'Massive scars': Germany's Uniper posts record 40 bln euro net loss

3 weeks ago 20

[1/2] Logo of Uniper is pictured astatine the company's office successful Duesseldorf, Germany, September 21, 2022. REUTERS/Wolfgang Rattay

  • Includes 31 cardinal euros successful expected state losses
  • Uniper has drawn 14 bln euros of KfW recognition lines
  • Russian portion draws imaginable buyers' interest
  • Shares down 3%

FRANKFURT/DUESSELDORF, Nov 3 (Reuters) - Soon-to-be-nationalised state importer Uniper (UN01.DE) reported a grounds 40 cardinal euro ($39.3 billion) nett loss, among the biggest successful German firm history, reflecting expected aboriginal losses successful the aftermath of Russia's determination to halt its supplies.

The nine-month nonaccomplishment further highlights however Russia's determination to sever a decade-long proviso narration with Europe, astir notably Germany, is impacting the continent's vigor sector, with Uniper becoming the crisis' biggest firm casualty truthful far.

Since the opening of the year, shares successful Uniper person mislaid 93% of their value, giving it a existent marketplace worth of 1.14 cardinal euros, down from 15.2 cardinal euros astatine the opening of the year.

"Our half-year numbers already indicated that this has near monolithic scars successful our fiscal results," Chief Financial Officer Tiina Tuomela said, adding that an agreed stabilisation bundle that volition spot Germany instrumentality implicit Uniper was presently being finalised.

Uniper said the nett nonaccomplishment factored successful 10 cardinal euros of realised losses the institution incurred by replacing Russian state volumes connected the spot marketplace astatine overmuch higher prices arsenic good arsenic 31 cardinal euros of aboriginal losses related to this problem.

Shares successful Uniper were down 3%.

Tuomela said talks were present focused however to regenerate a state levy, which was cancelled astatine the past minute, with an instrumentality that volition efficaciously walk connected the monolithic losses to Uniper's aboriginal owner: the German government.

At the aforesaid time, Uniper has threatened ineligible enactment against its erstwhile main supplier Gazprom (GAZP.MM) and is weighing proceedings earlier a Swedish arbitration tribunal to assertion billions of euros successful compensation.

"We are besides moving intensively to restructure our state portfolio successful bid to minimise risks and to extremity by 2024 the losses resulting from suspended Russian state deliveries," Tuomela said.

Among the group's apical priorities remains the planned exit from the Russian market, wherever it owns a 83.7% involvement successful Unipro (UPRO.MM), it said, adding the Russian division's caller show had accrued involvement among imaginable buyers.

Under the statement with Berlin, Uniper has received 18 cardinal euros worthy of recognition lines from authorities lender KfW (KFW.UL), 14 cardinal of which person been drawn down arsenic of the extremity of October, it said.

($1 = 1.0187 euros)

Uniper's marketplace headdress collapse

Reporting by Christoph Steitz and Tom Kaeckenhoff; Additional reporting by Vera Eckert; editing by Maria Sheahan, Paul Carrel and Tomasz Janowski

Our Standards: The Thomson Reuters Trust Principles.

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