Driving the clean energy transition.
Earnings Call FY 2023
H
March 26, 2024
H
Market update
5
The recently confirmed GDP Electricity foresees investments of >320 bn € until 2045
"
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
6
- 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 seven | ||||||
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 | ||||||
7
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 | 8 |
H
Financial performance FY 2023
9
As expected, Q4 revenues came out slightly below the very strong previous year's level
Revenue
in €m
-10% | |
109,4 | |
98,2 | |
Q4 22 | Q4 23 |
Typical seasonal revenue development
-10%
Revenue development y-o-yin Q4 2023
10
Despite last year's rapid growth, revenue in FY 2023 showed a moderate y-o-y increase
Revenue | Revenue by segment | ||
in €m | in % | ||
+1% | |||
368.2 | 373.4 | 368.2 | 373.4 |
27 % | 32 % | ||
8 % | 7 % | ||
15 % | 17 % | ||
50 % | 44 % | ||
FY 2022 | FY 2023 | FY 2022 | FY 2023 |
Adj. Opportunities
Clean Hydrogen
Electricity
Natural Gas
+1.4 %
Revenue growth
y-o-y FY 2023
>2.8
Book-to-bill ratio
FY 2023
11
At the same time, profitability could be improved significantly compared to Q4 in the previous year
EBITDA
in €m, blue bubbles show EBITDA margin
6.5% | 11.8% |
+64% | |
11.6 | |
7.1 | |
Q4/22 | Q4/23 |
EBIT (adj.)
in €m, blue bubbles show EBIT margin
2.4%7.1%
+165 % | |
6.9 | |
2.6 | |
Q4/22 | Q4/23 |
11.8 %
EBITDA margin
in Q4 2023
7.1 %
EBIT margin
in Q4 2023
12
Without one-off effects, we have seen continuous margin improvements over the year
EBITDA
in €m, blue bubbles show EBITDA margin
13% | ||||
12 % | ||||
8 % | 9 % | |||
6 % | ||||
11.6 | ||||
7.4 | One-off project- | |||
related provision | ||||
8.0 | ||||
5.6 | ||||
6.8 | ||||
Q1/23 | Q2/23 | Q3/23 | Q4/23 |
+4 PP
EBITDA Margin
Q4/23 vs. Q1/23
13
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Friedrich Vorwerk Group SE published this content on 28 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 April 2024 08:57:02 UTC.