Uniper SE (UN0) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. On 1 minute past noon, I hereby open the EGM of our company, the invitation of which was published in the Federal Gazette on the 25 of November 2022. After Markus Rauramo appointed me as Chairman, I will chair this Extraordinary General Meeting in my capacity as Deputy Chairman of Uniper SE. On behalf of the Supervisory Board and the Management Board, I'd like to extend the cordial welcome to you, our shareholders, shareholder representatives, media representatives and everybody else following the proceedings of this AGM (sic) [ EGM ] via the Internet. Ladies and gentlemen, you will have read in the invitation to this EGM, the Board of Management, with the support of the Supervisory Board, has decided to hold this Extraordinary General Meeting as a virtual meeting, according to the provisions of the so-called COVID-19 Act that is, without the physical presence of our shareholders and shareholder representatives. The COVID-19 Act is applicable to this Extraordinary General Meeting by virtue of the special provisions included in the Energy Security Supply Act and the Economic Stabilization Acceleration Act. This will ensure that stabilization measures that are crucial for the continued existence of Uniper SE can be submitted to the general meeting for resolution this year and thus be implemented. Since, as communicated by Uniper, individual elements of the stabilization measures could only be defined on the 23 of November 2022, we had to resort to a shortened convening regime, which is provided for in the COVID-19 Act and which legislator has declared applicable given the importance of the notified measures in the Energy Security Act and the Economic Stabilization Acceleration Act. We regret that we were unable to invite our shareholders to this Extraordinary General Meeting earlier and hope for your understanding for this necessary procedure. I would also like to welcome Mr. Harald Seegatz, who is present at the meeting, the meeting venue, CCD Congress Center Dusseldorf. The other Supervisory Board members are connected via the Internet, and it is possible for them to communicate with me and the members of the Board of Management who are present here today. Let me also extend a warm welcome to Uniper's Board of Management, our CEO, Klaus-Dieter Maubach; and our Chief Operating Officer, Mr. David Bryson, are present in this room together with me; our Chief Financial Officer, Ms. Tiina Tuomela; and our Chief Commercial Officer, Mr. Niek den Hollander, are also present at the venue, and they may communicate with me and the members of the Board of Management who are present here today. The notary public, Dr. Armin Hauschild who will keep the minutes of this AGM is also present. And finally, there are the designated proxies who have been nominated by the company, and they are also present in this room. Now we are aware that the decision to hold a virtual Extraordinary General Meeting will inevitably restrict our shareholders' rights. More particularly, this EGM does not provide for a debate between the Supervisory Board, Board of Management and the shareholders. Despite that fact, Uniper places great importance on guaranteeing shareholders' rights even in the context of this virtual format. And this is why the company has arranged for various ways for you to exercise your rights as shareholders to the extent possible and permissible in legal and technical terms. You or your representatives may exercise your voting right by postal vote or by instructing the designated proxies. Additionally, it was possible for registered shareholders to put questions to the company before the EGM. We will address these questions after Mr. Maubach's and my own speech. Let us now move to the formalities governing this meeting. Let me share with you a number of details on how this virtual meeting will be held. During the entire proceedings of this EGM, there will be a simultaneous translation from German into English, and you may change your language settings on our website. Now a few matters of form. I note that the invitation to this EGM was published in due time informing the Federal Gazette dated 25 of November 2022. The Extraordinary General Meeting of the company initially convened for today with publication in the Federal Gazette on the 11 of November 2022, to deal with the notification of losses pursuant to Section 92 of the German Stock Operation Act was canceled. However, the notification of losses is the subject of today's Extraordinary General Meeting under agenda Item 1. In addition, on the agenda Item 2, a capital increase and the authorized capital will be submitted for resolution to today's Extraordinary General Meeting. These so-called stabilization measures are intended to partially restore the company's weakened equity. All publications relating to the invitation have been available on the company's website since today, the invitation was published and they are also available for inspection in this room. This has been verified by the notary public. We have now been informed about the invitation to the EGM. The company has not received any request for additional agenda items, which is why we're only going to be dealing with the agenda as published in the Federal Gazette, neither has the company received any countermotions or election proposals in due time and form. On Uniper SE's website, we've published further details on how personal data of shareholders of Uniper SE are processed. The notary public, Dr. Hauschild will file a copy of the invitation documents, including the agenda and the full wording of the proposed resolutions with the minutes of this meeting. Ladies and gentlemen, I note that the invitation to this EGM was published according to the relevant legal requirements and in line with the provisions of our Articles of Association. The list of participants is currently being compiled. The official meeting area comprises the meeting room from where we are broadcasting the proceedings of this EGM. And any changes in attendance, which occurred during the EGM will be recorded in the list of participants on an ongoing basis. And once the list has been prepared, I will give you the current attendance figures. If there are any changes in attendance, I will give you the updated figures before I announce the voting results. Ladies and gentlemen, after my introductory remarks and after the reports by the Board of Management and the Supervisory Board, we will address shareholders' questions which were submitted in due time and form. After the questions have been answered, we will proceed to the vote on the agenda items and to pronouncing the resolutions. Ladies and gentlemen, let me also say something on the voting procedure. To cast your vote at this virtual EGM, you may use postal vote, that is, voted by fax or e-mail, by letter or you may use the shareholder online service or instruct the proxies designated by the company. These voting modes will continue to be available until I close the vote on agendas -- on today's agenda items. I will make a separate announcement before voting closes. Up until then, you may also still change your vote as explained earlier. I will remind you again to vote at the appropriate time, but let me already now ask you to vote without undue delay. Further details on how to exercise your voting right are available in the invitation documents and in the additional information and notifications on shareholder rights, both of which you can find on the company's website. The proxies designated by the company will vote on the individual agenda items by releasing the votes deposited in the system as per your instructions. The postal votes received in due time will also be taken into account when determining the voting result. The voting process and counting of the votes will be monitored by the notary public, who has verified that the technical setup is fit for purpose. Ladies and gentlemen, before we move on to today's agenda, let me now, as announced earlier, give you the first attendance count at this virtual EGM of Uniper SE. It is based on the list of participants. And I would also like to give you the number of postal votes we have received so far. For the time being, the attendance figure is 300,547,694 no-par value shares. This is 82.13% of the company's share capital. In addition, we've received postal votes in the amount of 1,229,806. This means that, in total, we have 301,777,500 no-par value shares present at this meeting, which is 82.46% of the company's share capital. We are very happy to see that so many shareholders have decided to follow the Extraordinary General Meeting via the online service. Ladies and gentlemen, let us now move on to today's agenda, which has 2 agenda items. You will have read them in the invitation, which is why I will be brief. Agenda Item 1 includes the notification by the Management Board under Section 92 of the German Stock Corporation Act that a loss equal to half of the company's share capital has been incurred as at the reporting date, 30 of September 2022. Agenda Item 2 includes 2 resolutions: In Agenda Item 2a, the Management Board and the Supervisory Board propose a capital increase against cash contributions by 8,000,000,000.10 with shareholder subscription rights being excluded and corresponding amendment of the Articles Association pursuant to Section 29 paragraph 2, sentence 1 numbers 2 and 6 and paragraphs 3, 5 and 6 of the Energy Security Supply Act in conjunction with Section 7 and 9, paragraph 1 of the Economic Stabilization Acceleration Act. In Agenda Item 2b, the Management Board and the Supervisory Board propose a resolution on the creation of an Authorized Capital 2022 of up to 25,000,000,000.10 with the shareholder subscription rights being excluded and corresponding amendment of the Arctic Association pursuant to Section 29 paragraph 2, sentence 1, numbers 2, 4 and 6 and paragraph 3, 5 and 6 of the Energy Security Supply Act in conjunction with Section 7B paragraph 3 7F and 9, paragraph 1 of the Economic Stabilization Acceleration Act. I would now like to ask the Board of Management to report on the situation of our company and to explain the capital increase and the authorized capital proposed under agenda Item 2. In addition, I would like to ask Mr. Maubach to please comment on more recent developments since the invitation to the Extraordinary General Meeting was published. Today, Uniper SE concluded a framework agreement with the federal government, which specifies stabilization measures. Most of the necessary regulatory approvals have now been obtained. State aid approval by the European Commission has not been obtained yet, but it is expected that this will follow shortly. Klaus-Dieter Maubach, you have the floor.

Thank you, Bernhard. Ladies and gentlemen, dear shareholders and guests, I'd like to welcome you warmly to this Extraordinary General Meeting, which will be so crucial for Uniper's future. Since our Annual General Meeting in May, our company's financial situation has deteriorated significantly due to the Russian gas supply curtailments. Uniper was close to having to file for insolvency. Today, we're asking you, our shareholders to approve the stabilization measures that we have negotiated with the German government. They are indispensable for this company's future. The extraordinary financial burden required us to recognize a loss equal to more than half of Uniper's share capital on the cutoff date of the 30 of September 2022. Today, we are notifying you, our shareholders, of this loss. To give you a complete picture of the company's situation, I will start by once again talking about the causes of this development. Uniper has been a major purchaser of gas from Russia for more than 50 years based on long-term contracts with the Russian supplier Gazprom. In late February, Russia began a war of aggression against Ukraine, thousands and thousands of people have already died or have been injured. Uniper strongly condemns this war. Around 8 million people have fled Ukraine. This is staggering and continues to concern me and all of us. At the same time, Russia is waging an energy war against Europe. This has punched the entire European energy market into a severe crisis. However, this crisis is not just affecting Uniper as part of the energy sector. It also affects other sectors of the economy, especially manufacturing and ultimately, each and every one of us. This shows how important energy is for our daily lives. Uniper is a linchpin of the gas and heating market and thus is of key importance for Europe's energy sector. Until this past summer, gas in Russia was always delivered reliably to Uniper under a predefined price mechanism. Uniper, in turn, supplies this gas procured on the long-term contracts based on a predefined price mechanism to about 1,000 customers, usually municipal utilities and industrial clients. These price mechanisms are geared to the price mechanism of our supply contracts with Gazprom. After Russia's invasion of Ukraine in February, Gazprom initially continued to fulfill its delivery obligations to Uniper. As you know, since then, the situation has deteriorated, energy has been and still is being misused by Russia as a means of exerting pressure. In this context, Gazprom reduces gas deliveries to Uniper in June '22 with the result that we first received just 40% of the contractually agreed amounts of gas from Gazprom. In late August 2022, Gazprom completely suspended gas deliveries to Uniper and to this day has not resumed them. We consider this to be a clear breach of contract. Uniper is taking all measures to assert its claims against Gazprom for failure to deliver gas. As was recently announced in late November, Uniper initiated arbitration proceedings against Gazprom Export. Ladies and gentlemen, for Uniper to continue to meet its supply obligations to its customers, Uniper must procure the outstanding gas volumes elsewhere. This replacement of gas from alternative sources takes place on the wholesale market at prices that are significantly higher than those agreed with Gazprom. We cannot pass these high cost on to our customers. This is a question that we have examined intensely from a legal point of view. To give you an idea of the order of magnitude, Uniper covers about 1/3 of Germany's gas supply. We, therefore, incur a significant portion of Germany's gas bill. Due to the fact that prices on gas markets are both high and volatile, Uniper, at times, bearing daily additional costs from procuring gas from alternative sources, which reached the double-digit million range and which had peaks of more than EUR 200 million. As a result, Uniper accumulated substantial losses over the past few months. Here are the sobering figures: Our IFRS results for the first 9 months of the 2022 fiscal year, which were published on the 3rd of November 2022 were significantly negative; Uniper's preliminary adjusted EBIT for the first 9 months of fiscal year 2022 was about minus EUR 4.8 billion. In the same period of the previous year, we generated EUR 614 million. Adjusted net income for the same period amounted to roughly minus EUR 3.2 billion. In the previous year, it was EUR 487 million. The IFRS net results of around minus EUR 40 billion reflects the losses incurred as of the 30 of September 2022 as well as anticipated future losses resulting from procuring gas from alternative sources in connection with the gas supply restrictions imposed by Russia. This makes it clear that Uniper also expects its adjusted EBIT and adjusted net income for full year 2022 be significantly negative and substantially below the previous year's figures before taxes. As already stated and in line with the aforementioned negative earnings under IFRS, we also recorded a loss equivalent to more than half of its share capital under German GAAP. We are informing our shareholders about this at this Extraordinary General Meeting, in accordance with Section 92 of the German Stock Corporation Act. Uniper's share capital under German GAAP, consisting of subscribed capital, additional paid in capital and retained earnings and an appropriate profit was EUR 11.65 billion as of the 31 of December 2021. As of the 30 of September 2022, there was a loss totaling around EUR 40 billion, resulting in negative equity of Uniper's yield of around EUR 29 billion as of the 30 of September 2022. This figure demonstrates, in all clarity, Uniper's balance sheet difficulties. Uniper's liquidity situation is very tight due to the effects of the gas replacement procurement to-date. In addition, Uniper is obliged to provide collateral for commodity transactions arising from Uniper's ordinary business activities to hedge its portfolio. This is a common mechanism on mix changes comparable to deposited safeguard to buy. The money flows back to us as soon as we deliver our product. The amount of this temporary collateral depends on the general level of commodity prices and the wake of a sharp rise of gas, coal and power prices since summer of 2021, Uniper's collateral for these transactions also increased many times over. Against this background, Fortum, as our principal shareholder, granted as loans as early as in September 2021. In December 2021, Fortum granted Uniper the still existing credit facility with multiple tranches totaling EUR 8 billion, consisting of a cash credit facility of EUR 4 billion and a guarantee facility of, I'll say, EUR 4 billion. The Fortum cash credit facility has been utilized by Uniper in full. About EUR 3.5 billion of the Fortum guarantee facility has been utilized to date. In addition, on the 25 of July 2022, Uniper initially utilized a EUR 2 billion credit facility from the state-owned KfW Bank agreed in January 2022. Since then, this credit facility has been extended progressively because of Uniper's significant liquidity needs resulting from procuring gas from alternative sources, along with rising payment obligations for collateral payments on energy markets. Since the last increase on the 7 of October 2022, the credit facility from KfW Bank has amounted now to EUR 18 billion, of which about EUR 14 billion has been utilized to date. Ladies and gentlemen, Uniper's business activities and credit worthiness are assessed by rating agencies. Uniper has an investment grade credit rating, which is an essential precondition for our business, especially for Uniper's extensive trading activities. This is because many of our customers and counterparties are only willing to conclude transactions with us if we demonstrate commensurate creditworthiness or credit standing. It's therefore crucial for Uniper to retain its investment-grade rating. If this can no longer be guaranteed, billions in additional collateral payments to our business partners would become due. In May 2022, S&P Global Ratings downgraded Uniper's rating to from BBB to BBB- with a negative outlook. To make the significance of the rating clear to you, if our rating failed to sub-investment grade range known globally as the junk range, Uniper's existence would no longer be guaranteed. Due to our company's financial and liquidity positions and to support its rating on the 8 of July 2022, Uniper applied to the German Ministry of Economic Affairs and Climate Action for stabilization measures. On the 22 of July '22, the so-called term sheet on -- for the first stabilization package was agreed between the German government, Fortum and Uniper. Because the complete expansion of delivery starting in August by Gazprom and the resulting additional increases in gas prices in the auto markets, ultimately a change and this agreement was acquired on the 21 September 2022, the German government, Fortum and Uniper, therefore, concluded an agreement that now if it were to replace term sheet of the 22 of July 2022 with the following package -- packages -- package of measures; a cash capital increase of EUR 8 billion with shareholder subscription rights being excluded; the sale and transfer of the German government to the German government of all Uniper shares held by Fortum and the repayment of liabilities due to Fortum rights of first offer; for Fortum, regarding Northern European hydroelectric plants and stakes nuclear power plants and a comprehensive bridge financing by the KfW Bank. This package of measures assumed the introduction of a gas procurement levy, which was to compensate Uniper's losses from Russian gas supply restrictions by 90% from the 1 of October '22. On the 30 of September 2020, the German government announced that the gas procurement levy would not be implemented as planned and would be replaced by a tailor-made solution to ensure the financial stability of the affected companies. As you know, the German government decided at the end of September ought to put the gas levy into effect. In fact, new shares will be issued, excluding subscription rights of current shareholders. Now this agreement is now been cast in an agreement where it's been implemented, and that defines the rights of the German government. Therefore the period of its holding the stake and also pose certain reporting duties on Uniper. The agreement also provides that Section 29 (1a) of EnSiG would be applied to the remuneration of the Board of Management members of the supervisory members of Uniper without the approval of the German government. Uniper will not distribute any dividends and the Ministry of Finance will be responsible for monitoring and for administering the stake in Uniper. And also, Uniper has signed an agreement with Fortum in which the limited right of Fortum was fleshed out to be able to issue a first offer, if Uniper decided to sell the Swedish hydroelectric acids or the power plant stake. But currently, there's no intention on the part of Uniper to sell these assets. The various regulatory approvals have also been received and the EU's approval is awaited shortly. And the resolutions to be adopted at the general meeting will serve to partially restore the weakened equity in the wake of substantial losses in particular in connection with procuring gas from alternative sources and to secure the company's existence. Current and anticipated replacement losses -- anticipated until the end of the year will amount to about EUR 14 billion. Under agenda Item 2a, capital increase of 8,000,000,000.10, excluding shareholder subscription right is therefore proposed. And the issue price for the German government to subscribe for new shares is EUR 1.7 per share. This price corresponds to the prorated amount of the company's share capital represented by the shares. And thus, the minimum at issue price is stipulated by Section 9 of the German Stock Corporation Act. Issue prices, therefore, below the stock market price at the time of the resolution of the Management Board dated the 23 of November 2022, and the Supervisory Board regarding the resolution on the company's Extraordinary General Meeting. The Management Board believes that the minimum price for issuing new shares in the cost of the capital increase and the discount granted still appropriate. The German government was only prepared to subscribe for the shares at the minimum issue price of EUR 1.7 per share. Now similarly adequate measures are available to secure a positive going-concern prognosis for Uniper. The company's equity and liquidity of grants cannot and will not be covered by its own funds in the foreseeable future and the required funds and those provided by the KfW Bank to secure liquidity cannot be raised through a debt financing on the capital market and the banking market. The implementation of the cash capital increase will -- will result in the German government acquiring around 93% of Uniper's voting rights, together with the acquisition of the shares held by Fortum, the German government will ultimately secure a stake of just under 99% in Uniper. In connection with this, there's also the upcoming change in the company's Supervisory Board which we have already announced. Uniper is nominating 4 new members for its Supervisory Board: Tom Blades, Dr. Jutta Donges, Dr. Marcus Schenck and Professor Dr. Ines Zenke are to join the Uniper Supervisory Board with the planned change of ownership to the German government. The 2 new Uniper Supervisory Board members, Donges and Zenke will be delegated by the German government and Blade is to take over as Chairman of the Supervisory Board. Blades, Donges, Schenck and Zenke are to succeed the representative of the current principal shareholder Fortum on the Supervisory Board, whose mandates are expected to be resigned after the Extraordinary General Meeting. The Uniper Board intends to then apply to the Dusseldorf district court for the appointment of the new supervisory board members. A constituent meeting of supervisory board is still scheduled for 2022, at which, the Chairman and the committee members will be elected. Uniper's Annual General Meeting next year will confirm the new Supervisory Board members through a right of delegation and a corresponding election. It's also proposed under agenda Item 2b to create Authorized Capital 2022 in the amount of 25,000,000,000.10 with the shareholders' subscription rights being excluded. Only if the German government or an entity cited in Section 29 EnSiG, will be admitted to subscribe for the new shares. Alongside the capital increase on agenda Item 2a, and the equities have been very much weakened is now even negative. The Authorized Capital 2022 to be utilized to partially restore Uniper's weakened equity in particular in connection with procuring gas from alternative source and to secure the going-concern of the company. It's to be utilized as needed in several tranches. Uniper has incurred losses of EUR 10 billion by 30 of September 2022 and faces expected losses of EUR 14 billion at year-end 2022. It has therefore already apparent that the capital increase of roughly EUR 8 billion alone will not be sufficient to stabilize Uniper. It's intended to partially restore the equity weakened by further loss in 2022, in particular, as a result of procuring gas from alternative sources before the end of 2022. The Authorized Capital 2022 is also to be used to cover additional losses in '23 and '24 in order to partially offset the weakening of the company's equity anticipated in 2023 and 2024 as well. Uniper will meet the company's demonstrable need for capital arising in particularly in connection with procuring gas from alternative sources, initially by means of interim financing in the form of credit facility from KfW Bank, which will be repaid by way of inflows from capital increases based on the Authorized Capital 2022. This will apply as long as comparable and appropriate measures to secure a positive going-concern prognosis for the company remain unavailable. Ladies and gentlemen, dear shareholders, the resolutions at this general meeting's agenda are essential for Uniper. Without the necessary funds from the capital increase, Uniper's continued existence is jeopardized. To be clear, if approval is not granted, we would have to review very critically the so-called going concern forecast for our company. There may then be a risk of insolvency in the management board's view, possible insolvency could lead to a complete loss for shareholders. I therefore ask you to approve the proposed capital measures. The teams at Uniper have done an extraordinary job over the past few months, which I, also on behalf of my colleagues on the Board of Management, am very grateful. I want to thank everyone and above all my Uniper colleagues as well as the representatives of the German government and Fortum for the enormous efforts and a high degree of professionalism throughout this year. We have vehemently defended the interest of our employees, customers and you, our shareholders. We've thoroughly reviewed the alternatives, discussed the structure of the package of everyone involved and intensively negotiated the individual components, terms and requirements. And asking you for your approval today, we are calling for your solidarity because you -- your stake in the company will be reduced. The situation is painful, but unfortunately, there is no other way. There's no other option. Ladies and gentlemen, today is an important day for Uniper. A lot of work awaits us in the weeks and months ahead. It includes the restructuring of our gas portfolio and the creation of the conditions for the LNG supply that Germany urgently needs. So we are aware that a support package funded by taxpayers, particularly one of this magnitude, is not to be taken for granted. We are grateful and relieved that the German government is giving us prospects for the future. The figure in the order of EUR 33 billion comes with a clear responsibility, responsibility to ensure that the taxpayer's investment in Uniper will help to secure Germany's and Europe's energy supply. Uniper intends to pay back all loans and utilize as little as possible of the planned authorized capital of EUR 25 billion. Finally, our organization will continue to prove each step of the way that we merit this financial support, not only with our gas procurement contracts and global trading business, but also with the secure and competent operation of system critical power plants, the management of energy storage facilities and in future, above all, the production and procurement of climate-friendly hydrogen and investments in renewables. Together with the German government, our goal must be to secure energy supply for people in industry at all times and to sustain and we transform the supply with the aim of making it compatible with the earth's climate. Uniper's task in the years ahead will be to consolidate its position and thus, regain the right to grow which will not be an easy task. We have a rocky road ahead of this, but now is the time to pave the way. Uniper has already demonstrated its resilience in the past. We'll do so again, despite all the challenges posed by recent geopolitical developments. Thank you very much for your attention.

Thank you very much, Mr. Maubach for your comments. Ladies and gentlemen, there will be no report by the Supervisory Board at this Extraordinary General Meeting today. Mr. Maubach has reported in detail on the issues which are relevant to this Extraordinary General Meeting. However, I would like to briefly discuss the work of the Supervisory Board over the recent weeks and months, in particular, since the Annual General Meeting in May of this year. Russia is continuing its brutal war of aggression against Ukraine. The Supervisory Board condemns the Russian actions in the strongest possible terms. And unfortunately, we have to note that so far, it has not been possible to stop these belligerent actions. As you know, this war has escalated into an energy war between Russia and large parts of Europe, triggering an energy crisis. The war has significant impact on economic relations with Russia and also on Uniper. Klaus-Dieter Maubach already explained that in June 2022, our long-standing contractual partner, Gazprom, initially significantly reduced their contractually agreed gas supplies in June, only to stop deliveries altogether at the end of August, which is why Uniper had to procure the missing gas volumes at significantly higher prices in order to supply their customers, and this put a considerable strain in Uniper's financial and liquidity position. Klaus-Dieter Maubach has reported in detail on the mitigation measures taken by the Board of Management. As Deputy Chairman of the Supervisory Board, I would like to -- and I can assure you at this point that over the past few weeks and months, the Board of Management and Supervisory have worked closely together and that the Supervisory Board has been continuously informed about the actions of the Board of Management. The Supervisory Board has reviewed these measures and formed their own view of the situation of the company. As already discussed at the Annual General Meeting in May 2022, the Supervisory Board, given the crisis significantly increased the frequency both at its plenary meetings and the meetings of the Audit and Risk Committee. Since May 2022, the Supervisory Board has met 23 times in full session. In addition, the Audit and Risk Committee has met 8 times for consultation. At these meetings, the Supervisory Board dealt, in particular, with the liquidity and financial position of the company and the significance of this for the credit rating as well as the impact of the Russia-Ukraine war on Uniper and discuss the measures taken by the Board of Management. The Supervisory Board also reviewed and assessed the ongoing analysis by the Board of Management with the [indiscernible] solvency loan. In addition, the Supervisory Board was, of course, always very closely informed about the Board of Management's negotiations with the German federal government and approved the agreements concluded in July and September and the convening of this Extraordinary General Meeting. Furthermore, the Supervisory approved the gradual increase of the KfW credit line. Finally, I would like to assure you that the Supervisory Board considered the approach of the Board of Management and the measures taken by the Management Board to be appropriate. Ladies and gentlemen, this concludes the presentation of the agenda, and we will now close the public broadcast of our Extraordinary General Meeting. I would like to thank all viewers for their interest in our company. Our shareholders can, of course, continue to follow the Extraordinary General Meeting via the online service.