Uniper SE Posts Wider Loss For H1

Uniper SE (UNPRF.PK), a German energy company, on Wednesday posted a loss for the first-half, mainly due to anticipated future impact from Russian gas curtailments.

In addition, the net earnings reflect impairments of total 2.7 billion euros allocated to Nord Stream 2 loan and good-wills of the segments Global Commodities and Russian Power Generation.

Separately, the company said that it expects negative earnings for the full-year 2022.

For the first-six month period to June, the energy firm posted a net loss of over 12.41 billion euros or 33.73 euros per share, compared with 20 million euros or 0.18 euro per share loss reported a year ago.

Slightly 50 percent of the net loss, or 6.5 billion euros was related to an anticipated future impact from gas curtailments.

Adjusted loss EBITDA was at 136 million euros as against adjusted EBITDA of 900 million euros of previous year period.

Excluding items, loss EBIT stood at 564 million euros, versus EBIT of 580 million euros, on year-on-year basis.

Sales for the first-half, however, more than doubled to 119.33 billion euros, from last year’s 41.44 billion euros.

Looking ahead, Uniper CFO Tiina Tuomela said: “Earnings for the first half of 2022 already reflect the significant adverse impact of reduced gas deliveries from Russia…The volatile environment doesn’t currently permit an earnings forecast within an adequate range for the current financial year. However, we expect to record negative earnings owing to the significant reduction in Russian gas deliveries. We expect an earnings improvement in 2023 and aim to leave the loss zone beginning in 2024.”

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