BAKU, Azerbaijan, March 5
By Leman Zeynalova – Trend:
Adjusted net income of Germany-based Uniper company for the 2020 fiscal year amounted to €774 million, Trend reports citing the company.
“This represents a year-over-year increase of €160 million (2019: €614 million), placing it clearly at the top end of expectations for 2020. Adjusted net income followed the trend of adjusted EBIT, additionally supported by higher economic net interest income relative to the previous year. The latter was attributable to a reduced interest expense for financial liabilities and also to a reduced interest expense from the remeasurement of asset retirement obligations, both due to a less-pronounced decline in interest rates. The operating effective tax rate was also lower year over year,” Uniper said.
Adjusted net income is composed of adjusted EBIT, net operating interest income and income taxes on operating earnings, less non-controlling interests in operating earnings (see the Management System section for a detailed definition).
Aside from other financial results, the adjustments for financial effects relate primarily to the interest effects of the provisions financed through the Swedish Nuclear Waste Fund (“Kärnavfallsfonden” or “KAF”) in the European Generation segment and of other non-operating provisions in the Global Commodities segment. An expense of €97 million was adjusted for in total (2019: €27 million income).
In fiscal 2020, there was non-operating tax income of €86 million (2019: €85 million tax expense). The operating tax expense amounted to €226 million (2019: €230 million). This has resulted in an operating effective tax rate of 21.7 percent (2019: 26.1 percent).
Aggregated non-operating impairment charges and reversals of non-operating impairment losses recognized in the reporting period amounted to a net loss of €92 million. The impairments were primarily attributable to the European Generation and Russian Power Generation segments. Reversals of impairments recognized in previous years related primarily to the European Generation and Global Commodities segments in 2020. Aggregated non-operating impairment charges and reversals of non-operating impairment losses recognized in the 2019 fiscal year had amounted to a net loss of €874 million.
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