conference Call on the first six months 2015, 30 July 2015
Renewable energies – Slight increase in profitability Development of renewables generation mix Generation volume 3.2 3.2 in TWh 1 in TWh 1 3.0 3.0 2.7 Run-of-river 2.5 + 7 % + 7 % Wind Other 0.3 0.1 0.4 0.2 H1 2014 H1 2015 H1 2014 H1 2015 Adjusted EBITDA Key messages 87.5 81.1 › Lower prices for electricity production from run-of-river in € million power plants › Positive earning effects outweigh negative ones › Partial commissioning of offshore wind farm Baltic 2 + 8 % › Moderate commissioning of onshore wind farms › Investments of € 165 m lower in H1 2014 ( € 212 m) H1 2014 H1 2015 1 Includes long-term procurement agreements and generation from partly owned power stations; the figures indicated are taken from the segments; segment excludes generation from pump storage plants that is associated in the generation and trading segment 7 Conference Call on the first six months 2015, 30 July 2015
Generation & Trading – As expected decreasing profitability continues Conventional & nuclear generation volume Development of fossil generation mix 25.7 in TWh 1,2 in TWh 1,2 25.0 25.7 25.0 Hard coal 7.9 7.7 Other² 1.6 2.0 - 3 % - 3 % Nuclear 13.3 12.9 Lignite 2.9 2.4 H1 2014 H1 2015 H1 2014 H1 2015 Adjusted EBITDA Key messages 595.7 › Decreasing prices and spreads on wholesale market in € million 542.5 › Positive earnings effects › Temporarily higher positive valuation effects - 9% › Reimbursement of cost due to Ordinance on Reserve Power Plants › Investments: € 103m, significantly lower than in H1 2014 ( € 325m) H1 2014 H1 2015 1 Includes long-term procurement agreements and generation from partly owned power stations; the figures indicated are taken from the segments 2 Segment includes pump storage plants 8 Conference Call on the first six months 2015, 30 July 2015
Increase in FFO mainly attributable to tax refunds as well as lower tax payments EBITDA FFO in € million in € million +16% +23% -43 104 2 -21 1,150 1,109 992 899 EBITDA EBITDA Provisions Taxes paid Other Interest/ FFO FFO H1 2014 H1 2015 dividend H1 2015 H1 2014 9 Conference Call on the first six months 2015, 30 July 2015
Adjusted net debt reduction mainly due to FCF and decreased NPV of pension provisions Adjusted Net Debt in € million -6% 7,983 -1,150 -321 215 428 7,531 376 December 2014 FFO Working Net Dividens paid Non-cash June 2015 capital investments, payments acquisitions, effects divestitures (additions of accrued 10 Conference Call on the first six months 2015, 30 July 2015 interest
Adjusted EBITDA outlook 2015 unchanged Adjusted EBITDA 2014 Outlook 2015 1 Group € 2,167 million 0 % to -5 % € 231 million Sales +10 % to +20 % € 886 million 0 % to -10 % Grids Renewable Energies € 191 million > 20% Generation and Trading € 900 million -15 % to -25 % 1 In comparison with adjusted EBITDA 2014 11 Conference Call on the first six months 2015, 30 July 2015
Questions & Answers » 12 Conference Call on the first six months 2015, 30 July 2015
Appendix › Additional information .................................................................... Page 14 › Financial calendar ............................................................................. Page 22 › IR contacts ............................................................................................. Page 23 13 Conference Call on the first six months 2015, 30 July 2015
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