Finance Strategy

Uniper strives for a healthy balance shareholder dividends, the company’s ability to make investments and balance sheet stability.


Dividend policy

  • Uniper aims to pay a dividend of €500 million for the 2020 financial year
  • We target a neutral to positive free cash flow from operations post-dividends
  • For the financial year 2019, Uniper’s board of directors and supervisory board jointly propose a total dividend of €421m or €1.15 per share (2018: €329m or €0.90 per share)

Capital structure and rating

  • Uniper measures its balance sheet stability in particular by a comfortable 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.

Capital structure & rating

Uniper aims to maintain a debt factor, i.e., a ratio of economic net debt to adjusted EBITDA, in the range of 1.8-2.0x. The target for the debt factor is in line with Uniper’s aim of achieving a comfortable investment-grade rating. This ratio may be higher than targeted as long as Uniper’s target of achieving a comfortable investment-grade rating is warranted.

As of December 31, 2019, the debt factor was 1.7x (2018: 1.6x).

in €bn 31 Dec 2018 31 Dec 2019 Target value
Asset Retirement Obligations (AROs) 1.0 1.0
Pensions 0.8 1.0
Net financial position (NFP)* 0.8 0.6
Economic Net Debt (END) 2.5 2.7
END / EBITDA** 1.6x 1.7x 1.8-2.0x

* 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