Ignitis renewables
Ignitis Renewables manages renewable energy projects in the Baltic States and Poland. Also the company is responsible for the efficient operation of existing wind farms, maintenance of existing wind farms and development of new ones. By developing new wind and solar projects, the company is fulfilling Ignitis Group’s strategic ambition to increase its green generation portfolio.
The company’s mission is to operate, supervise and coordinate the development of renewable energy projects. Date of company establishment and registration: 14 January 2019.
Financial results
P/L Statment
| 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|
| Revenue | 10,076 | 13,900 | 22,732 | 57,915 |
| Cost of goods sold | 26 | 3,500 | ||
| Gross profit (loss) | 10,076 | 13,900 | 22,706 | 54,415 |
| Gross profit margin | 100% | 100% | 100% | 94% |
| Operating expenses | 7,561 | 12,166 | 11,860 | 28,562 |
| Operating profit (loss) | 2,515 | 1,734 | 10,846 | 25,853 |
| Operating profit margin | 25% | 12% | 48% | 45% |
| EBITDA | 7,495 | 8,913 | 16,165 | 44,908 |
| EBITDA margin | 74% | 64% | 71% | 78% |
| Net profit (loss) | 866 | -133 | 7,577 | 20,636 |
| Net profit margin | 9% | -1% | 33% | 36% |
| Revenue |
| Cost of goods sold |
| Gross profit (loss) |
| Gross profit margin |
| Operating expenses |
| Operating profit (loss) |
| Operating profit margin |
| EBITDA |
| EBITDA margin |
| Net profit (loss) |
| Net profit margin |
Balance sheet
| 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|
| Non-current assets | 137,107 | 214,447 | 280,009 | 420,110 |
| Intangible assets | 42,208 | 38,733 | 47,892 | 81,846 |
| Tangible assets | 50,983 | 126,944 | 187,968 | 194,210 |
| Financial assets | 4,118 | 5,340 | 5,000 | |
| Other non-current assets | 43,916 | 44,652 | 38,809 | 139,054 |
| Biological assets | ||||
| Current assets | 26,614 | 28,970 | 53,102 | 109,710 |
| Inventories and prepaid expenses | 147 | 63 | 84 | 267 |
| Accounts receivable in one year | 6,582 | 17,473 | 26,817 | 52,120 |
| Other current assets | ||||
| Cash and cash equivalents | 19,885 | 11,434 | 26,201 | 57,323 |
| Total assets | 163,721 | 243,678 | 333,659 | 530,900 |
| Equity | 45,642 | 42,116 | 51,925 | 68,211 |
| Minority share of capital | ||||
| Grants and subsidies | ||||
| Liabilities | 118,079 | 201,483 | 280,233 | 461,998 |
| Financial liabilities | 102,816 | 183,452 | 257,031 | 421,057 |
| Long-term liabilities | 49,312 | 128,051 | 256,067 | 432,060 |
| Short-term liabilities | 68,767 | 73,426 | 14,716 | 27,174 |
| Equity and liabilities | 163,721 | 243,678 | 333,659 | 530,900 |
| Non-current assets |
| Intangible assets |
| Tangible assets |
| Financial assets |
| Other non-current assets |
| Current assets |
| Inventories and prepaid expenses |
| Accounts receivable in one year |
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| Cash and cash equivalents |
| Total assets |
| Equity |
| Grants and subsidies |
| Liabilities |
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| Long-term liabilities |
| Short-term liabilities |
| Equity and liabilities |
Financial ratios
| 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|
| Capital return ratios | ||||
| Return on assets (ROA) | 1% | -0% | 3% | 5% |
| Return on equity (ROE) | 2% | -0% | 16% | 34% |
| Return on capital employed (ROCE) | 5% | 2% | 7% | 13% |
| Capital structure and liquidity ratios | ||||
| Debt / asset ratio (D/A) | 2.25 | 4.36 | 4.95 | 6.17 |
| Current Ratio | 0.39 | 0.39 | 3.61 | 4.04 |
| Quick ratio | 0.38 | 0.39 | 3.60 | 4.03 |
| Turnover ratios | ||||
| Asset turnover | 0.12 | 0.07 | 0.08 | 0.13 |
| Fixed asset turnover | 0.15 | 0.08 | 0.09 | 0.17 |
| Equity turnover | 0.44 | 0.32 | 0.48 | 0.96 |
| Profitability ratios | ||||
| EBITDA margin | 74% | 64% | 71% | 78% |
| Operating profit margin | 25% | 12% | 48% | 45% |
| Net profit margin | 9% | -1% | 33% | 36% |
| Other ratios | ||||
| Dividends to the State | ||||
| Dividends paid / net profit |
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| Return on assets (ROA) |
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| Capital structure and liquidity ratios |
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About the company
- Official nameUAB „Ignitis renewables“
- Legal formPrivate limited liability company (UAB)
- Company code304988904
- SectorEnergy
- Line of businessManaging wind and solar power companies
- Accountability„Ignitis grupė“ group of companies
- Share indirectly belonging to the State100%
ROE
34.4%
Number of employees
85
Financial data provided as at end-December 2022
Management
- Thierry Michel W AelensChief Executive Officer
Information as of: 9/1/2023
Board of Directors
CHAIRMAN OF THE BOARD OF DIRECTORS
- Jonas RimavičiusAB Ignitis grupė
MEMBERS OF THE BOARD OF DIRECTORS
- Vidmantas SalietisAB Ignitis grupė
- Peter OvergaardDanstoker Group; Independent member
Information as of: 9/1/2023
