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Energy company: Uniper will be eligible for dividends again from 2024

Energy company: Uniper will be eligible for dividends again from 2024

The nationalized company Uniper should become more interesting for investors again. This is difficult without the prospect of a dividend. The accounting conditions for this have now been created.

The energy company Uniper can, at least theoretically, pay a dividend again from 2024. A virtual, extraordinary general meeting decided on the necessary capital measures, such as a capital reduction. Shares are also to be merged: 20 old Uniper shares will become one new one.

With the restructuring of equity, the billion-dollar net loss identified at the end of 2022 will be fully offset by the end of 2023. The company announced that this would fundamentally restore the ability to pay dividends.

“In this way, we are creating an option for the German federal government through which it can resell its Uniper shares in the future,” said CEO Michael D. Lewis. By restoring its ability to pay out dividends, the company is intended to become more attractive to future investors again.

Back to the private sector

The energy company, which was almost completely nationalized in the wake of the gas crisis, is to be privatized again. The EU had obliged Germany to reduce its stake in Uniper to 25 percent plus one share by the end of 2028.

The measures served to put Uniper on a clean balance sheet again after the “rollercoaster of the last two years,” said Lewis. “We are back on healthy feet and can look forward today.”

Uniper is Germany’s largest gas trader and gas storage operator. The company does not supply private customers, except for district heating. According to a forecast from October 24th, the company expects a net profit of four to five billion euros for the current year.

When Russia reduced and ultimately stopped gas deliveries last year, Uniper was in trouble because of the high costs of replacing it. The German state then put together a billion-dollar stabilization package, of which Uniper used 13.5 billion euros. Since then, the federal government has held a good 99 percent of the shares.

Source: Stern

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