- Adjusted EBITDA increased by 6.1% driven by RAB growth in the Networks segment, efficient use of Kruonis PSHP, improved results at main units of the Flexible generation segment and expansion into Finnish gas market.
- Operational capacity of Green Generation portfolio increased by 24 MW due to Kaunas CHP Plant commencing commercial operations in August, 2020.
- Green Generation portfolio under development increased by 170 MW due to the acquisition of Polish solar PV portfolio.
- Offshore market presence was strenghthen by signing framework agreement for the development of offshore wind farm projects in Lithuania (700 MW) and Scotland (800-950 MW) with leading development Ocean Winds.
During the first nine months of 2020, Ignitis Group, a leading utility and renewable energy company in the Baltic region, demonstrated resilient financial performance and further expanded its’ Green Generation capacity. Adjusted EBITDA increase by 6.1% was driven by RAB growth in the Networks segment, efficient use of Kruonis PSHP, better results of main units of Flexible generation segment and expansion to Finnish gas market. During this period, the Group's total Green Generation portfolio increased by 170 MW due to the acquisition of Polish solar PV portfolio.
Darius Maikštėnas, Chairman of the Board and CEO of Ignitis Group said:
"We made good progress in implementing the long term strategic targets for Ignitis Group. In particular, we continued to build on our leadership position in our home market and drove further expansion in our Green Generation capacity. So far this year we have made substantial progress and will continue to work hard to ensure Ignitis Group remains at the forefront of the energy transition in the Baltic region”.
Group’s adjusted earnings before the interest, taxes, depreciation, and amortisation (adjusted EBITDA) amounted to EUR 199.3 million, a 6.1% increase compared to the same period last year. The result benefited from growth in the Networks segment, efficient use of Kruonis PSHP, and better results at the main units of Flexible generation segment and expansion into Finnish gas market.
Adjusted net profit from EUR 74.5 million during the first nine months period in 2019 increased by 8.1%, reaching EUR 80.6 million. The main reason for this was increase of adjusted EBITDA. Adjusted return on equity (last 12 months) was 8.4%.
The green generation operational capacity of Ignitis Grupė increased by 24 MW due to Kaunas CHP Plant commencing commercial operations in August 2020.
Total Green Generation portfolio of the Group increased by 170 MW due to signed acquisition agreement for the Polish solar PV development portfolio. Green Generation portfolio was also diversified by signing a framework agreement with Ocean Winds for the development of offshore wind farm projects in Lithuania (700 MW) and Scotland (800-950 MW).
About Ignitis Group:
Ignitis Group is one of the largest international utilities and renewable energy companies in the Baltic region. Its core business activities are operating electricity and gas distribution networks, as well as expanding green generation portfolio. The Group also manages strategically important flexible generation resources and provides customers and solutions services, such as supply of electricity and gas, solar, e-mobility, energy efficiency and other innovative energy smart platforms for households and businesses. Ignitis group operates in its home markets – Lithuania, Latvia, Estonia, Poland and Finland – as well as evaluates opportunities in other countries on energy transition path.
In connection with the interim report, an earnings call for investors and analysts will be held on Tuesday, 17 November at 1:00 p.m. EET.
The earnings call, after registering, can be followed live at:
Questions can be directed in advance to Company’s IR or when registering for the earnings call.
Presentation slides will be available prior to the conference call:
The interim report will be available for download at: