Struggling gas importer Uniper unveils record 40 billion euro net loss

Under the agreement, Uniper has received 18 billion euros worth of credit lines from state lender KfW, 14 billion of which have been drawn down as per end October, it said.

Soon-to-be-nationalised gas importer Uniper on Thursday reported a record 40 billion euro ($39.3 billion) net loss for the first nine months of the year, reflecting expected future losses as a result of Russia's move to stop supplies.

"Our half-year numbers already indicated that this has left massive scars in our financial results," Chief Financial Officer Tiina Tuomela said, adding an agreed stabilisation package that will see Germany take over Uniper was currently being finalised. Uniper said the net loss factored in 10 billion euros of realised losses the company incurred by replacing Russian gas volumes on the spot market at much higher prices as well as 31 billion euros of future losses related to this.

Berlin in September agreed to nationalise Uniper and take over 99% of Germany's largest gas importer to make sure the company can keep buying gas and supply the country's industry and avoid a Lehman-style domino effect in the energy sector. Under the agreement, Uniper has received 18 billion euros worth of credit lines from state lender KfW, 14 billion of which have been drawn down as per end October, it said. ($1 = 1.0187 euros)