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JULY 2015 INVESTOR PRESENTATION – RWE DEA

RWE DEA · Jul 16, 2015 · 34 slides

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Slides

  1. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 1
    Paving the way for growth with continued focus on financial discipline (as of June 2015)
  2. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 2
    RWE an attractive value proposition Attractive portfolio Stable financials Pure utility play with leading market Progress in strengthening balance position and regionally focused sheet strategy Streamlined and disciplined Balanced…
  3. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 3
    Main messages Financial performance first quarter: EBITDA -3.4%, operating result -5.1%, recurrent net income +10.0% Successful divestment of RWE Dea for an EV of 5.1bn Successful placement of 1.25 bn hybrid bond Adoption of new…
  4. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 4
    On our way to financial robustness as base for long- term growth What we have achieved so far What we are focusing on Establishment of European generation business to drive cost Identification and fostering 1 efficiencies and…
  5. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 5
    1 Areas of growth Changing energy market offers growth potential Renewables Grids Retail Focus on on- and off- Best in class grid Strong Pan European shore wind management Retail organisation with 1 bn in growth capex Investments of…
  6. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 6
    2 Generation review Increased earnings pressure on conventional power generation As of March 20141 As of January 20152 OR c. 50% 60% c. 25% 35% WACC3 Optimi- sation Market OR 0 c. 60% 70% decline c. 40% 50% FCF3 0 c. 70%…
  7. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 7
    2 Generation review Conventional Power Generation: mark-to-market free cash flow neutral billion 3.3 3.0 2.0 Mark-to-market (m-t-m)1 1.0 1.0 OR m-t-m Efficiencies before 2012-2017 efficiencies 0.0 -1.0 2012 2014…
  8. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 8
    2 Generation review Overview of capacity measures Measure Plant MW1 Fuel Location Date Decom- Amer 8 610 Hard coal NL Q1-2016 missioning Goldenbergwerk 110 Lignite DE Q3-2015 Westfalen C2 285 Hard coal DE Q1-2016 Gersteinwerk K2…
  9. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 9
    3 Efficiency programme Efficiency programme ahead of schedule, additional measures contribute another 500 million Net benefit to operating result Net benefit by division million 10% Holding and cross 50% 400 divisional effects…
  10. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 10
    3 Efficiency programme Next wave of efficiencies entails a wide range of performance measures Additional measures focus on cost reduction and cash flow optimisation Costs Implementation of lean programme and improved end-to-end…
  11. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 11
    3 Efficiency programme Development of total controllable costs (TCC) Continuous reduction of TCC (nominal values) 10.8 bn 10.1 bn 8.7 bn 8.5 bn 0.5 0.2 0.4 1.0 0.1 0.1 5.5 4.9 3.9 3.9 5.3 5.2 4.8 4.6 2012 2013 2014…
  12. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 12
    4 Financial discipline Capex programme reduced to maintenance level Further growth projects have to be financed debt-neutral, e.g. by the disposal of other assets or partnering solutions billion Approx. 6.5 7.0 bn capex 1.5 2.0…
  13. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 13
    4 Financial discipline Positive cash balance reached 1 year ahead of plan Cash flows from operating activities to cover investments and dividends billion -2.7 -0.7…
  14. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 14
    4 Financial discipline Excellent access to the capital market is key to us Significant reduction of net financial debt Achievements billion Strong decrease of net 29.9 33.0 30.7 31.03 < 2014 Net debt financial debt Leverage…
  15. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 15
    Outlook for 2015 million EBITDA 7,131 6,100 6,400 Operating 4,017 3,600 3,900 result Recurrent 1,282 1,100 1,300 net income Dividend 1.00/share Oriented towards growth opportunities, indebtedness and earnings…
  16. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 16
    Dividend policy reflects whole economic situation Dividend of the preceding year serves as a reference point for the dividend proposal Earnings situation Dividend Leverage Growth and cash flow opportunities situation…
  17. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 17
    Back-up charts
  18. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 18
    RWEs mid-term business profile drivers GENERATION TRADING DISTRIBUTION SUPPLY Selective growth in Ongoing focus on value GER: Stable regulatory Focus on value enhancing renewable energy extraction in commercial environment for the…
  19. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 19
    More customers will produce self-generated power and will be enabled to manage their consumption Changing energy landscape Trends in retail markets Household Increase in decentral energy customer production from household customers…
  20. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 20
    RWE in European downstream markets Market share 2014 Sales to end-customers and redistributors RWEs gas customers3 by country [000] = 7,155 2,169 Germany 11% 1,969 1,290 1,397 Netherlands/ 11% Belgium UK 5% 211 119 Central and…
  21. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 21
    2015 divisional outlook for the operating result million 2014 2015 forecast versus 2014 Conventional Power Generation1 979 Significantly below 2014 Supply/Distribution Networks Germany 1,871 Moderately below 2014 Supply NL/B 146…
  22. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 22
    Operating result outlook for fiscal year 2015 Trend for major value drivers in fiscal year 2015 Operating result (OR) 2014 4.0 bn Efficiency programme c. 100 million envisaged for 2015 Depreciation Lower depreciation as…
  23. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 23
    RWEs forward hedging of conventional electricity production (German, Dutch and UK portfolio) As of 31 March 2015 30% 10% 40% 10% 40% 20% 50% 30% 60% 40% 60% 50% 80% 60% 90% 70% 90% 70% 2015 forward 31 Dec. 2012 31 March 2013 30…
  24. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 24
    RWE successfully qualified approx. 8 GW for the UK capacity market Plant MW1 Plant type First UK capacity auction for winter 2018/19 settled at Aberthaw 1,486 Coal/OCGT 19.40/kW (2012 money). Didcot B 1,364 CCGT The result was…
  25. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 25
    Germany: Clean Dark (CDS) and Spark Spreads (CSS) 2014 forward 2015 forward 2016 forward 16 12 8.79 8 6.63 4 5.08 0 -5.38 -4.87 -4 -8 -6.84 -12 -16 Trading year 2013 Trading year 2014 Trading year 2015 3 4…
  26. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 26
    NL: Clean Dark (CDS) and Spark Spreads (CSS) 2014 forward1 2015 forward1 2016 forward 20 11.43 11.78 15 10 9.18 5 0 -7.46 -6.32 -5 -10 -7.52 -15 -20 Trading year 2013 Trading year 2014 Trading year 2015 3…
  27. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 27
    UK: Clean Dark (CDS) and Spark Spreads (CSS) 2014 forward1 2015 forward1 2016 forward1 28 22.49 24 16.97 20 16 12 12.01 8 5.12 2.03 3.65 4 0 Trading year 2013 Trading year 2014 Trading year 2015 3 4 5…
  28. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 28
    Development of net debt billion Cash flows Capex on Dividends1 Divestments1 Change Others from operat- property, plant in pension, including f/x ing activities1 and equipment nuclear, effects and intangible mining assets and…
  29. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 29
    Capital market debt maturities and sources of financing Capital market debt maturities1 Strong sources of financing billion Fully committed syndicated loan For liquidity 2.5 2,5 20 20 (4.0 bn up back-up to March 2020) 0.0 bn…
  30. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 30
    RWEs major investment projects RWE Capex share ( bn) 2013 2014 2015 2016 2017 2018 Conventional new build power plant programme (capex at 100% share) Hamm (hard coal, 1,528 MW)1 77% 2.5 Unit E (764 MW) Eemshaven (hard…
  31. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 31
    The fuel mix of European electricity generators 2013 RWE has one of the most balanced generation portfolios of European electricity generators (installed capacity) 100% 80% 60% Hydro/ Other 40% Gas Hard Coal 20%…
  32. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 32
    The fuel mix of European electricity generators 2013 RWE has one of the most balanced generation portfolios of European electricity generators (generation output) 100% 80% 60% Hydro/ Other 40% Gas Hard Coal 20%…
  33. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 33
    Keep up with RWE Follow us on twitter.com/RWE_IR and have a look at www.rwe.com/ir Important links Financial Calendar Annual and Interim Reports 13 August 2015 http://www.rwe.com/ir/reports/ Interim Report on H1 2015 Investor…
  34. JULY 2015 INVESTOR PRESENTATION – RWE DEA – slide 34
    RWE Investor Relations contacts Contacts for Institutional Investors & Financial Analysts Dr. Stephan Lowis Martin Vahlbrock Gunhild Grieve Dr. Holger Perlwitz Vice President Investor Relations Tel.: +49 201 12-15055 Tel.: +44 207…

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