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Valdymo koordinavimo centras Governance Coordination Centre

State Owned Enterprises

Ignitis Group is an international energy company and one of the largest energy groups in the Baltic States. Ignitis Group operates companies in Lithuania, Latvia, Estonia, Poland and Finland. The group’s main activities are the generation and supply of electricity and heat, the trading and distribution of electricity and natural gas, and the implementation of innovative energy solutions. In all its activities, Ignitis Group focuses on its commitment to creating an energy-smart world and a more sustainable future. Ignitis Group’s securities are traded on the Nasdaq Vilnius Stock Exchange and its international depositary receipts are traded on the London Stock Exchange.

OBJECTIVE KEY FINANCIAL PERFORMANCE INDICATORS FOR THE PERIOD 2022–2024

  • Adjusted return on capital employed (ROCE):
    • 2022 ≥ 5,0 percent.,
    • 2023–2024 ≥ 5,5 percent.
  • Annual net debt to adjusted EBITDA ratio:
    • 2022–2024 ≤ 5 times
  • Dividends paid for the calendar year (minimum 3% growth annually):
    • 2022 ≥ 90,2 million Euros,
    • 2023 ≥ 92,9 million Euros,
    • 2024 ≥ 95,7 million Euros.

          2022/23 GOOD CORPORATE GOVERNANCE INDEX

        


         2021/22 GOOD CORPORATE GOVERNANCE INDEX        


Sk – Transparency dimension
KO – Board dimension
SP – Strategic planning and target achievement dimension
GI – Good governance ratio

Financial results

P/L Statment

2019 2020 2021 2022
Revenue 1,099,276 1,223,090 1,898,657 4,386,899
Cost of goods sold 726,649 705,729 1,380,882 3,608,723
Gross profit (loss) 372,627 517,361 517,775 778,176
Gross profit margin 34% 42% 27% 18%
Operating expenses 0 0 0
Operating profit (loss) 83,061 215,000 192,009 387,792
Operating profit margin 8% 18% 10% 9%
EBITDA 192,948 328,374 314,612 525,521
EBITDA margin 18% 27% 17% 12%
Net profit (loss) 58,976 170,588 160,097 293,435
Net profit margin 5% 14% 8% 7%
2020-06 2021-06 2022-06 2023-06
Revenue 590,912 738,149 1,733,120 1,370,387
Cost of goods sold 497,502 484,842 1,367,625 1,003,003
Gross profit (loss) 93,410 253,307 365,495 367,384
Gross profit margin 16% 34% 21% 27%
Operating expenses 0 0 0 0
Operating profit (loss) 93,410 109,523 141,893 164,691
Operating profit margin 16% 15% 8% 12%
EBITDA 147,933 169,145 209,781 238,133
EBITDA margin 25% 23% 12% 17%
Net profit (loss) 71,925 60,938 114,832 155,696
Net profit margin 12% 8% 7% 11%

Balance sheet

2019 2020 2021 2022
Non-current assets 2,770,085 2,886,385 2,867,375 3,249,138
Intangible assets 142,737 94,837 114,035 148,273
Tangible assets 2,347,817 2,559,554 2,617,927 2,810,936
Financial assets 183,545 146,980 91,815 28,930
Other non-current assets 95,986 85,014 43,598 260,999
Current assets 405,711 1,010,425 1,233,814 1,980,469
Inventories and prepaid expenses 95,863 77,761 250,232 656,978
Accounts receivable in one year 129,138 203,244 500,931 572,083
Other current assets 8,230 70,152 33,218 56,912
Cash and cash equivalents 131,837 658,795 449,073 694,062
Total assets 3,198,086 3,920,934 4,258,188 5,271,653
Equity 1,348,620 1,813,293 1,855,916 2,125,600
Grants and subsidies 267,949 277,109 279,134 296,804
Liabilities 1,349,444 1,551,800 1,801,819 2,388,533
Financial liabilities 901,601 1,294,990 1,182,897 1,498,107
Long-term liabilities 895,038 1,321,462 1,211,959 1,544,250
Short-term liabilities 454,406 230,338 589,860 844,283
Equity and liabilities 3,198,086 3,920,934 4,258,188 5,271,653
2020-06 2021-06 2022-06 2023-06
Non-current assets 2,887,889 3,018,338 2,992,828 3,636,381
Intangible assets 143,625 211,207 119,176 180,237
Tangible assets 2,547,645 2,589,601 2,660,262 2,971,771
Financial assets 177,579 177,891 17,152 67,640
Other non-current assets 19,040 39,639 196,238 416,733
Current assets 499,189 998,706 1,250,979 1,385,886
Inventories and prepaid expenses 26,193 116,209 425,031 280,886
Accounts receivable in one year 189,731 143,436 463,669 359,966
Other current assets 0 60,649 16,112 18,792
Cash and cash equivalents 283,265 678,412 346,167 725,773
Total assets 3,400,434 4,057,421 4,614,467 5,049,667
Equity 1,337,816 1,899,832 2,127,779 2,083,595
Grants and subsidies 282,258 282,508 283,586 309,250
Liabilities 1,551,960 1,618,829 1,905,975 2,227,526
Financial liabilities 1,261,244 1,295,009 1,502,354 1,692,545
Long-term liabilities 1,300,114 1,219,852 1,388,382 1,646,189
Short-term liabilities 251,846 398,977 517,593 581,337
Equity and liabilities 3,400,434 4,057,421 4,614,467 5,049,667

Financial ratios

2019 2020 2021 2022
Capital return ratios
Return on assets (ROA) 2% 5% 4% 6%
Return on equity (ROE) 4% 11% 9% 15%
Return on capital employed (ROCE) 4% 7% 6% 11%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.34 0.33 0.33 0.32
Current Ratio 0.89 4.39 2.09 2.35
Quick ratio 0.68 4.05 1.67 1.57
Turnover ratios
Asset turnover 0.34 0.31 0.45 0.83
Fixed asset turnover 0.40 0.42 0.66 1.35
Equity turnover 0.82 0.67 1.02 2.06
Profitability ratios
EBITDA margin 18% 27% 17% 12%
Operating profit margin 8% 18% 10% 9%
Net profit margin 5% 14% 8% 7%
Other ratios
Dividends to the State 28,000.00 73,432.00 64,001.27 67,747.47
Dividends paid / net profit 0.47 0.43 0.40 0.23
2020-06 2021-06 2022-06 2023-06
Capital return ratios
Return on assets (ROA) 3% 4% 5% 7%
Return on equity (ROE) 8% 10% 11% 16%
Return on capital employed (ROCE) 4% 4% 4% 4%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.37 0.32 0.33 0.34
Current Ratio 1.98 2.50 2.42 2.38
Quick ratio 1.88 2.21 1.60 1.90
Turnover ratios
Asset turnover 0.17 0.18 0.38 0.27
Fixed asset turnover 0.20 0.24 0.58 0.38
Equity turnover 0.44 0.39 0.81 0.66
Profitability ratios
EBITDA margin 25% 23% 12% 17%
Operating profit margin 16% 15% 8% 12%
Net profit margin 12% 8% 7% 11%
Other ratios
Dividends to the State
Dividends paid / net profit

Expectations of the state

About the company

  • Official nameIgnitis grupė, AB
  • Legal formPrivate limited liability company (UAB)
  • Company code301844044
  • SectorEnergy
  • Line of businessGroup of energy enterprises
  • Institution representing the StateMinistry of Finance
  • Share belonging to the State74.99%
https://www.ignitisgrupe.lt/
Return to the State

67.7 EUR milion

ROE

14.7%

Number of employees

4,163

Financial data provided as at end-December 2022

Management

  • Darius MaikštėnasChief Executive Officer

Information as of: 2024/02/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Darius MaikštėnasAB Ignitis grupė; AB Energijos skirstymo operatorius

MEMBERS OF THE BOARD OF DIRECTORS

  • Živilė SkibarkienėAB Ignitis grupė; AB Energijos skirstymo operatorius; UAB Ignitis grupės paslaugų centras
  • Jonas RimavičiusAB Ignitis grupė; UAB Ignitis renewables; UAB Vilniaus kogeneracinė jėgainė
  • Vidmantas SalietisAB Ignitis grupė; AB Ignitis gamyba; UAB Ignitis renewables; UAB Ignitis
  • Mantas MikalajūnasAB Ignitis grupė; AB Ignitis gamyba; UAB Ignitis; UAB Vilniaus kogeneracinė jėgainė; UAB Kauno kogeneracinė jėgainė

Information as of: 2024/02/01

Supervisory board

CHAIRMAN OF THE SUPERVISORY BOARD

  • Alfonso FaubelIndependent member

SUPERVISORY BOARD MEMBERS

  • Judith BussIndependent member; Uniper SE
  • Lorraine WrafterIndependent member; The Problem
  • Tim BrooksIndependent member; LEGO System A/S; Global Action Plan; Honnold Foundation
  • Aušra VičkačkienėMinistry of Finance
  • Ingrida MuckutėMinistry of Finance

Information as of: 2024/02/01