Investor Presentation 16 th German Corporate Conference Frankfurt, January innogy SE status as per December 2016
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1 Investor Presentation 16 th German Corporate Conference Frankfurt, January 2017 innogy SE status as per December 2016
2 Notice 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 materialization 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 forwardlooking statements.
3 innogy offers a compelling value proposition Unique European asset base 1 2 Stable business Key investment highlights Resilient financial profile 3 Focus on value creation Platform for 5 growth 4 2
4 1 Unique asset mix and diversified European footprint Leading market positions across countries in Europe... #3 worldwide in offshore wind 1 574,000 km total grid 4x #1 positions 2 Market presence Renewables Grid & Infrastructure Retail Strategic partnership with a distinct asset profile Focus on Europe anchored in Germany Largely CO 2 free Limited exposure to commodity prices No nuclear liabilities Enabler of energy transition Source: Company estimate based on competitors disclosure, regulatory reports and research reports. Last data review date: 1 August By installed capacity. 2 Market positions based on volumes, or, in the case of Czech Republic, Poland, Netherlands and Belgium, based on customer numbers, as per latest available data, electricity and gas markets counted separately. 3
5 2 Stable business profile across segments reflected in ~60% of group EBITDA from regulated activities 1 Renewables Grid & Infrastructure Retail Customer base development (m) Quasiregulated 2 share ~60% 2015 EBITDA 0.8bn Regulated share >80% 2015 EBITDA 2.9bn EBITDA 1.0bn Quasi-regulated 2 earnings platform for further growth 1 Includes regulated and quasi-regulated business activities. 2 Includes long-term contracts. 3 Increase predominantly due to first-time full consolidation of VSE. Largely regulated and predictable earnings Stable and diversified business in Continental Europe 4
6 3 Solid capital structure as foundation for stringent business development Resilient EBITDA supporting strong capex spend EBITDA ( bn) Capex ( bn) additionally backed by solid capital structure Attractive mix of cash generative and growth assets ~4.0x target leverage (net debt 1 /EBITDA) Credit ratios commensurate with strong rating profile Balance sheet strength to enable growth investments 1 For composition of net debt see page 11. 5
7 4 Solid platform for future growth Well-defined investment strategy Strict investment criteria to ensure profitable growth Stringent segment-specific set of hurdle rates ~ 6.5bn of capex E Platform for growth IPO proceeds as enabler for future growth Turnaround of UK retail business well on track Efficiency programme: integral part of management agenda Operational excellence 1 Including financial investments. 6
8 4 Building on our core competencies creates compelling mid-term prospects innogy focus Renewables Grid & Infrastructure Germany Eastern Europe Retail Germany Netherlands/Belgium United Kingdom Eastern Europe Execute current pipeline Market opportunities Benefit from continued support for renewable energy sources Expansion opportunities Growth in new markets and new technologies Green investments Support the integration of renewable energy sources Smart investments Manage the costs of the energy transition Growth in selected markets UK turnaround Customer focus Capture the increased strategic value of customers Energy+ Proactively manage emerging customer needs Market entry in adjacent markets Operational excellence Efficiency improvements 7
9 5 Our key investment principles to safeguard shareholder value Majority of capex into regulated business Focus on growth opportunities in core markets Strict investment framework with conservative hurdle rates Flexible capital allocation approach: projects competing across segments Prudent capital allocation and investment profile Management highly incentivised for value creation 8
10 Creating value for innogy shareholders based on stable earnings and a strong financial profile Renewables 17% Retail 21% A stable and attractive earnings profile By division EBITDA: 4.5bn By regulated share Grid & Infrastructure 61% Regulated share 2 ~60% translates into strong cash generation and a solid capital structure CFOA/EBITDA ~70% avg Target leverage ~4.0x net debt/ EBITDA creating shareholder value Attractive dividend policy 70-80% of adjusted net income payout ratio Prudent growth Strict investment criteria 1 Segment breakdown based on sum of operating segment results ( 4.7bn). Total includes (0.2)bn presented as Corporate/other in the combined financial statements. Numbers might not add up due to rounding differences. 2 Includes regulated and quasi-regulated business activities. 9
11 Financial discipline and strict investment criteria foundation for growing shareholder value Indicative capex split E Grid & Infrastructure ~ 4.1bn Renewables ~ 1.3bn Retail ~ 0.8bn Wind offshore 20-25% Renewables Grid & Infrastructure Retail Solar 10-15% Hydro <10% Other <10% Customer connections 19% Energiewende investments 1 12% Other grid capex 11% 2 Non-grid capex 15% 3 IT incl. smart meter 25-35% Bolt-on acquisitions 10-20% Other 10-15% Note: rounding differences may occur. 1 E.g. smart meter investments. 2 Other grid capex includes investments for non-regulated grid assets such as street lightning or telco activities and includes investments in IT infrastructure. 3 Non-grid capex comprises of capex for innogy s German storage facitlities, shares of investment spend related to participations as well as capex for other activities, such as innogy s water business. 4 Including financial investments. Pie charts do not include ~ 0.2bn of centrally accounted capex mainly for innovation projects. 5 Hurdle rates = after-tax WACC + project risk adjustment + country risk adjustment. Wind onshore 45-55% 5-8% core business 5-15% new markets/new technologies Replacement 43% ~ 6.5bn planned capex E ROI hurdle rates 5 5-7% 7-8% energy % 10
12 Net debt composition and senior debt maturity profile Net debt composition Senior debt maturity profile as of 30 September 2016 billion 30 Sep 2016 Cash & cash equivalents 0.5 Marketable securities 2.0 Other financial assets 0.3 Financial assets 2.8 Bonds and bank debt 11.1 Adjustment for step-up of bonds to market values (1.0) Other financial liabilities incl. liabilities to RWE AG 6.0 t/o loans from RWE AG related to external debt push-down ~5.0 Financial liabilities 16.1 Net financial debt 13.3 Provisions for pensions and similar obligations 5.0 Provisions for wind farm decommissioning 0.4 Net debt 18.7 Total outstanding gross financial debt of innogy amounts to ~ 15bn It currently consists of senior bonds of innogy Finance BVs (~ 10bn) and of intercompany-loans from RWE AG (~ 5bn) The senior bonds were issued under the debt issuance programme (DIP) of RWE AG ~ 1.3bn are due in 2017 bn Senior bonds Intercompany loans from RWE AG
13 Outlook for 2016 and 2017 million EBITDA 2015 actuals 2016 guidance Renewables Grid & Infrastructure 2,878 2,500 2, key value drivers Absence of positive one-off effects, e.g. gain on Galloper disposal Higher operating and maintenance costs in German distribution network business 2017 guidance - - Retail 988 1,000 1,200 Operational efficiencies and UK recovery - Corporate/other (163) innogy 4,521 4,100 4,400 4,300 4,700 Adjusted net income innogy not representative ~1,100 Dividend payout ratio of 70%-80% of adjusted net income - 12
14 innogy s key characteristics large and stable business with attractive growth prospects 1 Unique European asset base anchored in Germany, leading positions across many countries 13.3bn total RAB 1 +9% increase expected for German RAB 1 23m customers 3.6GW renewables capacity 2 2 Stable business well invested to yield largely regulated and predictable returns ~60% share of regulated 3 EBITDA Resilient financial profile backed by strong cash generation and solid capital structure Solid platform for growth driven by operational excellence supported by IPO proceeds Focus on value creation ~70% CFOA 4 /EBITDA (average ) Set for mid-term growth ~ 6.5bn capex 5 ( E) 70-80% dividend pay-out ratio based on adjusted net income ~4.0x target leverage net debt/ebitda Focus on further efficiencies Strict capital discipline 1 Numbers based on latest notification by regulator or based on calculations in latest filings with regulators. Expected increase in German regulated asset base calculated as RAB 2010/2011 plus net investments (post concession gains/losses) in regulated assets in the years 2010/2011 to 2015/2016E, assuming full recognition by the regulator. Generally, RABs from different regulatory regimes are not directly comparable due to significant methodological differences (e.g. regulatory periods, regulatory depreciation periods). Also, throughout this presentation, RABs are always stated excluding pro-rata share of RAB from participations that are not fully consolidated. 2 As of 31 December 2015; accounting view; includes 3.3GW from Renewables segment (excluding Zephyr portfolio) and 0.3GW renewables capacity from participations related to the Grid & Infrastructure segment. 3 Includes regulated and quasi-regulated business activities. 4 Cash flow from operating activities after interest and tax. 5 Including financial investments. 13
15 APPENDIX
16 innogy is infrastructure-like with roughly 60% regulated 1 earnings driven by stable grid business Renewables EBITDA ( bn) Grid & Infrastructure EBITDA ( bn) Retail EBITDA ( bn) Share of quasi-regulated EBITDA ~60% Share of regulated EBITDA >80% Capex intensity Ø ~20% G&I East G&I Germany. Germany NL/BE East UK Note: numbers may not add up due to rounding differences. 1 Includes long-term contracts. 2 Includes regulated and quasi-regulated business activities. 3 Capex intensity defined as capex/ebitda. Capex excluding financial investments. Retail EBITDA excl. UK (0.1)
17 innogy financials million 9M M 2015 FY 2016 guidance FY 2015 EBITDA 2,919 3,149 4,100 4,400 4,521 Renewables Grid & Infrastructure 1,864 2,081 2,500 2,700 2,878 Retail ,000 1, Operating D&A (1,077) (977) - (1,471) Operating result 1,842 2,172-3,050 Non-operating result Financial result (630) - Income before taxes 1,601 - Taxes on income (391) - Income 1,210 - Minorities (201) - Net income 1,009 - Adjusted net income 671 ~ 1,100 not representative not representative 16
18 Strong pipeline of projects under construction and in development Onshore Offshore Hydro MW 1 Under construction Solar Development close to FID ~450 ~500 Early development ~250 ~1,750 ~1,100 ~298 ~950 ~3,100 3 Major projects Nordsee 1 Goole 2 Zuidwester Galloper Offshore includes Kaskasi project in Germany Country GER UK NL UK Further projects according to following regional split: Technology Offshore Onshore Onshore Offshore Full capacity (MW) innogy stake Expected CoD Support scheme % 100% 100% 25% Q4/17 Q1/17 Q2/17 Q1/18 FiT (EEG ) 0.9 ROC SDE+ 80/MWh 1.8 ROC Offshore includes Triton Knoll project in UK (50% of total maximum capacity of 900 MW) Onshore includes more than 200 MW from 4 projects in UK with secured remuneration scheme (ROC and CfD through auctions won) In addition, onshore includes a portfolio of projects across Europe (Netherlands, Poland, Germany) Note: capacities in Close to FID and Early development categories rounded to nearest 50MW. Numbers may not add up due to rounding differences. 1 Pro-rata capacity. 2 EEG compression model: 194/MWh; 154/MWh; 39/MWh. 3 Includes <25MW Hydro. Other 9% Netherlands 11% UK 54% Poland 12% Germany 14% 17
19 innogy s credit rating Fitch 1 Moody s S&P 2 Fitch as the first rating agency assigned innogy a stand-alone rating of BBB+ (outlook stable) on 31 Oct Due to assumed high recovery rates senior unsecured bonds are rated even higher at A- Fitch takes into account innogy s high degree of independence from RWE (e.g. independent supervisory board, separate financing) On 3 November 2016 Moody s affirmed Baa3 (stable outlook) senior unsecured rating for RWE AG and innogy Finance BV bonds guaranteed by RWE AG However, Moody s indicate that bonds not migrating to innogy might suffer a one notch downgrade On 14 November 2016, S&P assigned BBB- (positive outlook) corporate and senior bond ratings to innogy The positive outlook reflects the potential for a one-notch differential to RWE s rating. S&P assesses innogy's stand alone rating at BBB, however it is currently capped by RWE s rating 1 Solicited ratings; the assigned ratings are expected (exp). 2 Solicited ratings. 18
20 innogy s funding programmes Debt issuance programme Commercial paper programme Independent innogy debt issuance programme planned for H (based on full year 2016 figures) Nominal volume: 20bn Stand-alone programme up and running (since end 2016) Nominal volume: 3bn Revolving credit facilities innogy SE has access to RWE AG s 4bn syndicated credit line (up to 1.5bn) plus a bilateral line of 1.0bn granted by RWE AG until 31 Dec 2018 Stand-alone RCF to be established in 2017 (based on full year 2016 figures) innogy is establishing its own capital market access to be able to finance its operation stand-alone going forward 19
21 Management incentives build on proven RWE scheme adaption to new business environment innogy management incentive scheme well balanced with a clear focus on total shareholder return Individual annual bonus scheme Based on the economic development of the company, individual and collective performance as well as performance with regards to corporate responsibility and employee motivation Long-term incentive plan Aims to reward the achievement of long-term strategic objectives while facilitating the capital market orientation Conditional right to receive a pay-out in cash following a period of four years Pay-out dependent on achievement of performance targets derived from the strategic planning and set before the first tranche start ( 3-year IPO business plan ) and based on the share price development as well as the accumulated dividends paid to shareholders (total shareholder return) 20
22 Corporate governance innogy with high degree of independence reflected in its supervisory board structure Supervisory board structure Two-tier board structure 20 members, thereof 10 shareholder and 10 employee representatives Composition and staffing process Target composition: RWE AG represented by one management board member (CFO Markus Krebber) Werner Brandt and Frank Bsirske in personal union as supervisory board chairman and supervisory board deputy chairman for RWE AG and innogy Audit committee to be formed mainly from independent board members Three-step approach for filling and confirming supervisory board seats 1 July 2016: three headed supervisory board in place 1 September 2016: 20 members supervisory board Spring 2017: confirmation of 10 shareholder representatives by annual general meeting 21
23 Corporate governance agreement on basic principles sets clear and stable rules going forward Key principles governing innogy/rwe relationship Both parties RWE AG and innogy shall be in the position to pursue their strategic, operational and financial targets individually and independent from each other Shortly prior to the IPO the domination agreement between innogy and RWE will be terminated All intercompany relations and agreements to be carried out at arm s length Selected features on agreement on basic principles between innogy and RWE Non-compete clause states that RWE is largely restrained from competing in innogy s core businesses until 31 December 2019 RWE will manage innogy as a financial investment RWE AG will not impose strategic and financial targets and is not involved in planning and management incentive discussions Investment decisions at innogy will not be subject to approval by RWE AG 22
24 Contacts Marisa Weiskirch Private shareholders T marisa.weiskirch@innogy.com Stephan Lowis Head of Finance and Investor Relations T stephan.lowis@innogy.com Lars Korinth T T lars.korinth@innogy.com Britta Wöhner T britta.woehner@innogy.com Marcel Rohrbach T marcel.rohrbach@innogy.com Martin Jäger T martin.jaeger@innogy.com Holger Perlwitz Fixed Income T holger.perlwitz@innogy.com 23
25 Financial calendar 13/03/2017 Annual Report /04/2017 Annual General Meeting 27/04/2017 Dividend payment 12/05/2017 Interim report Q /08/2017 Interim report H /11/2017 Interim report 9M
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