RWE AG 15 May 2024
Q1 2024
Results
Investor & Analyst Conference Call
Michael Müller, CFO
Thomas Denny, Head of Investor Relations
15 May 2024 | Q1 2024 Results |
Disclaimer
This document contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management, and are based on information currently available to the management. Forward-looking statements shall not be construed as a promise for the materialisation of future results and developments and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those described in such statements due to, among other things, changes in the general economic and competitive environment, risks associated with capital markets, currency exchange rate fluctuations, changes in international and national laws and regulations, in particular with respect to tax laws and regulations, affecting the Company, and other factors. Neither the Company nor any of its affiliates assumes any obligations to update any forward-looking statements.
15 May 2024 | Q1 2024 Results | Page 2 |
Highlights in Q1 2024
Good Q1 2024 EBITDA of € 1.7bn
Full year guidance for 2024 confirmed, at the lower end of the guidance range
Successful offshore portfolio optimisation, sell down of 49% stake in 3 GW Dogger Bank South project to Masdar and acquisition of 4.2 GW projects from Vattenfall successfully closed
First US Green Bond met with high investor demand, US$ 2 billion dual tranche green bond issued, with maturities of 10 and 30 years
15 May 2024 | Q1 2024 Results | Page 3 |
Good earnings in Q1 2024 after exceptional prior year
Adj. EBITDA
in EUR m
Offshore Wind
Onshore Wind/Solar
Flexible Generation
Supply & Trading
Other/Consolidation
2,312
473
247
1,181
289
122
Q1 2023
-603
1,709
548
341
552
251
17
Q1 2024
- Offshore Wind earnings up due to better wind conditions
- Onshore Wind/Solar result increased on the back of organic growth and CEB assets
- Flexible Generation earnings lower after exceptional market conditions last year
- Supply & Trading result reflects good trading performance
15 May 2024 | Q1 2024 Results | Page 4 |
Adjusted net income reflects strong operational performance
Adj. net income in EUR m
Q1FY 2023021 | FYQ120242 | ||
Adj. EBITDA | |||
2,312 | |||
Q1 2024 | |||
-454 | Adj. depreciation | ||
1,858 | Adj. EBIT | ||
-150 | Adj. financial result | ||
-342 | Adj. tax | ||
-51 | Adj. minority interest | ||
Adj. net income | |||
1,315 | |||
Q1 2024 |
1,709
-489
1,220
-166
-211
-42
801
- Adj. EBITDA lower after exceptional prior year
- Adj. tax applying general tax rate of 20%
- Adj. minority interest reflects lower earnings distributions to minority shareholders
15 May 2024 | Q1 2024 Results | Page 5 |
Adjusted operating cash flow marked by seasonal effects in working capital
Reconciliation to adj. operating cash flow for Q1 2024 in EUR m
1,709 | |||||
-341 | |||||
-1,440 | |||||
-97 | -210 | ||||
-379 | |||||
Adj. EBITDA | Changes in | Changes in | Cash | Cash | Adj. operating |
provisions/ | operating | financial result | taxes | cash flow | |
(Non-) Cash items1 | working capital |
Negative effects in operating working capital mainly due to seasonal effects, esp. from the purchase of CO2 certificates, partly compensated by a reduction of trade receivables and reduction of gas in storage
1 Excludes nuclear provisions since utilisation is not net debt effective and will be refinanced via financial debt.
15 May 2024 | Q1 2024 Results | Page 6 |
Net debt mainly driven by investments in green growth and timing effects
Development of net debt in Q1 2024 in EUR bn (+ net debt/- net assets)
11.2 | ||||||||||||||
1.9 | -0.1 | |||||||||||||
6.6 | 2.3 | 0.1 | ||||||||||||
0.4 | ||||||||||||||
Net debt | Adj. operating | Net cash | Dividends | Other changes in | Changes in | Net debt |
31 Dec 23 | cash flow | investments | net financial debt | provisions1 | 31 Mar 24 |
Net cash investments
in green growth incl. acquisition of 4.2 GW Vattenfall projects and proceeds from Dogger Bank South sell down
Other changes in net debt
mainly driven by timing effects
from hedging and trading
activities
Changes in provisions
mainly driven by decrease of
pension provisions
1 Includes pension and wind/solar provisions but excludes nuclear provisions as they are not part of adj. operating cash flow. | Note: Rounding differences may occur.
15 May 2024 | Q1 2024 Results | Page 7 |
Outlook confirmed for Full Year 2024; we expect to be at the lower end of the guidance range
Group outlook FY 2024 in EUR m
Outlook
Divisional outlook FY 2024 in EUR m
Adj. EBITDA
Outlook
Adj. EBITDA
Adj. depreciation
Adj. EBIT
Adj. financial result
Adj. tax
Adj. minority interest
Adj. net income
Dividend target (€/Share)
Lower end
5,200 - 5,800
approx. -2,000
Lower end
3,200 - 3,800
-500
20%
approx. -250
Lower end
1,900 - 2,400
1.10
Offshore Wind
Onshore Wind/Solar
Flexible Generation
Supply & Trading
Other/Consolidation
Adj. cash flow Phaseout technologies
Lower half
1,450 - 1,850
Lower half
1,500 - 1,900
Lower end
1,800 - 2,200
100 - 500
approx. -150
300 - 600
15 May 2024 | Q1 2024 Results | Page 8 |
Appendix
15 May 2024 | Q1 2024 Results | Page 9 |
Green capacity of 8.3 GW under construction reflects significant growth investments
Development of our green generation portfolio
GW pro rata
+8.3 | ||||||||
0.2 | 43.9 | |||||||
1.2 | ||||||||
3.2 | ||||||||
1.2 | ||||||||
35.5 | 0.2 | 35.6 | 2.5 | |||||
31 Dec 2023 | Capacity | 31 Mar 2024 | Offshore | Onshore | Solar | Batteries | Flexible | Total |
additions | Wind | Wind | Generation & H2 |
Capacity in operation | Projects under construction | |
Note: Rounding differences may occur.
15 May 2024 | Q1 2024 Results | Page 10 |
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RWE AG 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 05:03:05 UTC.
