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Valdymo koordinavimo centras Governance Coordination Centre

State Owned Enterprises

“Ignitis grupė” (formerly UAB “Lietuvos energija”) is a company that controlls electricity companies. Company group was created by the Lithuanian energy sector restructuring plan, in 2010, after the company transferred VST and East Distribution Networks, Lietuvos Energija (now “Ignitis gamyba”), shares of Lithuanian power plant and their subsidiaries. According to the requirements of the EU third energy package, at the end of September 2012, shares of the electricity transmission system operator Litgrid (belonging to the group) were transferred to the newly established state-owned private limited company EPSO-G.

Financial results

P/L Statment

2017 2018 2019 2020
Revenue 1,100,831 1,070,060 1,099,276 1,223,090
Cost of goods sold 740,491 795,007 726,649 702,591
Gross profit (loss) 360,340 275,053 372,627 520,499
Gross profit margin 33% 26% 34% 43%
Operating expenses 263,207 295,446 289,566 305,584
Operating profit (loss) 97,133 -20,393 83,061 214,915
Operating profit margin 9% -2% 8% 18%
EBITDA 184,490 67,270 192,948 328,289
EBITDA margin 17% 6% 18% 27%
Net profit (loss) 93,525 -21,971 58,976 169,262
Net profit margin 8% -2% 5% 14%
2018-06 2019-06 2020-06 2021-06
Revenue 628,457 557,867 590,912 738,149
Cost of goods sold 457,679 511,837 331,821 486,217
Gross profit (loss) 170,778 46,030 259,091 251,932
Gross profit margin % % 8% 34%
Operating expenses 44,883 165,771 154,205
Operating profit (loss) 125,895 46,030 93,320 97,727
Operating profit margin % % 8% 13%
EBITDA 100,408 157,349
EBITDA margin % % 18% 21%
Net profit (loss) 114,204 28,839 71,925 48,837
Net profit margin % % 5% 7%

Balance sheet

2017 2018 2019 2020
Non-current assets 2,015,468 2,411,007 2,770,085 2,970,412
Intangible assets 36,360 106,330 142,737 176,077
Tangible assets 1,761,082 2,091,386 2,347,817 2,559,554
Financial assets 183,545 147,034
Other non-current assets 218,026 213,291 95,986 87,747
Current assets 489,600 442,884 405,711 975,158
Inventories and prepaid expenses 94,985 73,792 95,863 82,314
Accounts receivable in one year 140,363 168,556 129,138 166,211
Other current assets 3,195 6,995 8,230 67,365
Cash and cash equivalents 171,756 127,835 131,837 658,795
Total assets 2,505,068 2,853,891 3,198,086 3,969,296
Equity 1,343,626 1,302,522 1,348,620 1,843,831
Grants and subsidies 200,311 208,874 267,949 280,370
Liabilities 886,754 1,193,949 1,404,826 1,634,166
Financial liabilities 614,081 844,956 1,098,338 1,304,133
Long-term liabilities 523,610 788,040 895,038 1,330,688
Short-term liabilities 358,753 364,996 454,406 232,384
Equity and liabilities 2,505,068 2,853,891 3,198,086 3,969,296
2019-06 2020-06 2021-06
Non-current assets 2,580,295 2,887,889 3,018,338
Intangible assets 132,492 143,625 211,207
Tangible assets 2,233,144 2,547,645 2,589,601
Financial assets 169,635 177,579 177,891
Other non-current assets 45,024 19,040 39,639
Current assets 357,195 499,189 998,706
Inventories and prepaid expenses 31,107 26,193 116,209
Accounts receivable in one year 163,791 189,731 143,436
Other current assets 60,649
Cash and cash equivalents 162,297 283,265 678,412
Total assets 2,990,550 3,400,434 4,057,421
Equity 1,349,033 1,337,816 1,899,832
Grants and subsidies 282,258 282,508
Liabilities 1,636,020 1,605,093 1,686,035
Financial liabilities 908,712 1,240,041 1,280,533
Long-term liabilities 1,186,825 1,300,114 1,219,852
Short-term liabilities 61,578 21,203 14,476
Equity and liabilities 2,990,550 3,400,434 4,057,421

Financial ratios

2017 2018 2019 2020
Capital return ratios
Return on assets (ROA) 4% -1% 2% 5%
Return on equity (ROE) 7% -2% 4% 11%
Return on capital employed (ROCE) 9% -2% 6% 12%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.46 0.65 0.81 0.71
Current Ratio 1.36 1.21 0.89 4.20
Quick ratio 1.10 1.01 0.68 3.84
Turnover ratios
Asset turnover 0.45 0.40 0.36 0.34
Fixed asset turnover 0.54 0.48 0.42 0.43
Equity turnover 0.83 0.81 0.83 0.77
Profitability ratios
EBITDA margin 17% 6% 18% 27%
Operating profit margin 9% -2% 8% 18%
Net profit margin 8% -2% 5% 14%
Other ratios
Dividends to the State 78,265.43 13,000.00 28,000.00 73,430.00
Dividends paid / net profit 0.84 -0.59 0.47 0.43
2018-06 2019-06 2020-06 2021-06
Capital return ratios
Return on assets (ROA) 4% % % 4%
Return on equity (ROE) 7% % % 9%
Return on capital employed (ROCE) 9% -4% 3% 5%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.46 0.94 0.68
Current Ratio 1.36 5.80 23.54 68.99
Quick ratio 1.10 5.30 22.31 60.96
Turnover ratios
Asset turnover 0.45 0.37 0.18 0.20
Fixed asset turnover 0.54 0.43 0.22 0.25
Equity turnover 0.83 0.83 0.44 0.46
Profitability ratios
EBITDA margin 17% % 18% 21%
Operating profit margin 9% % 8% 13%
Net profit margin 8% % 5% 7%
Other ratios
Dividends to the State 78,265.43
Dividends paid / net profit 0.84

Expectations of the state

Target return on equity

6.6%

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 State73.08%
https://www.ignitisgrupe.lt/
Return to the State

73.4 EUR milion

ROE

10.6%

Number of employees

3,959

Financial data provided as at end-December 2020

Management

  • Darius MaikštėnasDirector General

Information as of: 2021/10/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Darius MaikštėnasDirector General

MEMBERS OF THE BOARD OF DIRECTORS

  • Živilė SkibarkienėIgnitis Group
  • Darius KašauskasIgnitis Group
  • Vidmantas SalietisIgnitis Group

Information as of: 2021/10/01