First three months 2024 interim report: continued Green Capacities Portfolio growth
May 15 2024 - 2:03AM
First three months 2024 interim report: continued Green Capacities
Portfolio growth
AB “Ignitis grupė” (hereinafter – the Group) publishes its first
three months 2024 interim report, which is attached to this notice,
and announces that the Group’s Adjusted EBITDA amounted to EUR
181.7 million (+21.2% YoY). Growth was recorded across all business
segments, except Reserve Capacities. Customers & Solutions
segment electricity B2C activities continued to be loss-making (EUR
-8.2 million). The Green Capacities segment remains the
largest contributor with a 42.4% share of the Group’s total
Adjusted EBITDA.
We increased Investments by 73.4% YoY to EUR 209.5 million. Two
thirds of the total Investments were directed towards the Green
Capacities segment, and 90.5% to Lithuania. The Investments into
Green Capacities have tripled and reached EUR 138.9 million, with
the majority directed towards new onshore wind farms.
The Group’s leverage metrics remained strong, with FFO/Net Debt
ratio at a solid level of 28.9% (compared to 29.4% as of 31
December 2023).
Business development
In 3M 2024, we increased our Green Capacities Portfolio to 7.4
GW (from 7.1 GW) and Installed Capacity to 1.4 GW (from 1.3 GW).
Our Secured Capacity stood at 2.9 GW.
We reached a number of significant milestones in the expansion
and development of our Green Capacities Portfolio, including the
following:– we, together with our partner CIP, won the second
seabed site (Liivi 1) in the Estonian offshore wind tender and see
the site as a natural extension of the Liivi 2 sea area (secured in
December 2023);– Silesia WF I (50 MW) in Poland has reached COD;–
we have secured grid capacity for the first BESS projects (<190
MW) in Lithuania;– we have submitted a bid in the tender for the
second 700 MW Lithuanian offshore wind project. However, due to the
limited number of participants, the tender did not convene but is
expected to take place in due course, following a review of the
tender conditions.
In Networks, the total number of installed smart meters has
exceeded 836 thousand.
In Customers & Solutions, we continue to expand the EV
charging network in the Baltics, with multiple locations secured
for the installation of 67 EV charging points.
Sustainability
Our Green Share of Generation decreased by 15.7 pp to 79.9% YoY
due to proportionally higher electricity generation at CCGT
(Reserve Capacities).
We reduced our GHG emissions by 60.4% in Scope 2, while our
Scope 1 and Scope 3 emissions compared to 3M 2023 increased by
49.4% and 5.5% respectively. Total emissions amounted to 1.61
million t CO2-eq and increased by 12.5% YoY.
Carbon intensity of Scope 1 and 2 GHG emissions decreased by
33.8% YoY to 220 g CO2-eq/kWh due to higher electricity production
from renewables and reduction of Scope 2 emissions.
No fatal accidents were recorded, and employee Total Recordable
Injury Rate (TRIR) was 0.99, contractor TRIR – 0, both well below
the targeted threshold. eNPS remained high at 65.5%.
Shareholder returns and 2024 outlook
In line with our Dividend Policy, a dividend of EUR 0.643 per
share, corresponding to EUR 46.5 million, was distributed for H2
2023.
We maintain our full-year 2024 Adjusted EBITDA guidance of EUR
440–470 million and Investments guidance of EUR 850–1,000
million.
Key financial indicators (APM1)
EUR, millions |
3M 2024 |
3M 2023 |
Change |
Adjusted EBITDA |
181.7 |
149.9 |
21.2% |
Green Capacities2 |
77.1 |
70.0 |
10.1% |
Networks |
65.5 |
48.7 |
34.5% |
Reserve Capacities |
20.0 |
28.6 |
(30.1%) |
Customers & Solutions |
17.4 |
0.9 |
n/a |
Other activities and eliminations3 |
1.7 |
1.7 |
-% |
Adjusted EBITDA Margin |
28.1% |
17.0% |
11.1 pp |
EBITDA |
188.9 |
195.3 |
(3.3%) |
EBITDA Margin |
28.9% |
21.0% |
7.9 pp |
Adjusted Net Profit |
112.6 |
88.7 |
26.9% |
Net Profit |
118.7 |
127.2 |
(6.7%) |
Net Profit Margin |
18.2% |
13.7% |
4.5 pp |
Investments |
209.5 |
120.8 |
73.4% |
Green Capacities2 |
138.9 |
46.2 |
200.6% |
Networks |
63.7 |
71.6 |
(11.0%) |
Reserve Capacities |
0.2 |
0.3 |
(33.3%) |
Customers & Solutions |
2.6 |
0.6 |
333.3% |
Other activities and eliminations3 |
4.1 |
2.1 |
95.2% |
FFO |
169.5 |
185.3 |
(8.5%) |
FCF |
5.0 |
208.0 |
(97.6%) |
Adjusted ROE LTM |
14.2% |
13.9% |
0.3 pp |
ROE LTM |
14.2% |
18.4% |
(4.2 pp) |
Adjusted ROCE LTM |
11.1% |
12.1% |
(1.0 pp) |
ROCE LTM |
10.7% |
16.7% |
6.0 pp |
Basic earnings per share |
1.64 |
1.76 |
6.8% |
|
31 Mar 2024 |
31 Dec 2023 |
Change |
Net Debt |
1,287.8 |
1,317.5 |
(2.3%) |
Net Working Capital |
144.4 |
175.2 |
(17.6%) |
Net Debt/Adjusted EBITDA LTM, times |
2.49 |
2.72 |
(8.5%) |
FFO LTM/Net Debt |
28.9% |
29.4% |
(0.5 pp) |
1 All, except Net profit, are Alternative Performance
Measures (APMs). Definitions and formulas of the financial
indicators are available on our website.2 Previously – Green
Generation.3 Other activities and eliminations – includes
consolidation adjustments, related-party transactions, and the
financial results of the parent company. Earnings call
In relation to the announcement of the first three months 2024
interim report, an earnings call will be held on Wednesday, 15 May
2024, at 1:00 pm Vilnius / 11:00 am London time.
To join the earnings call, please register at:
https://edge.media-server.com/mmc/go/Ignitis3M2024resultsandstrategicplan2024-2027/
It will be also possible to join the earnings call by phone.
To access the dial-in details, please register 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 reach you
automatically as the earnings call starts.
All questions can be directed in advance to the Group’s investor
relations team after registering for the earnings call or live,
during the call.
Presentation slides will be available prior to the call:
https://ignitisgrupe.lt/en/reports-and-presentations
The interim report, including the fact sheet (in Excel), will be
available for download at:
https://ignitisgrupe.lt/en/reports-and-presentations
For additional information, please contact:
CommunicationsArtūras Ketlerius+370 620
76076arturas.ketlerius@ignitis.lt
Investor RelationsAinė
Riffel-Grinkevičienė+370 643
14925aine.riffel-grinkeviciene@ignitis.lt
- First three months 2024 interim report