(AOF) – The German energy giant and gas importer, Uniper loses 4.44% to 3.01 euros on the Frankfurt stock exchange after a record net loss of 40 billion euros in the first nine months of the year. A loss that reflects those expectations following Russia’s decision to stop gas supplies. For Uniper, this abysmal loss includes 10 billion euros of losses caused by the replacement of volumes of Russian gas on the spot market at significantly higher prices and 31 billion euros of future losses related to this situation.
The negative impact for Uniper was further exacerbated in the third quarter of 2022 by the complete cessation of all gas deliveries. To honor the contracts with its customers, Uniper was forced to buy gas on the spot market at high prices.
Faced with great uncertainty, the company, which will soon be nationalized by Germany, cannot predict for the rest of the year.
The UBS analyst maintained his Sell recommendation by lowering the price target from € 2.20 to € 2, explaining that “investors should react negatively and that the current situation is very difficult for minority shareholders”.
Following the announcement of these massive losses, Tiina Tuomela, Chief Financial Officer of Uniper, foresees a complicated situation for his group, speaking of “massive scars in financial results” and adds that Uniper “is working intensively on restructuring its portfolio. gas in order to minimize risks and put an end to the losses caused by the suspension of Russian gas deliveries by 2024 “.
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