Preliminary financial data of Ignitis Group for10 months of 2021
Preliminary financial data of Ignitis Group (hereinafter – the Group) for10 months of 2021:
|Revenue||EUR 181.9 million||EUR 93.4 million||94.8%|
|Adjusted EBITDA1,2||EUR 40.2 million||EUR 21.7 million||85.3%|
|Revenue||EUR 1,347.3 million||EUR 962.2 million||40.0%|
|Adjusted EBITDA1,2||EUR 254.7 million||EUR 185.6 million||37.2%|
In January – October 2021, the Group generated revenue of EUR 1,347.3 million, which is 40.0% more compared to a respective period of 2020 (EUR 962.2 million). The growth was driven by:
- higher B2B electricity sales in the Customers & Solutions business segment as a result of increase in electricity market prices and higher consumption compared to the same period in 2020;
- increase of distributed volumes in the Networks segment due to higher energy consumption;
- CCGT unit’s commercial activities (Flexible Generation) due to higher captured electricity market prices;
- the start of operations of Kaunas and Vilnius CHP’s WtE unit in August 2020 and March 2021 (Green Generation), respectively.
The Adjusted EBITDA in January – October 2021 was equal to EUR 254.7 million, i.e. 37.2% more compared to a respective period of 2020 (EUR 185.6 million). Adjusted EBITDA grew as a result of:
- better Green Generation segment result due to start of operations of Kaunas CHP and Vilnius CHP’s WtE unit as well as improved result of Kaunas HPP mostly due to higher electricity market price and Kruonis PSHP due to effective utilization of spread between peak and off-peak market prices;
- Customers & Solutions growth due to temporary positive effect on natural gas performance as a result of natural gas inventory revaluation, due to increasing prices (EUR 44.8 million in January – October 2021), which is expected to reverse in 2022 if natural gas prices normalize;
- increase in Networks segment result mostly due to higher distributed volumes as a result of overall higher energy consumption compared to respective period of 2020. Higher volumes effect amounted to EUR 13.1 million in January – October 2021, this effect will level off over the course of the year as annual ROI and compensated D&A is fixed for the year, but allocated between the months based on distributed volumes.
1TheGroup’s preliminary (2021) and actual (2020) result of adjusted EBITDA is presented after the adjustments made by the management by eliminating the impact of one-off factors. These adjustments are intended to disclose the results of theGroup’soperating activity without taking into consideration atypical, one-off factors or factors that have no direct relation with the current period of operations. All adjustments made by the management are disclosed in theGroup’sinterim and annual reports which are available at Group’s website (link).
2Due to Networks Methodology update, Adjusted EBITDA was recalculated retrospectively for the year 2020(for more information, see ‘Results by business segment’ section ‘Networks Methodology update’ in our 9M Interim report (link)). Negative impact of the Networks Methodology update on Adjusted EBITDA for the period ofJan-Oct 2021 amounts toEUR39.0 million and for the respective period of 2020 –EUR 39.3 million.
For more information please contact:
Head of Public Relations at Ignitis Group
+370 620 76076
© 2021 GlobeNewswire, Inc. All Rights Reserved.