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Valdymo koordinavimo centras Governance Coordination Centre

Indirectly Owned State Enterprises

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
Revenue 10,076 13,900 16,631
Cost of goods sold
Gross profit (loss) 10,076 13,900 16,631
Gross profit margin 100% 100% 100%
Operating expenses 7,561 12,166 11,911
Operating profit (loss) 2,515 1,734 4,720
Operating profit margin 25% 12% 28%
EBITDA 7,495 8,913 10,090
EBITDA margin 74% 64% 61%
Net profit (loss) 866 -133 2,536
Net profit margin 9% -1% 15%
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
Non-current assets 137,107 214,447 277,696
Intangible assets 42,208 38,733 47,892
Tangible assets 50,983 126,944 181,904
Financial assets 4,118 5,340
Other non-current assets 43,916 44,652 42,560
Biological assets
Current assets 26,614 28,970 53,102
Inventories and prepaid expenses 147 63 84
Accounts receivable in one year 6,582 17,473 23,179
Other current assets 3,638
Cash and cash equivalents 19,885 11,434 26,201
Total assets 163,721 243,678 331,346
Equity 45,642 42,116 46,820
Minority share of capital
Grants and subsidies
Liabilities 118,079 201,483 283,025
Financial liabilities 102,816 183,452 259,648
Long-term liabilities 49,312 128,051 258,684
Short-term liabilities 68,767 73,426 14,891
Equity and liabilities 163,721 243,678 331,346
Non-current assets
Intangible assets
Tangible assets
Financial assets
Other non-current assets
Current assets
Inventories and prepaid expenses
Accounts receivable in one year
Other current assets
Cash and cash equivalents
Total assets
Equity
Grants and subsidies
Liabilities
Financial liabilities
Long-term liabilities
Short-term liabilities
Equity and liabilities

Financial ratios

2019 2020 2021
Capital return ratios
Return on assets (ROA) 1% -0% 1%
Return on equity (ROE) 4% -0% 6%
Return on capital employed (ROCE) 5% 2% 3%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 2.25 4.36 5.55
Current Ratio 0.39 0.39 3.57
Quick ratio 0.38 0.39 3.56
Turnover ratios
Asset turnover 0.12 0.07 0.06
Fixed asset turnover 0.15 0.08 0.07
Equity turnover 0.44 0.32 0.37
Profitability ratios
EBITDA margin 74% 64% 61%
Operating profit margin 25% 12% 28%
Net profit margin 9% -1% 15%
Other ratios
Dividends to the State
Dividends paid / net profit
Capital return ratios
Return on assets (ROA)
Return on equity (ROE)
Return on capital employed (ROCE)
Capital structure and liquidity ratios
Debt / asset ratio (D/A)
Current Ratio
Quick ratio
Turnover ratios
Asset turnover
Fixed asset turnover
Equity turnover
Profitability ratios
EBITDA margin
Operating profit margin
Net profit margin
Other ratios
Dividends to the State
Dividends paid / net profit

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%
https://ignitisgrupe.lt/lt/uab-ignitis-renewables
ROE

5.7%

Number of employees

34

Financial data provided as at end-December 2021

Management

  • Thierry Michel W AelensDirector General

Information as of: 2023/03/01

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: 2023/03/01