TIDMIGN
AB "Ignitis grup " (hereinafter -- the Group) publishes its
Annual report 2022, which is attached to this notice, and announces
that the Group's Adjusted EBITDA amounted to EUR 469.3 million.
The Group exceeded the higher end of a full-year guidance range
(EUR 420--460 million) by 2.0%, which was mainly driven by the
Green Generation segment due to the launch of Pomerania wind farm
in Poland and better performance of the operating assets. Green
Generation Adjusted EBITDA increased more than twofold and accounts
for more than half of the Group's total result. Green share of
electricity generated increased by a third to 85.1%.
In 2022, the Group made record high Investments, which more than
doubled and reached EUR 521.8 million, out of which 79.0% were
directed to Lithuania. Overall growth was mainly driven by the
Investments made in Green Generation projects which increased more
than seven times and reached EUR 226.2 million.
During Q4 2022, net working capital, net debt and in turn
leverage metrics have stabilised. This was mainly the outcome of
normalized price levels at the end of the year and recovered
temporary regulatory differences. Compared to the numbers reported
in the
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First nine months 2022 Interim report, the Group's NWC level
decreased more than twice to EUR 443.3 million (from EUR 1,068.7
million), which led to a significant decrease in net debt level of
EUR 986.9 million (from EUR 1,512.8 million). It also helped to
improve FFO/Net debt ratio to 49.1% (from 23.9%).
Despite the above, Customers & Solutions segment had a
challenging year, especially on a loss making electricity B2C (EUR
-23.2 million) activities. The segment's Adjusted EBITDA
deteriorated by 61.6% compared to 2021. The decline was partly
offset by positive results from utilizing Lithuania's LNG terminal
and securing profitable one-off deals with foreign B2B customers.
Additionally, a positive inventory effect due to average accounting
method has grown significantly, but towards the end of the year it
was offset by natural gas inventory value write-down due to
decreasing natural gas prices.
Profit distribution
In line with the
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Dividend Policy, for 2022 we intend to distribute a dividend of EUR
1.248 per share, corresponding to EUR 90.3 million, and a yield of
6.6% both for ordinary registered shareholders and GDR holders
(considering the year-end closing prices). It is important to
highlight that the dividend of EUR 0.624 per share (out of EUR
1.248) for the second half of 2022 is subject to the decision of
the Annual General Meeting of Shareholders to be held on 30 March
2023.
Additionally, the Group's management proposes to the Annual
General Meeting of Shareholders to agree on the allocation of EUR
12.0 million of additional profit earned in 2022 from Green
Generation as aid to recover and reconstruct energy infrastructure
of Ukraine. Based on the Group's management assessment, additional
profit earned in 2022 from Green Generation amounts to EUR 114.2
million, out of which EUR 12.0 million or around 10%, subject to
the decision of the Annual General Meeting of Shareholders, could
be allocated to Ukraine. The Group believes that the main cause of
energy sector companies additional profits earned in 2022 is the
war in Ukraine. Hence, companies should make their best efforts in
supporting the country.
All the remaining additional profit earned in 2022 from Green
Generation (EUR 102.2 million out of EUR 114.2 million), as
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committed in Q4 2022, will be reinvested into building new energy
infrastructure in Lithuania to contribute to ensuring Lithuania's
energy security and green transition.
Business development
Since the beginning of 2022, our Green Generation portfolio
increased more than twofold to 5.3 GW (from 2.6 GW). Our project
pipeline more than tripled to 4.1 GW (from 1.3 GW) with the largest
share of growth captured by the accelerated expansion of greenfield
projects, which increased more than eleven times to around 2.0 GW
(from 170 MW) as of report announcement date.
Implementation of project Portfolio is progressing as planned
with a few exceptions. Our targets to generate the first energy on
testing mode around Q1 2023 and commence full commercial operation
of Vilnius CHP biomass unit (73 MWe, 169 MWth) in Lithuania during
the next heating season remain unchanged. However, due to
disruptions in supply chain and construction markets, there is a
minor delay in the project's COD (postponed to Q3 2023 from Q2
2023). Also, regarding our Silesia WF I (50 MW) project under
construction in Poland, we expect to supply the first power to the
grid as planned in Q4 2023. However, due to some constrains in
supply chain as well as weather risk challenges, the projects
budget was revised to around EUR 75 million (from EUR 70 million)
and COD postponed to Q1 2024 (from Q4 2023). Since 9M 2022, there
were no significant changes in implementation of other
projects.
On the Networks side, despite the supply chain disruptions, we
have successfully continued maintenance and expansion works,
including the smart meter roll-out. We started the mass smart meter
roll-out at the beginning of Q3 2022 and, by the end of 2022,
installed over 210 thousand of smart meters (out of 1.2 million to
be installed in total). Our target of finalizing the mass roll-out
process by the end of 2025 remains unchanged.
Sustainability
During 2022, we explicitly focused on occupational health and
safety (OHS), mental health and wellbeing as well as the
preparation of a plan to ensure the achievement of our
SBTi-approved targets as we are committed to reduce our total GHG
emissions by 47% by 2030 vs. 2020 baseline.
Additionally, we progressed well on ESG side, which was well
reflected in the improvement of relative ratings. In Q4 2022, CDP
rated the climate change mitigation and adaptation efforts of the
Group by granting a score of 'A-' (on a 'D-' to 'A' scale). In
2021, the Group was rated 'B'. Also, in addition to MSCI ('AA', on
a scale of 'CCC' to 'AAA') and Sustainalytics (a score of 20.4, on
a scale of 100--0, from the highest to the lowest risk) ESG
ratings, the Group was rated by an ESG corporate rating agency ISS
and received a rating of 'C' (on a scale of 'D-' to 'A+'). It
places the Group in the 6(th) decile rank among utility peers in
managing the most significant ESG risks.
2023 outlook
For 2023 we expect Adjusted EBITDA to be in a range of EUR
430--480 million.
Key financial indicators (APM(1) )
EUR, millions 2022 2021(2)
------------------------------------ ----------- -----------
EBITDA APM 539.7 343.2
------------------------------------ ----------- -----------
Adjusted EBITDA APM 469.3 332.7
------------------------------------ ----------- -----------
Green Generation 252.4 107.5
------------------------------------ ----------- -----------
Networks 164.5 145.4
------------------------------------ ----------- -----------
Flexible Generation 34.6 37.2
------------------------------------ ----------- -----------
Customers & Solutions 15.6 40.6
------------------------------------ ----------- -----------
Other(3) 2.2 2.0
------------------------------------ ----------- -----------
Adjusted EBITDA margin APM 10.9% 17.6%
------------------------------------ ----------- -----------
Net profit 293.4 160.2
------------------------------------ ----------- -----------
Adjusted net profit APM 256.0 162.8
------------------------------------ ----------- -----------
Investments(4) APM 521.8 234.9
------------------------------------ ----------- -----------
FFO APM 484.1 299.4
------------------------------------ ----------- -----------
FCF APM 17.3 (240.6)
------------------------------------ ----------- -----------
ROE APM 14.7% 8.7%
------------------------------------ ----------- -----------
Adjusted ROE APM 12.9% 8.9%
------------------------------------ ----------- -----------
ROCE APM 13.1% 7.3%
------------------------------------ ----------- -----------
Adjusted ROCE APM 10.7% 7.9%
------------------------------------ ----------- -----------
EPS (Basic) APM 4.04 2.16
------------------------------------ ----------- -----------
DPS APM 1.24 1.19
------------------------------------ ----------- -----------
31 Dec 2022 31 Dec 2021
------------------------------------ ----------- -----------
Net debt APM 986.9 957.2
------------------------------------ ----------- -----------
Net working capital APM 443.3 438.7
------------------------------------ ----------- -----------
Net debt/Adjusted EBITDA, times APM 2.10 2.88
------------------------------------ ----------- -----------
FFO/Net debt APM 49.1% 31.3%
------------------------------------ ----------- -----------
(1) All, except net profit are Alternative Performance Measures
(APMs). Formulas of the financial indicators are available in our
https://www.globenewswire.com/Tracker?data=9-EdIWHYJjOu39_aZ9gAqpAC6TIIt8d13sm5GjCwIppSQskBJ5VasrnQBJvI2vsOUnlonX_JXtZJnFhXV0fzE5XfjfeibiLvBBT1ExhOVNt0jscvHdzk6k3clJrnHGNd
Annual report 2022 or our
https://www.globenewswire.com/Tracker?data=ijntwRK1CpOwUR6td0xNavI5St92cMbJbPAuiMcuKxzVCWzy9vVDrfUgIpESizT3nNolu2ThWSYralv3jqDeDrZDTbvh4yLYudmOdRRfxqZFsPnR_zBNWcYJckAfL8QA
website.
(2) Due to changes in IAS, part of financial indicators were
recalculated retrospectively for the year 2021 (for more
information, see note '6. Restatement of comparative figures due to
changes in the accounting policy' of section '6.1 Consolidated
financial statements' in our
https://www.globenewswire.com/Tracker?data=9-EdIWHYJjOu39_aZ9gAqjgXkoCjPP6ojRDv2viyk7LMhJEbSm1ekmv9UByGJ5mUHEXwjzyCQFEHAF6eBZ1Yj7-zA6y-B4eU92-lHMtIDZFxnjlSit47KYHliV_5i057
Annual report 2022).
(3) Other -- other activities and eliminations (consolidation
adjustments and related party transactions), including financial
results of the parent company. For more information see section
'6.2 Parent company's financial statements' in our
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Annual report 2022.
(4) The Investments formula has been adjusted retrospectively
from the beginning of 2022 by including prepayments for non-current
assets. Such presentation shows the amount of Investments made
during the year more accurately since the number of advance
payments grew significantly with the increase of renewable energy
projects pipeline. For updated formula, see section '7.3
Alternative performance measures' of our
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Annual report 2022 or our
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website.
Earnings call
In relation to the announcement of the Annual report 2022, an
earnings call will be held on Tuesday, 28 February 2023, at 1:00 pm
Vilnius / 11:00 am London time.
To join the earnings call, please register at:
https://www.globenewswire.com/Tracker?data=qts0bUErZfrGd52Q0bPYwJ5XZjZ43-gLjgm_NzOwKp52QAR5SYauTjiG70cdOeRH4fYcOpcd5CpFhhgQ2GB73ojQ160HphgTu9J0z4TX5Nm6yuvVTR3NAmmdXicYrLPSow9as5Q4XkxAjsli9xL9Qdn8CSd3G_vWnIQB1rfq4d0=
https://edge.media-server.com/mmc/p/vzakgnpf
It is also possible to join the earning call by phone. To access
the dial-in details, please register
https://www.globenewswire.com/Tracker?data=lpt28W3cW1MXAZ7mFhkRvwRe407iy19ek1vHOfKjM7ucOWJkGu3_v-IIPeDMSiEINtx_5CLWK_j1d0Be_hJHxI_rOevFC1qj_XKtUSh5zLk_G-ZWRM2rcbQ2aIWN7TEAy3SyAv2Coiq2KTUiKjO1lw==
here. After completing the registration, you will receive dial-in
details on screen and via email. You will be able to dial in using
the provided numbers and the unique pin or by selecting 'Call me'
option and providing your phone details for the system to connect
you automatically as the earnings call starts.
All questions can be directed in advance to the Group's IR team,
after registering for the earnings call or live during the
call.
Presentation slides will be available prior to the conference
call:
https://www.globenewswire.com/Tracker?data=qts0bUErZfrGd52Q0bPYwFeaJgk7UpwcbP4v1MZ15iflbgspOQcIGlzbmr0FDXC9q3kR5dvJNTWUcbA1AQFaathy4V-1eCsm6_IfixAH-bwuGxlWCXoMyTxduAKdSaatj6Hj26BlZrBFSrQGg9Mtgg0GYO9_WJGtb1qOmVPEWuvLvVpgmElZTJO65b8UoThb
https://ignitisgrupe.lt/en/reports-and-presentations
The Annual report and other related documents, including fact
sheet (in Excel), are also available for download at:
https://www.globenewswire.com/Tracker?data=qts0bUErZfrGd52Q0bPYwFeaJgk7UpwcbP4v1MZ15iflbgspOQcIGlzbmr0FDXC9q3kR5dvJNTWUcbA1AQFaagGZwtBk-Q7NOu1KgXgfdmWcgVLnW2oFGULiw0Pe3ihS3JjFjdtsc21JK9xbkxOQSC19ROqEXYcbhPFujcmu5yPgBLhdsisuMHdbBaaWx8D8
https://ignitisgrupe.lt/en/reports-and-presentations
For additional information, please contact:
Communications
Art ras Ketlerius
+370 620 76076
arturas.ketlerius@ignitis.lt
Investor Relations
Ain Riffel-Grinkevičien
+370 643 14925
aine.riffel-grinkeviciene@ignitis.lt
Attachments
-- abignitisgrupe-2022-12-31-en
https://ml-eu.globenewswire.com/Resource/Download/9b45a028-80b7-4629-ac37-f700ed4a00c8
-- Independent Auditor's Report
https://ml-eu.globenewswire.com/Resource/Download/4154aff3-a56d-4267-8fd2-9a31a57edc9a
(END) Dow Jones Newswires
February 28, 2023 02:19 ET (07:19 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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