The energy company Uniper, which was rescued by the federal government, is planning a capital cut. This is intended to create the conditions for the state to exit the company, which recently made billions in profits again.
The energy supplier Uniper, which was bailed out by the state in the gas crisis, wants to pave the way for the federal government’s exit with a capital cut. The company announced today in Düsseldorf that a drastic reduction in the share capital and the consolidation of 20 shares into one should make the state’s exit easier.
To this end, the share capital is to be reduced from a nominal 14.16 billion to 416 million euros. The calculated nominal value is reduced to 1.00 from 1.70 euros per share. In addition, part of the capital reserve is released in order to technically eliminate the accumulated loss.
Billions in profits in 2023
As a result of the war in Ukraine and skyrocketing gas prices, Uniper was on the verge of bankruptcy and was rescued with state money. However, the 20 billion euro state aid from the federal government, which acquired a 99 percent stake in Uniper and thus saved the company from collapse, also inflated the share capital.
The group’s economic situation has now improved significantly: following normalization on the global gas markets, the group is once again making billions in profits. In 2023, the net profit should be in the mid-single-digit billions on the balance sheet.
Exit plan this year
That’s why the voices are now getting louder calling for the state to exit quickly – especially since the state has committed itself to reducing its stake in Uniper to 25 percent by 2028. “Following Uniper’s new strategic goals presented at the beginning of August, the capital reduction we are now aiming for is another important milestone,” said CFO Jutta Dönges: “It creates scope for the federal government to exit, the procedure and timing of which will be decided by the federal government.”
An extraordinary general meeting, which is scheduled to take place on December 8th, must now decide on the capital reduction. The FDP-led Federal Ministry of Finance had announced that it would present an exit strategy this year. One possibility for this would be an IPO.