Uniper Posts $40 Billion Loss for First Nine Months, Is Finalizing Details of German Government Support --Update
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
"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
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
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
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 email@example.com
(END) Dow Jones Newswires
November 03, 2022 04:19 ET (08:19 GMT)
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