DGAP-Adhoc: Uniper SE: Withdrawal of outlook for the financial year 2022 and talks with German Government

Uniper withdraws its outlook for the financial year 2022 with regard to adjusted EBIT and adjusted net income.

In addition, based on preliminary figures as of 30 June 2022, Uniper expects adjusted EBIT and adjusted net income for H1 2022 to be significantly below the respective prior-year figures (adjusted EBIT H1 2021: 580 million; adjusted net income H1 2021: 485 million).

The background to this is the impact of the current gas supply restrictions by Gazprom. Since 16 June 2022, Uniper has received only 40% of the contractually committed gas volumes from Gazprom. Uniper uses flexibilities in its portfolio as well as substitution of volumes to ensure security of supply for its customers. However, Uniper currently procures substitution volumes at significantly higher prices. Since Uniper cannot yet pass on these additional costs, this results in significant financial burdens. There are also major uncertainties regarding the geopolitical situation, as well as the duration and scope of Russian gas supply restrictions. Against this background, gas price developments are also difficult to assess at present.

Uniper assumes that if the Federal Network Agency (Bundesnetzagentur) determines and announces the gas shortage situation, the current charges can partially be passed on. Likewise, this would be a necessary and essential prerequisite for being able to issue a new earnings outlook with sufficient certainty.

Uniper is examining how the liquidity of the company can be further secured. Among other things, Uniper entered into discussions with the German government  on possible stabilization measures for which a number of instruments could be considered, such as guarantees and collateral, increasing the current not yet drawn KfW credit facility, and equity investments.

Uniper continuously reviews the effects of the gas supply restrictions and will inform the capital market about relevant measures, if necessary.

The key figures used are explained in Uniper SE's Annual Report 2021. Uniper SE's Annual Report 2021 is available at www.uniper.energy.