Published: 2020-05-29 15:10:00 CEST
Ignitis gamyba
Notification on material event

Ignitis Gamyba preliminary financial results for 4 months of 2020

AB Ignitis Gamyba, company code 302648707, registered office at Elektrinės st. 21, Elektrėnai (hereinafter referred to as the Company). The total number of registered ordinary shares issued by the Company is 648 002 629, ISIN code – LT0000128571.

Electricity produced in the power plants controlled by the Company for 4 months of 2020:

 4 months of 20204 months of 2019Change
Elektrėnai Complex75.5 GWh7.7 GWh 880.5%
Kruonis PSHP229.6 GWh79.1 GWh 190.2%
Kaunas A. Brazauskas’ HPP100.0 GWh133.5 GWh -25.0%

The Company announces preliminary financial results for 4 months of 2020:

 4 months of 20204 months of 2019*Change
Revenue from contracts with customersEUR 39.4 mEUR 45.1 m-12.6%
Adjusted EBITDA**EUR 17.6 mEUR 18.3 m-3.8%

Production volumes in Kruonis PSHP and Elektrėnai Complex were significantly higher during the first 4 months of 2020 if compared to the same period in 2019, while Kaunas A. Brazauskas’ HPP production volumes slightly decreased due to unfavourable conditions for electricity production, mostly due to a smaller inflow rate of the river Nemunas.

Due to efficient operation of Kruonis PSHP, the adjusted EBITDA of the Company remained stable over this period. That compensated negative effect of low electricity prices and lower production volumes by Kaunas HPP. When eliminated one-time sales of stocked fuel oil that contributed to EBITDA of 2019 by 1.8 m EUR, the Company's adjusted EBITDA grew 7.0 percent in 2020 in January-April if compared to the same period in 2019.

Revenue from contracts with customers was mainly influenced by lower sales revenue of Kaunas HPP that was affected by decreased electricity prices in the market, lower production volumes by Kaunas HPP and one-time sales of stocked fuel oil that was one of the main factors of higher sales revenue in 2019. When eliminated one-time sales of stocked fuel oil, the Company's revenue from contracts with customers decreased 3.4 percent in 2020 in January-April if compared to the same period in 2019.

* Financial indicators of the Company for the year 2019 have been recalculated. Information about the changes is presented in the Company's financial information for the year 2019.

** The Company’s preliminary adjusted EBITDA for 2020 and actual adjusted EBITDA for 2019 are reported after the adjustments made by the management by eliminating the impact of one-off factors, also considering the change in revenue (and, consequently, EBITDA) of the Company's regulated services. These adjustments are made aiming to disclose the results of the Company’s operating activities after the elimination of the impact of non-typical, one-off factors or factors that are not directly related to the current reporting period. All adjustments made by the management are disclosed in the Company’s interim and annual reports.

Tadas Markevičius, Public Relations Manager, +370 676 28911, tadas.markevicius@ignitis.lt