Uniper's finance strategy is geared towards a healthy balance between attractive shareholder dividends, the Company’s ability to make investments and balance sheet stability.
- For the financial year 2020, Uniper’s board of directors and supervisory board jointly propose a total dividend of €501.4m or €1.37 per share (2019: €421m or €1.15 per share).
Capital structure and rating
- Uniper measures its balance sheet stability in particular by a stable investment grade rating (BBB)
- Optimal capital structure is being defined by a debt factor
- Working capital requirements of the ongoing business can be comfortably fulfilled thanks to excess liquidity and credit lines
Top-management incentives are strongly aligned to the interests of the shareholders. Uniper’s management is committed to high standards concerning the transparency and the risk management within the scope of its corporate governance.
Uniper measures its balance sheet stability particularly in a solid investment-grade rating of BBB and by a corresponding debt factor. The debt factor is defined as the ratio of current economic net debt to adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA). The BBB target rating can be translated into a debt factor of less than or equal to 2.5x.
As of December 31, 2020, the debt factor was 1.9x (2019: 1.7x).
|in €bn||31 Dec 2018||31 Dec 2019||31 Dec 2020||Target value|
|Asset Retirement Obligations (AROs)||1.0||1.0||1.2|
|Net financial position (NFP)*||0.8||0.6||0.5|
|Economic Net Debt (END)||2.5||2.7||3.1|
|END / EBITDA**||1.6x||1.7x||1.9x||up to 2.5x|
* Starting from 31 March 2019 receivables from margining are reported as part of economic net debt, this is also applied retrospectively for 31 Dec 2018 in this table (economic net debt as per Annual Report 2018 was €3.2 bn)
** EBITDA means adjusted earnings before interest, taxes, depreciation and amortization