RWEOY - RWE Aktiengesellschaft (RWEOY) Q4 2023 Earnings Call Transcript
2024-03-14 13:05:05 ET
RWE Aktiengesellschaft (RWEOY)
Q4 2023 Results Conference Call
March 14, 2024 08:00 AM ET
Company Participants
Thomas Denny - Head of IR
Markus Krebber - CEO
Michael Muller - CFO
Conference Call Participants
Rob Pulleyn - Morgan Stanley
Peter Bisztyga - Bank of America
Alberto Gandolfi - Goldman Sachs
Deepa Venkateswaran - Bernstein
Ahmed Farman - Jefferies
Meike Becker - HSBC
Harry Wyburd - BNP Paribas
Wanda Serwinowska - UBS
Olly Jeffrey - Deutsche Bank
Piotr Dzieciolowski - Citi
Presentation
Operator
Welcome to the RWE Conference Call. Markus Krebber, CEO of RWE AG and Michael Muller, CFO of RWE AG will inform you about the developments in the fiscal year 2023. I will now hand you over to Thomas Denny. Please go ahead, sir.
Thomas Denny
Thank you, Sergei. Good afternoon, ladies and gentlemen. Thank you for joining RWE's conference call on full year 2023. As always, our CEO, Markus Krebberl and our CFO, Michael Muller, will guide you through our presentation, After which, we'll start our Q&A session. And with this, I hand over to you, Markus.
Markus Krebber
Thank you, Thomas. And also from my side, a warm welcome to everyone. 2023 was a remarkable year. We have delivered a strong operating performance. We have significantly exceeded our financial targets. We have added 6.3 gigawatt of green capacity to our portfolio. And we have cut CO2 emissions by remarkable 27%. Since December ‘23, commodity prices have come down by around 30%, but we can keep our 2024 guidance, which we outlined in our CMD last year. We now expect to be at the lower end of our guidance range, which is about 5% below midpoint and translates into €2.6 earnings per share. We have a high share of secured revenues in our wind and solar business and consequently only limited power price exposure. And our flexible generation business benefits from an increasing share of secured long term revenues. Overall, we do see a faster normalization of power prices. Our long term expectations have not changed. We remain committed to our mid and long term EPS targets for '27 and 2030 as outlined at our CMD. Let me be clear, our focus is on bottom line earnings per share. Therefore, profitability of our investments is key. And in light of an evolving risk reward environment, we do constantly reassess our capital allocation. But please do not expect us to change costs on an ad-hoc basis because of short term developments....
RWE Aktiengesellschaft (RWEOY) Q4 2023 Earnings Call Transcript