UN01 Uniper SE

By Giulia Petroni

Uniper SE is finalizing the details of additional support measures from the German government after recording a loss equal to more than half of its share capital as a result of Russia's cutoff of gas supplies.

Germany's largest gas importer said Thursday that its IFRS net loss was 40 billion euros ($39.5 billion) in the first nine months of the year, mainly as a result of anticipated future losses due to the gas curtailments. This includes roughly EUR10 billion to replace gas volumes on the spot market, where prices have hit records, and roughly EUR31 billion of future gas replacement procurement.

"Our half-year numbers already indicated that this has left massive scars in our financial results," Chief Financial Officer Tiina Tuomela said. "Implementing the stabilization package therefore has the highest priority."

Net debt in the period soared to EUR10.91 billion from EUR324 million, mostly due to negative operating cash flow stemming from Russian supply cuts.

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, as previously announced.

For the full year, the utility said it expects a significantly negative adjusted net income and adjusted EBIT, but a more precise outlook can't be provided at the moment. It added that it is working intensively to restructure its gas portfolio to minimize risks and to end losses resulting from Russian gas curtailments by 2024.

Earlier this year, the German government said it would nationalize the struggling energy giant by taking a 99% stake in the company's equity and injecting about EUR8 billion to ensure its continued operations.

Uniper said any additional support will be covered by supplementary measures as part of the government's stabilization package. An extraordinary general meeting for shareholders' approval of the capital increase is set to take place in the second half of December.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

November 03, 2022 04:19 ET (08:19 GMT)

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