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In the first three months of 2021 Ignitis Gamyba activities were organised smoothly, regardless of the continued quarantine in Lithuania during the reporting period. The company continued to work purposefully in order to assure reliable production of electricity and to provide the systemic services of vital importance for the entire region.
The main news of Ignitis Gamyba of the reporting period is our determination to approve expansion plan of Kruonis PSHP. This project is important for assurance of safety of regional energy system – the expansion of Kaunas PSHP is also provided in the plan of measures approved by the Government in preparation for synchronisation with the networks of Continental Europe in 2025. Therefore, we will try to adjust the preliminary schedule of expansion of Kruonis PSHP to the synchronisation project.
Another project that has also received quite a big public attention is dismantling of two chimneys of Elektrėnai Complex that are not used any more. Following the plan of dismantling works prepared last year, the inner layer of bricks of the upper chimney was dismantled first, and this year, the dismantling works of its’ external reinforced concrete layer and the first chimney were started. In the second quarter of this year, the dismantling works will proceed and are expected to end of in this autumn.
“A number of significant changes in Elektrėnai Complex have taken place in recent years with regard to its clearing-up – the use of fuel oil was resigned, so, the need for such tall chimneys ceased to exist. Six blocks of the power plant that are no longer in use were dismantled; the sources of pollution in the economy of fuel oil that is not used any more are handled intensively; the electricity economy is optimised; and Obeniai territory was tidied up in order to adjust for the needs of the park of more than 6 MW solar power plants. We are happy to contribute to Elektrėnai town getting cleaner and more sustainable”, said Rimgaudas Kalvaitis, CEO at Ignitis Gamyba.
The production results of the power plants managed by the company continued to grow throughout the first three months of 2021. During the reporting period, Ignitis Gamyba generated 0,462 TWh electricity, i.e. 49.1% more than in the same period in 2020. It was mainly achieved because of the combined-cycle gas turbine unit that has increased its production volumes by almost 4.5 times.
Financial performance of Ignitis Gamyba was also marked by growth. If compared to January-March 2020, the adjusted EBITDA of the same period this year increased by 38.8% and reached EUR 19.6 million, while income from the contracts with the clients increased up to EUR 51.7 million or by 73.3%. The excellent financial results were mainly determined by significantly higher electricity production volumes in Elektrėnai Complex and by the effective utilisation of Kruonis PSHP.
Ignitis Gamyba key financial indicators Q1 2021:
• Company’s revenue Q1 2021 reached EUR 51.8 million. Comparing to January–March 2020, the company’s revenue increased by 61.4%. The increase was mainly led by higher electricity sales generated by powerplants managed by the company.
• The company’s adjusted EBITDA in Q1 2021, compared to the same period in 2020, increased by 38.8% and reached EUR 19.6 million, while company’s January–March 2021 adjusted EBITDA margin reached 37.6% (January–March 2020 was 43.9%).
• In Q1 2021 the company earned EUR 9.0 million in profit before taxes, while net profit reached EUR 6.7 million. In January–March 2020 the company earned EUR 7.3 million net profit.
• In Q1 2021 the company incurred expenses of EUR 42.9 million
• The company's investments in tangible and intangible fixed assets amounted to EUR 0.1 million between January and March 2021 and were more than twice as high as 2020 in the same period.
* Company’s adjusted EBITDA result is presented after the management's adjustments, eliminating the influence of actual and regulated change in revenue as well as one-off factors. These corrections aim to disclose the results of the company's normal activities, without atypical, one-off factors or factors not directly related to the current operating period. All adjustments made by management are disclosed in interim and annual reports of the company.