Earnings before interest and taxes (EBIT) adjusted for special effects amounted to over 6.3 billion euros, the company announced on Thursday. The adjusted net profit amounts to 4.4 billion euros. Both values are within the scope of our own forecasts. Uniper wants to present its balance sheet for 2023 at the end of February.
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The largest German gas company got into difficulties due to the Russian gas supply stop in 2022 and was nationalized. Uniper made heavy losses because the utility had to purchase expensive replacements for Russian supplies. Gas prices have now fallen sharply, from which Uniper also benefited. Hedging transactions for electricity generation from coal and gas power plants would have driven up profits. There were also successful futures transactions.
In the 2023 consolidated financial statements, the utility will make a provision of around 2.3 billion euros for a probable payment obligation to Germany in connection with the aid granted in 2022. This payment obligation, the final amount of which depends on the overall result for 2024, will be due at the beginning of 2025 and should be paid from existing liquid funds.
The Uniper share recently gained 10.94 percent to 59.02 euros via XETRA.
Dusseldorf (Reuters)
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