Earnings Call Q1 2024
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May 15, 2024
Driving the clean energy transition.
Today's presenting team
Torben Kleinfeldt | Tim Hameister |
CEO | CFO |
Group Strategy & Development | Finance & Controlling |
VORWERKer since 2001 | VORWERKer since 2019 |
20+ years industry experience | 8+ years industry experience |
Diplomas in Engineering and Business | M.Sc. Financial Management & Accounting |
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Market update
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A recent study estimates the investment for a successful energy transition at 1.2 trillion € - thereof >600 billion € directly addressable by Vorwerk
1.2 trillion €
Investment volume required to achieve the energy transition targets
by 2030 and 2035 in Germany
Thereof | by 2035 | |
> 250 bn € | > 220 bn € | > 70 bn € |
Transmission grid | Distribution grid | District heat |
Fortschrittsmonitor 2024
Energiewende
> 45 bn € | ~ 20 bn € |
Green gases | H2 core grid |
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Until 2045 investments in the electricity transmission grid will even exceed >320 billion €
Bundesagentur confirms Electricity Network Development Plan 2023-2037/2045 for climate-neutral transmission network
"
This is the first network development plan that presents the electricity network we need to complete the energy transition. We have carefully assessed all the projects that were proposed.
We need to build a significant number of additional lines by 2045 to achieve a climate-neutral electricity system,""
Klaus Müller
President, Federal Network Agency (Bundesnetzagentur)
+4,800 km
New electricity lines*
+2,500 km
reinforced electricity lines*
+5
new HVDC transmission lines each with a capacity of 2 gigawatts*
320 bn €
Investments in the German electricity transmission network by 2045
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- As compared to the current Federal Requirements Plan ("Bundesbedarfsplanung")
By approving 24 hydrogen projects, the EU paves the way for the German hydrogen economy
Commission approves up to €6.9 bn of State aid by 7 Member States for the third Important Project of Common European Interest in the hydrogen value chain
IPCEI Hy2Infra | " | |||||
H2 Projects Germany | ||||||
Important Project of Common | ||||||
European Interest | 33 | 4.6bn € | + 3.4bn € | 24 | ||
6.9bn € | ||||||
Total public funding | projects | Public funding | Private Funding | projects | ||
by the member states | across member states | by the Government | by companies | in Germany | ||
3.2GW 2,700km 370GWh | Projects in Lower Saxony and Hamburg | |||||
Electrolysers | Pipelines | Storage facilities | HyPerLink | Lingen Green | GetH2 | |
Hydrogen | ||||||
Jointly prepared by 7 Member States | ||||||
FR IT | PT NL | PL SK GER | Clean Hydrogen | HH Win | AquaDuctus | |
Coastline | ||||||
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The IPCEI approval is an important step towards the German Hydrogen Core Grid ("Kernnetz")
German Hydrogen Core Grid (Kernnetz)
- Act on hydrogen grid planning and core grid financing passed
Federal Minister Habeck: "The foundation stone for the future of hydrogen
has been laid. The development of the hydrogen network is picking up | " | ||
speed in Germany. | |||
9,700 km | |||
Total grid length | |||
40% | vs. | 60% | |
New pipelines | Converted pipelines |
19.8 billion €
Total envisaged investment volume
2024-2032
Planned time for realizing the core grid with the first hydrogen flowing as early as 2025
Converted Pipeline | |
New Pipeline | 9 |
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Financial performance Q1 2024
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Revenue increased slightly in the first quarter despite challenging weather conditions
Revenue
in €m
109.5 | ||||||
+5% | 92.6 | 98.2 | ||||
73.1 | 76.7 | Typical seasonal | ||||
revenue | ||||||
development | ||||||
Q1 23 | Q1 24 | Q2 23 | Q2 24 | Q3 23 Q3 24 | Q3 22 | Q4 24 |
+5%
Revenue development y-o-yin Q1 2024
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Profitability was also improved significantly compared to the previous year
EBITDA
in €m, blue bubbles show EBITDA margin
7.6% | 8.8% |
+21% | |
6.8 | |
5.6 | |
Q1/23 | Q1/24 |
EBIT (adj.)
in €m, blue bubbles show EBIT margin
1.7%2.5%
+55 % | |
1.9 | |
1.2 | |
Q1/23 | Q1/24 |
8.8 %
EBITDA margin
in Q1 2024
2.5%
EBIT margin
in Q1 2024
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Disclaimer
Friedrich Vorwerk Group SE published this content on 15 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2024 18:43:39 UTC.