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2023-05-23 08:00:00 CEST 2023-05-23 08:00:39 CEST REGULATED INFORMATION Ignitis grupė - Interim informationFirst three months 2023 interim report: strong results despite lower power pricesAB “Ignitis grupė” (hereinafter – the Group) publishes its first three months 2023 interim report, which is attached to this notice, and announces that the Group’s YoY Adjusted EBITDA increased by 34.6% and amounted to EUR 149.9 million. This was mainly driven by the Reserve Capacities segment, where the Group utilised an option to earn additional return in the market on top of the regulated return by fixing positive forward clean spark spread. Customers & Solutions segment result, which turned positive due to better B2B performance, also contributed to the overall result. However, electricity B2C activities continued to be loss-making (EUR -16.4 million). Green Generation segment remained the largest contributor to Adjusted EBITDA (46.7% of the Group’s Adjusted EBITDA) with flat YoY result despite lower power prices. The Group’s YoY Investments almost doubled and reached EUR 120.8 million, out of which 76.3% were directed to Lithuania. Overall growth was driven by Investments in new Green Generation segment’s projects and higher Investments in the Networks segment. Compared to the end of 2022, the Group’s leverage metrics improved, following by a decrease in Net Debt. Net Debt decreased by 22.7% (from EUR 986.9 million to EUR 762.9 million), mainly due to positive FCF, which was influenced by higher EBITDA and a decrease in NWC (EUR 314.8 million as of 31 March 2023 compared to EUR 443.3 million as of 31 December 2022). In turn, it led to a significant improvement of FFO/Net Debt ratio to 76.1% (from 49.1% for 2022). Business development Since the beginning of 2023, our Green Generation Portfolio increased to 5.3 GW (from 5.1 GW) as a result of greenfield capacity additions of around 0.2 GW. Our Secured capacity also grew to 1.7 GW (from 1.6 GW) as a result of an FID made in our Kruonis PSHP expansion project (110 MW) and Tauragė solar project (22 MW) in Lithuania reaching the construction phase. A few projects in our Portfolio reached significant milestones: On the Lithuanian offshore wind development front, we are participating in the spring’s auction, which started on 30 March 2023, for the first 700 MW project with our partner Ocean Winds. The implementation of other Portfolio projects is progressing as planned with no significant changes since Q4 2022. On the Networks side, we successfully continued network maintenance and expansion works, including the smart meter roll-out. In 3M 2023, the total number of installed smart meters reached around 340 thousand (out of 1.1–1.2 million smart meters to be installed). Our target of finalizing the mass roll-out process by the end of 2025 remains unchanged despite the disruption in the production of smart meters and, thus, affecting the project by having the smart meters delivered in smaller quantities than planned and/or within a longer timeframe. Sustainability To strengthen the competences and oversight of occupational health and safety, which is one of the top Group’s priority this year, as well as sustainability related topics, in April 2023 the competences as well as composition of the Risk Management and Sustainability Committee was expanded. The committee was joined by 2 new independent members, Ana Riva and Wolf Willems, who are now responsible for the oversight of risk management and occupational health and safety as well as sustainability. Also, after the reporting period, in April 2023, Sustainalytics improved the Group’s ESG Risk Rating to ‘low’ from ‘medium’ ESG risk level (the score improved from 20.4 to 19.9). It places the Group in the top 12% rank among utility peers. Shareholder returns and 2023 outlook In line with the Dividend Policy, a dividend of EUR 0.624 per share, corresponding to EUR 45.2 million, was confirmed for the second half of 2022 and paid out in April 2023. Following strong 3M 2023 performance, we reiterate our Adjusted EBITDA guidance of EUR 430–480 million for 2023. Key financial indicators (APM1)
1 All, except net profit are Alternative Performance Measures (APMs). Formulas of the financial indicators are available on our website. Earnings call In relation to the announcement of the first three months 2023 interim report, an earnings call will be held on Tuesday, 23 May 2023, at 1:00 pm Vilnius / 11:00 am London time. To join the earnings call, please register at: https://edge.media-server.com/mmc/p/jhwy9zy7 All questions can be directed in advance to the Group’s IR, after registering for the earnings call or live during the call. Presentation slides will be available prior to the call: The interim report, including fact sheet (in Excel), will be available for download at: For additional information, please contact: Communications Investor Relations Attachment ![]() |
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