Verbund Ag Class A · VIE:VER
Verbund Ag Class A — Q1 2022 Earnings Presentation
21 slides from Verbund Ag Class A's earnings presentation, May 12, 2022
Slide 1: © VERBUND AG, www.verbund.com
© VERBUND AG, www.verbund.com
Slide 2: Results quarter 1/2022
VERBUND Results quarter 1/2022 Vienna, 12/5/2022 © VERBUND AG, www.verbund.com
Slide 3: At a glance
At a glance Influencing factors • Higher average achieved contract prices due to higher spot and forward prices (Q1/2022: €113.8/MWh) • Hydro coefficient 6 percentage points below the long term average, 5 percentage points below 2021, higher production from reservoirs • Higher contribution from flex
Slide 4: Hedging volumes
Hedging volumes Hedging volumes 20221/ TWh Hedging volumes 2023 incl. options1/ TWh 94.1 MtM MtM 95.4 (26/4/22): (26/4/22): 66.7 79.0 60.9 €157.4 €125.7 55.1 55.1 56.3 62.0 49.2 10.0 7.9 5.5 18.0 13.4 19.6 16.2 22.1 22.1 20.1 * Additional hedging 15.3 17.3 19.4 measures by options 7.4 12.0 5.9 9.3 *
Slide 5: Hydro segment
Hydro segment EBITDA/ €m Facts and figures Slightly lower generation from +193% hydropower in Q1/2022 515 Hydropower: 5,968 GWh (–0.8%) Lower hydro coefficient in Q1/2022 176 (0.94 vs. 0.99) Storage power: 1,273 GWh (+15.1%) Q1/2021 Q1/2022 Higher average achieved prices Hydro coefficient
Slide 6: New renewables segment
New renewables segment EBITDA/ €m Facts and figures Higher generation from wind power in Q1/2022: 314 GWh (+23.9%) +80% 24 Austria 78 GWh (+33.9%) Germany 67 GWh (+28.2%) 13 Romania 169 GWh (+18.3%) Photovoltaic: 0.7 GWh Q1/2021 Q1/2022 Current information New renewables coefficient Acqu
Slide 7: Sales segment
Sales segment Facts and figures EBITDA/ €m +29% Higher EBITDA due to a better result from 38 valuation of energy derivatives and higher 29 contributions from flexibility products, while higher procurement prices for electricity and gas for end customers had a negative impact on earnings. Flexibi
Slide 8: All other segments
All other segments EBITDA/ €m Facts and figures Higher thermal power generation due to the market- driven use of one line of the CCGT Mellach for 81 electricity and district heating production Thermal Power: 688 GWh 9 CCGT Mellach: 688 GWh Flexibility products decreased by €8.8m Q1/2021 Q1/2
Slide 9: Grid segment
Grid segment RAB 2020: €1,692m Local GAAP: stable earnings and cash flows APG EBITDA/ €m RAB 2021: €1,920m • Differences compensated by a regulatory account RAB 2022: €2,182m 137 IFRS: volatile earnings (no regulatory account) approx. 81 75 APG WACC for regulatory period (2018-2022) • Approximately
Slide 10: Key financial figures (1)
Key financial figures (1) EBITDA/ €m Group result/ €m +169% 815 +256% 514 464 303 Reported 145 145 Adjusted Q1/2021 Q1/2022 Q1/2021 Q1/2022 Additions/ €m Margins/ % to tangible assets 37.0 32.2 +287% 360 EBITDA margin EBIT margin 25.4 27.9 93 Q1/2021 Q1/2022 Q1/2021 Q1/2022 © VERBUND AG, www.verbund
Slide 11: Key financial figures (2)
Key financial figures (2) Operating cash flow/ €m Free cash flow after dividends/ €m +3% 35 204 209 -105 Q1/2021 Q1/2022 Q1/2021 Q1/2022 Net debt/ €m Gearing/ % +5% 3,696 60.7 3,511 55.2 31.12.2021 31.3.2022 31.12.2021 31.3.2022 © VERBUND AG, www.verbund.com Page 11
Slide 12: Financial liabilities
Financial liabilities Debt maturity profile/ €m Financial liabilities/ €m 672 587 +235% 2,771 826 110 20 31 20 12 10 10 2022 2023 2024 2025 2026 2027 2028 2029 >2029 Q1/2021 Q1/2022 Financial liabilities Interest mix Rating • Book value Financial liabilities: €2,770.7m • 45,5% fixed interest rate •
Slide 13: Outlook
Outlook Sensitivities 2022 A change of 1% (generation from hydropower/windpower) or €1/MWh (wholesale price) either way would be reflected as follows in the group result for 2022, other things being equal: • Greater or less generation from hydropower: +/– €28.6m • Greater or less generation from win
Slide 14: Appendix
Appendix © VERBUND AG, www.verbund.com Page 14
Slide 15: Income statement
Income statement €m Q1/2021 Q1/2022 Total Total Revenue 818.1 2,531.9 Electricity revenue 640.0 2,063.8 Grid revenue 139.1 348.5 Other revenue 39.0 119.7 Other operating income 16.9 23.3 Expenses for electricity purchases & use of fuels -399.5 -1,720.8 Other operating & personnel expenses -149.5 -19
Slide 16: Balance sheet (short version)
Balance sheet (short version) €m 31.12.2021 31.3.2022 Change Non-current assets 12.877 13.093 2% Current assets 4.234 4.913 16% Total assets 17.112 18.007 5% Equity 6.363 6.093 -4% Non-current liabilities 4.404 4.197 -5% Current liabilities 6.344 7.717 22% Total liabilities 17.112 18.007 5% © VERBUN
Slide 17: Cash flow statement (short version)
Cash flow statement (short version) €m Q1/2021 Q1/2022 Change Cash flow from operating activities 204 209 3% Cash flow from investing activities -167 -314 – Cash flow from financing activities -44 -78 – Change in cash and cash equivalents -8 -183 – Cash and cash equivalents at the end of 41 136 228%
Slide 18: CAPEX plan 2022-2024 (total of €3,059m)
CAPEX plan 2022-2024 (total of €3,059m) Growth CAPEX/ €m (total of €2,075m) 826 742 176 123 Hydro segment 507 235 New renewables segment 293 190 Grid segment - APG 21 332 Grid segment - GCA 251 248 0 45 27 56 14 64 Others 2022 2023 2024 Maintenance CAPEX/ €m (total of €985m) 370 316 299 Hydro segmen
Slide 19: Capital market calendar 2022
Capital market calendar 2022 13/5/2022 Dividend payment date 28/7/2022 Result and interim report quarters 1–2/2022 3/11/2022 Result and interim report quarters 1–3/2022 © VERBUND AG, www.verbund.com Page 19
Slide 20: Management
Management Michael Strugl Peter Kollmann Achim Kaspar Chairman of the CFO, Member of the Member of the Executive Board Executive Board Executive Board © VERBUND AG, www.verbund.com Page 20
Slide 21: Investor relations team
Investor relations team Andreas Wollein Head of Group Finance and Martin Weikl Stefan Wallner Investor Relations Senior Investor Relations Manager Investor Relations Manager T +43(0)503 13-52614 T +43(0)503 13-52614 T +43(0)503 13-52614 [email protected] [email protected] inve