Uniper reports a record net loss of 40 billion euros | Photo credits: Uniper SE
FRANKFURT, Nov 3 (Reuters) – Soon to be nationalized German energy giant Uniper reported a record net loss of 40 billion euros for the first nine months of the year on Thursday, reflecting the expected future losses as a result of Russia’s decision to cut off gas supplies.
“Our half-year figures already indicated that this situation had left massive scars in our financial results,” said chief financial officer Tiina Tuomela, adding that the nationalization plan was being finalized.
According to Uniper, the net loss takes into account 10 billion euros of losses caused by the replacement of Russian gas volumes on the spot market at much higher prices, as well as 31 billion euros of future losses related to this situation.
“We are also working intensively on the restructuring of our gas portfolio in order to minimize risks and end by 2024 the losses caused by the suspension of Russian gas deliveries,” commented Tiina Tuomela.
The company’s stock was down 2.2% in pre-market trading.
In September, the German state decided to nationalize the gas giant Uniper to 99% in order to ensure that the group can continue to buy gas and supply the country’s industry and avoid a “Lehman effect” in the sector. energy.
As part of the deal, Uniper received credit lines worth 18 billion euros from public lender KfW, 14 billion of which were drawn down by the end of October. (Written by Christoph Steitz; French version Elena Smirnova)