Uniper Posts $40 Billion Loss For First Nine Months, Is Finalizing Details of German Government Support
03 November 2022 - 8:39AM
Dow Jones News
By Giulia Petroni
Uniper SE is finalizing the details of additional support
measures from the German government after booking a significant
loss for the first nine months of the year as Russian gas supplies
were cut.
The German utility said Thursday that its IFRS net loss was 40
billion euros ($39.5 billion) in the nine months to Sept. 30 due to
the recognition of anticipated likely losses resulting from future
gas replacement procurement after Russia cut off supplies.
Net debt soared to EUR10.91 billion in the period from EUR324
million, mainly due to negative operating cash flow stemming from
gas curtailments.
Uniper confirmed an adjusted net income loss of EUR3.22 billion
from adjusted net income of EUR487 million a year earlier, and an
adjusted loss before interest and taxes of EUR4.76 billion from an
adjusted EBIT of EUR614 million in the previous year.
Germany's largest gas importer said it expects a significantly
negative adjusted net income and adjusted EBIT in the full year,
but a more precise outlook can't be provided at the moment.
It also said its highest priority is now to implement the
stabilization package, and that it is also working intensively to
restructure its gas portfolio to minimize risks and to end losses
resulting from Russia gas curtailments by 2024.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
November 03, 2022 03:24 ET (07:24 GMT)
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