Uniper Posts $40 Billion Loss For First Nine Months, Is Finalizing Details of German Government Support

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 [e-mail]

(END) Dow Jones Newswires

November 03, 2022 03:24 ET (07:24 GMT)

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