“No capital increase necessary”: Uniper earns from gas replacement purchases

“No capital increase necessary”
Uniper earns money from gas replacement purchases

After the end of Russian gas deliveries, the state has to save the utility Uniper and takes it over. Expensive replacement purchases in order to be able to fulfill promises result in additional expenditure worth billions. The meanwhile falling prices ensure relaxation and good news for the taxpayer.

According to its own statements, the nationalized energy supplier Uniper has solid ground under its feet again. The company announced that no further equity increases by the federal government would be required. With a view to the lack of deliveries of Russian gas, Uniper now expects “no additional costs overall from the replacement procurement of gas quantities” for 2023 and 2024. Uniper has almost completely secured its delivery obligations in other ways.

Uniper 4.01

On the basis of preliminary, unaudited figures, profits before taxes of more than two billion euros are expected from the hedging transactions. The use of the profits from the replacement procurement of gas quantities will be coordinated with the federal government in accordance with the requirements of the EU subsidy approval. Uniper also confirms the outlook for the current year and continues to expect a strong earnings recovery compared to the previous year, which will lead to positive adjusted operating income (EBIT) and adjusted net income.

The Düsseldorf supplier got into difficulties last year because of the Russian gas supply stop. The group had to buy replacement gas at great expense in order to meet its obligations to customers. After billions in aid, the federal government finally took over the supplier.

Uniper had already reported a billion surplus for the first quarter. Thanks to significantly better results in the gas and electricity business, the bottom line was 6.7 billion euros, it said at the beginning of the month. In addition to lower energy prices, the reversal of provisions also contributed to the result. According to earlier data, adjusted EBIT for the quarter was 749 million euros, after a loss of 917 million euros a year ago.

CFO Jutta Dönges had already said when the figures were presented that Uniper currently does not need any further equity from the federal government. However, the quarterly report states that the Uniper Management Board considers the implementation of further capital increases to be “very likely”. The energy supplier has already received over 13 billion euros in state aid. A further 19.5 billion euros can still be accessed if required.

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