Credit Investor Presentation
Net debt increases due to CEB acquisition, green
growth and timing effects from hedging activities
Development of net debt in H1 2023
in € billion (+ net debt/- net assets)
-1.6
5.9
0.2
3.1
0.8
2.7
Net debt
31 Dec 22
-5.5
6.3
Adj. operating Acquisition CEB
cash flow
Acquisition CEB
also includes
acquired external
debt and wind/solar
provisions
Net cash
investments
Net cash
investments
Dividends
Other changes in
net financial debt
in green growth,
incl. Magnum and
JBM solar
acquisitions
Dividend pay-out
to RWE
shareholders and
minorities
Changes in
provisions¹
Other changes in net
financial debt
includes timing effects
such as variation
margins from hedging
and trading activities
Net debt
30 Jun 23
Changes in
provisions mainly
driven by increase
of wind 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.
RWE August 2023
Credit Investor Presentation
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