Preliminary financial data of the Ignitis Group for 8 months from 2021
Preliminary financial data of the Ignitis Group (hereafter – the Group) for 8 months from 2021:
|Returned||115.4 million euros||95.3 million euros||21.1%|
|Adjusted EBITDA1||€ 21.1 million||22.9 million euros||(7.9%)|
January – August
|Returned||988.2 million euros||775.3 million euros||27.5%|
|Adjusted EBITDA1||€ 212.3 million||172.3 million euros||23.2%|
In January – August 2021, the Group generated sales of 988.2 million euros, or 27.5% more compared to a respective period of 2020 (775.3 million euros). The results were driven by higher electricity sales to professional customers in the Customers and Solutions business segment due to higher market prices for electricity and higher consumption compared to the same period in 2020. In the Networks segment, higher energy consumption led to an increase in distributed volumes. which resulted in an increase in income. In addition, the Group’s revenue increased in the flexible production segment due to the business activities of the CCGT unit caused by higher propagation of clean sparks. In addition, in the Green Generation segment, the increase in turnover was caused by the start of operations of the Kaunas and Vilnius CHP plants in August 2020 and March 2021, respectively.
Adjusted EBITDA from January to August 2021 was equal to 212.3 million euros, or 23.2% more compared to a respective period of 2020 (172.3 million euros). Adjusted EBITDA results improved in all of the Group’s operating segments:
- The result of the Green Generation segment increased due to the start of operations of the Kaunas and Vilnius CHP plants as well as the improved results of the Kaunas hydropower plant, mainly due to the higher market price of the electricity and higher volumes produced due to the higher water level in the Nemunas River;
- Customers & Solutions increased due to a temporary positive effect on gas performance due to the revaluation of gas inventories due to the increase in gas prices on the market (28.5 million euros in January – August 2021) which is likely to change direction if gas prices normalize;
- Flexible production segment increased due to higher business activity result of CCGT unit due to higher spread of clean sparks;
- The Networks segment result increased mainly due to higher distributed volumes due to higher overall energy consumption compared to the respective period of 2020. The effect of higher volumes amounted to 11. 9 million euros in January – August 2021, this effect will stabilize during the year as annual ROI and compensated D&A is fixed for the year, but distributed between the months according to the volumes distributed.
Adjusted EBITDA in August 2021 was equal to 21.1 million euros, or 7.9% less compared to a respective period of 2020 (22.9 million euros). The decrease in Adjusted EBITDA is mainly due to the deterioration of CCGT results in the Flexible Production segment due to lower production volumes and a lower clean spark spread for commercial activity and inefficient results of the indirect electricity coverage in the Customers & Solutions business segment.
1 The Groups preliminary (2021) and real (2020) Adjusted EBITDA result is presented after adjustments made by management by eliminating the impact of one-off factors. These adjustments aim to disclose the results of the Groups operating activity without taking into account atypical, one-off or unrelated factors with the current operating period. All adjustments made by management are disclosed in the Groups interim and annual reports who are available on the Group’s website (connect).
For more information please contact:
Public Relations Manager at Ignitis Group
+370 620 76076