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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.

          2021/22 GOOD CORPORATE GOVERNANCE INDEX

        


         2020/21 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

2018 2019 2020 2021
Revenue 1,070,060 1,099,276 1,223,090 1,890,399
Cost of goods sold 795,007 726,649 705,729 1,379,955
Gross profit (loss) 275,053 372,627 517,361 510,444
Gross profit margin 26% 34% 42% 27%
Operating expenses 295,446 289,566 302,361 325,890
Operating profit (loss) -20,393 83,061 215,000 184,554
Operating profit margin -2% 8% 18% 10%
EBITDA 67,270 192,948 328,374 307,022
EBITDA margin 6% 18% 27% 16%
Net profit (loss) -21,971 58,976 170,588 153,904
Net profit margin -2% 5% 14% 8%
2019-06 2020-06 2021-06 2022-06
Revenue 557,867 590,912 738,149 1,733,120
Cost of goods sold 511,837 331,821 484,842 1,367,625
Gross profit (loss) 46,030 259,091 253,307 365,495
Gross profit margin % % % %
Operating expenses 165,771 143,784 223,602
Operating profit (loss) 46,030 93,320 109,523 141,893
Operating profit margin % % % %
EBITDA 100,408 147,843 169,145 209,781
EBITDA margin 18% 25% 23% 12%
Net profit (loss) 28,839 71,925 60,938 114,832
Net profit margin 5% 12% 8% 7%

Balance sheet

2018 2019 2020 2021
Non-current assets 2,411,007 2,770,085 2,886,385 2,860,440
Intangible assets 106,330 142,737 94,837 114,035
Tangible assets 2,091,386 2,347,817 2,559,554 2,609,576
Financial assets 183,545 146,980 91,815
Other non-current assets 213,291 95,986 85,014 45,014
Current assets 442,884 405,711 1,010,425 1,233,814
Inventories and prepaid expenses 73,792 95,863 77,761 250,232
Accounts receivable in one year 168,556 129,138 203,244 500,931
Other current assets 6,995 8,230 70,152 33,218
Cash and cash equivalents 127,835 131,837 658,795 449,073
Total assets 2,853,891 3,198,086 3,920,934 4,251,253
Equity 1,302,522 1,348,620 1,813,293 1,848,981
Grants and subsidies 208,874 267,949 277,109 279,134
Liabilities 1,193,949 1,404,826 1,616,011 1,873,438
Financial liabilities 844,956 1,098,338 1,304,133 1,406,314
Long-term liabilities 788,040 895,038 1,321,462 1,211,959
Short-term liabilities 364,996 454,406 230,338 589,860
Equity and liabilities 2,853,891 3,198,086 3,920,934 4,251,253
2020-06 2021-06 2022-06
Non-current assets 2,887,889 3,018,338 2,992,828
Intangible assets 143,625 211,207 119,176
Tangible assets 2,547,645 2,589,601 2,660,262
Financial assets 177,579 177,891 17,152
Other non-current assets 19,040 39,639 196,238
Current assets 499,189 998,706 1,250,979
Inventories and prepaid expenses 26,193 116,209 425,031
Accounts receivable in one year 189,731 143,436 463,669
Other current assets 60,649 16,112
Cash and cash equivalents 283,265 678,412 346,167
Total assets 3,400,434 4,057,421 4,614,467
Equity 1,337,816 1,899,832 2,127,779
Grants and subsidies 282,258 282,508 283,586
Liabilities 1,608,325 1,686,035 1,958,616
Financial liabilities 1,261,244 1,295,009 1,502,354
Long-term liabilities 1,300,114 1,219,852 1,388,382
Short-term liabilities 255,078 398,977 517,593
Equity and liabilities 3,400,434 4,057,421 4,614,467

Financial ratios

2018 2019 2020 2021
Capital return ratios
Return on assets (ROA) -1% 2% 5% 4%
Return on equity (ROE) -2% 4% 11% 8%
Return on capital employed (ROCE) -2% 6% 12% 10%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.65 0.81 0.72 0.76
Current Ratio 1.21 0.89 4.39 2.09
Quick ratio 1.01 0.68 4.05 1.67
Turnover ratios
Asset turnover 0.40 0.36 0.34 0.46
Fixed asset turnover 0.48 0.42 0.43 0.66
Equity turnover 0.81 0.83 0.77 1.03
Profitability ratios
EBITDA margin 6% 18% 27% 16%
Operating profit margin -2% 8% 18% 10%
Net profit margin -2% 5% 14% 8%
Other ratios
Dividends to the State 13,000.00 28,000.00 73,567.65 64,001.27
Dividends paid / net profit -0.59 0.47 0.43 0.42
2019-06 2020-06 2021-06 2022-06
Capital return ratios
Return on assets (ROA) 2% % 4% 5%
Return on equity (ROE) 4% % 9% 10%
Return on capital employed (ROCE) 6% 6% 6% 7%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.81 0.68 0.76 0.71
Current Ratio 0.89 1.96 2.50 2.42
Quick ratio 0.68 1.85 2.21 1.60
Turnover ratios
Asset turnover 0.36 0.35 0.20 0.40
Fixed asset turnover 0.42 0.41 0.25 0.58
Equity turnover 0.83 0.88 0.46 0.86
Profitability ratios
EBITDA margin 18% 25% 23% 12%
Operating profit margin 8% % % %
Net profit margin 5% 12% 8% 7%
Other ratios
Dividends to the State 28,000.00
Dividends paid / net profit 0.47

Expectations of the state

Target return on equity undefined

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/
ROE

10.3%

Number of employees

3,964

Financial data provided as at end-December 2021

Management

  • Darius MaikštėnasChief Executive Officer

Information as of: 2023/01/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Darius MaikštėnasChief Executive Offiser

MEMBERS OF THE BOARD OF DIRECTORS

  • Živilė SkibarkienėHead of Group Organisational Development
  • Jonas RimavičiusChief Finance Offiser
  • Vidmantas SalietisHead of Group Commercial Activities
  • Mantas MikalajūnasHead of Group Regulated Activities

Information as of: 2023/01/01

Supervisory board

CHAIRMAN OF THE SUPERVISORY BOARD

  • Alfonso FaubelIndependent member

SUPERVISORY BOARD MEMBERS

  • Judith Buss„Uniper“ SE; Independent member
  • Bent Christensen„Christensen Management Consulting“ ApS; Christensen Management Consulting Holding ApS; „Wind Estate“ A/S; Independent member
  • Lorraine Wrafter„The Problem“; Independent member
  • Tim Brooks„LEGO System“ A/S; „Honnold Foundation“; Independent member
  • Aušra VičkačkienėMinistry of Finance
  • Ingrida MuckutėMinistry of Finance

Information as of: 2023/01/01