Last month, German Uniper and Finnish Fortum announced that set their relationship off on a fresh start. The Finnish utility, which owns 47 percent of the latter's equity, has tried for two years to forge the final matrimonial bonds binding the two together – an attempt seen as a hostile takeover by the German company's management. Now Uniper Chief Executive Klaus Schäfer and Chief Financial Officer Christopher Delbrück have decided to allow a little more affection into the room.
However, looking at Uniper's annual financial statement announced Tuesday might look like something of a turn off. Despite a sales growth 8.2 percent for a total of EUR 78.2 million, the utility's operating earnings declined an entire 22.4 percent. Last year, the adjusted EBIT margin landed EUR 865 million, corresponding to a slim 1.1 percent – and without any signs of impending improvement.
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