Published: 2019-11-20 18:24:55 CET
Ignitis grupė
Interim information

The results of Ignitis Group in Q3 2019: revenue growth was driven by increased volumes of wholesale trading in Poland, profit of wind farms portfolio doubled

UAB Ignitis grupė, (hereinafter – the Company) identification code 301844044, registered office placed at Žvejų str. 14, Vilnius, Republic of Lithuania. The total nominal value of issued bonds 600 000 000 EUR; ISIN codes XS1646530565; XS1853999313.

Group’s adjusted profit before the interest, taxes, depreciation, and amortisation (adjusted EBITDA), compared to Q3 2018, increased 11.4 percent and totaled EUR 193.5 million. The result was mainly affected by an increase in the portfolio of wind farms. In the 3rd quarter of 2019 the Company had 4 operating wind farms and their profit reached EUR 4.2 million (in the 3rd quarter of 2018 the Company had 2 operating wind farms and their profit was EUR 1.82 million.

“During the third quarter of this year we continued invest actively in renewable energy projects and implement innovative ideas in line with the goals set in the Company's strategy 2030. However, the most important event of the group during this period was consolidation of different brands of the group under one international brand – that will contribute to even faster transformation into a modern energy company,” said Darius Maikštėnas, Chairman of the Board and CEO of Ignitis Group.

Group‘s adjusted net profit was EUR 57.7 million (EUR 47.5 million in the Q3 2018). The main reason for this was smaller difference between the price of electricity as set by the regulator and included in the tariff and the actual market price. Adjusted return on equity (12 months) was 6.9 percent.

During 3rd quarter of 2019 revenue growth increased 29 percent and reached 1,162 billion. It was mainly driven by increased volumes of electricity wholesale trading in Poland.

Key indicators of the 3rd quarter 2019 of Ignitis Group:

  • the Group’s revenues increased by 29 percent up to EUR 1, 162 billion (during 3rd quarter of 2018– EUR 901 million); 
  • operating costs increased by 13.7 percent and reached EUR 108.2 million (during 3rd half of 2018– EUR 95.2 million);
  • the Group’s adjusted EBITDA grew by 11.4 percent, up to EUR 193.5 million (during 3rd quarter of 2018 – EUR 173.7 million);
  • adjusted return on equity (ROE) reached 6.9 percent (during 3rd quarter of 2018 – 8.8 percent);
  • the Group’s net profit was EUR 57.7 million, 21.5 percent bigger (during 3rd quarter of 2018 – EUR 47.5 million);
  • investments grew by 23.6 percent, up to EUR 311.7 million (during 3rd quarter of 2018 – EUR 252.2 million). The majority of investments was allocated for the development of combined heat and power plants in Vilnius and Kaunas and wind farm projects. .

* The Group’s EBITDA result is adjusted by (1) eliminating the deviation of actual and regulated revenues whereby the Group’s future financial results will be adjusted; (2) eliminating the results of atypical, one-off factors and factors, which have no direct relation with the reporting period. All adjustments made by management are disclosed in interim and annual reports of the Group.

Artūras Ketlerius, Head of Public Relations, arturas.ketlerius@ignitis.lt

Attachments


Ignitis group_interim report_I-IIIQ 2019.pdf
Ignitis group_financial statements_I-IIIQ 2019.pdf