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Interim Report 26/02/2021 No. SD-78 CERTIFICATION STATEMENT Referring to the provisions of the Article 14 of the Law on Securities of the Republic of Lithuania and the Rules of Disclosure of the Bank of Lithuania, we, the undersigned AB Ignitis gamyba Rimgaudas Kalvaitis, Chief Executive Officer and Renata Zakažauskienė, Head of Financial Reporting of UAB Ignitis grupės paslaugų centras, hereby confirm that, to the best of our knowledge, AB Ignitis gamyba Interim Condensed Financial Statements for twelve-month period ended 31 December 2020 are prepared according to International Accounting Standard 34 “Interim financial reporting” adopted by the European Union, give a true and fair view of AB Ignitis gamyba assets, liabilities, financial position, profit or loss for the period and cash flows, the Interim Report for the twelve-month period includes a fair review of the activities business development as well as the condition of AB Ignitis gamyba and with the description of the principle risk and uncertainties it faces. Chief Executive Officer Rimgaudas Kalvaitis UAB Ignitis grupės paslaugų centras, Renata Zakažauskienė Head of Financial Reporting, acting under Order No. IS-185-20 (signed 18/12/2020) AB „Ignitis gamyba“ +370 618 37392 www.ignitisgamyba.lt Company code 302648707 Elektrinės g. 21, LT-26108 [email protected] Elektrėnai, Lithuania VAT code LT100006256115 IGNITIS GAMYBA AB 2020 COMPANY'S INTERIM REPORT AND INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE TWELVE-MONTH PERIOD ENDED 31 DECEMBER 2020, PREPARED IN ACCORDANCE WITH INTERNATIONAL ACCOUNTING STANDARD 34, 'INTERIM FINANCIAL REPORTING' AS ADOPTED BY THE EUROPEAN UNION (UNAUDITED) www.ignitisgamyba.lt Ignitis Gamyba AB Elektrinės st. 21, LT-26108, Elektrėnai, Lithuania E-mail [email protected] Company code 302648707 CONTENT INTERIM REPORT 3–47 INTERIM CONDENSED FINANCIAL STATEMENTS 48–71 Interim Condensed Statement Of Financial Position 49 Interim Condensed Statement Of Profit Or Loss And Other 50 Comprehensive Income Interim Condensed Statement Of Changes In Equity 52 Interim Condensed Statement Of Cash Flows 53 Notes To Interim Condensed Financial Statements 54-71 Interim condensed financial statements of Ignitis Gamyba AB were prepared and signed on 26 February 2021 by the Chief Executive Officer and the Head of Financial Reporting of UAB Ignitis grupės paslaugų centras (acting under Order No IS-185-20 of 18/12/2020): Rimgaudas Kalvaitis Renata Zakažauskienė Chief Executive Officer Head of Financial Reporting of UAB Ignitis grupės paslaugų centras, acting under Order No IS-185-20 of 18/12/2020 2 AB IGNITIS GAMYBA 2020 INTERIM REPORT FOR THE TWELVE-MONTH PERIOD ENDED 31 DECEMBER 2020 www.ignitisgamyba.lt AB Ignitis gamyba Elektrinės st. 21, LT-26108, Elektrėnai, Lithuania E-mail [email protected] Company code 302648707 INTERIM REPORT All amounts are in EUR thousand unless otherwise stated CONTENT INTERIM REPORT Key operating and financial indicators of the Company 6 Foreword by the Chairman of the Board 7 Most Significant Events 8 Analysis of financial indicators 10 Analysis of business environment and performance 14 Information on the Company’s issued capital and securities 26 The Company and Corporate Governance 28 Sustainability Report 41 Other Important Information 46 Company’s interim report for the 12 month period ended 31 December 2020 4 INTERIM REPORT All amounts are in EUR thousand unless otherwise stated Reporting period covered by the Interim Report The Interim Report provides information to the shareholders, creditors and other stakeholders of Ignitis Gamyba AB (hereinafter “the Company”) about the Company’s operations for the period of January-December 2020. Legal basis for preparation of the Annual Report The Interim Report of AB Ignitis Gamyba has been prepared by the Company’s Administration in accordance with the Lithuanian Law on Securities, the Lithuanian Law on Companies, the Rules for Disclosure of Information and the updated version of the Guidelines for Disclosure of Information approved by the Board of the Bank of Lithuania, the Lithuanian Government’s Resolution On the approval of the guidelines for ensuring transparency of operations of state-owned entities and other legal acts. Individuals responsible for the information contained in the Interim Report Position Full name Telephone AB Ignitis gamyba, Chairman of the Board, CEO Rimgaudas Kalvaitis +370 618 37392 AB Ignitis gamyba, the Board member, Director of Finance and Andrius Valivonis +370 618 37392 Administration Information on the availability of the report and the documents used in preparing the report, and on means of mass media in which the Company’s public reports are published The report and the documents, on the basis of which it was prepared, are available at the head office of AB Ignitis gamyba (Elektrinės g. 21, Elektrėnai), on working days from Mondays through Thursdays from 7.30 a.m. To 4.30 p.m., and on Fridays from 7.30 a.m. to 3.15 p.m. The report is also available on the Company’s website at www.ignitisgamyba.lt. All public announcements, which are required to be published by the Company according to the effective legal acts of the Republic of Lithuania, are published on the Company’s website (www.ignitisgamyba.lt). Company’s interim report for the 12 month period ended 31 December 2020 5 INTERIM REPORT All amounts are in EUR thousand unless otherwise stated KEY OPERATING AND FINANCIAL INDICATORS OF THE COMPANY A detailed description of the Company's alternative performance indicators and the methodology for their calculation is provided in the section “Financial Reports” (link) of the section “For Investors” of the Company's website. 2020 2019 Change 12 months 12 months of of +/- % KEY OPERATING INDICATORS Electricity generated TWh 2.14 0.83 1.31 157.93 KEY FINANCIAL INDICATORS Revenue EUR thousand 174.460 145.504 28.956 19.90 Costs for the purchase of electricity, fuel EUR thousand 69.690 53.511 16.179 30.23 and related services Operating expenses1 EUR thousand 23.046 21.616 1.430 6.62 EBITDA2 EUR thousand 71.157 68.588 2.569 3.75 EBITDA margin3 % 40.8 47.1 -6,4 p. p. Adjusted EBITDA4 EUR thousand 70.883 54.007 16.876 31.25 Adjusted EBITDA margin5 % 40.7 41.4 -0,7 p. p. Net profit (loss) EUR thousand 41.793 42.792 -999 -2.33 Change 31/12/2020 31/12/2019 +/- % Total assets EUR thousand 689.922 678.113 11.809 1.74 Equity EUR thousand 417.513 410.053 7.460 1.82 Borrowings EUR thousand 21.317 25.768 -4.451 -17.27 Net debt6 EUR thousand -116.803 -32.733 -84.070 256.84 Return on equity (ROE)7 % 10.0 10.4 -0,4 p. p. Equity ratio8 % 60.5 60.5 0 p. p. Net debt/EBITDA for 12 months % -164.1 -47.7 -116,4 p. p. Net debt/Equity % -28.0 -8.0 -20 p. p. Assets turnover ratio9 % 25.3 21.5 3,8 p. p. Current liquidity ratio10 % 341.0 402.0 -61 p. p. 1 Operating expenses, excluding costs of purchase of electricity and related services, costs of fuel used for production, depreciation and amortisation costs, impairment losses, revenues/expenses of revaluation of emission allowances, write-offs of property, plant and equipment costs, and costs of inventory sales. 2 Profit (loss) before tax + finance costs – finance income – dividends received + depreciation and amortisation costs + impairment losses + revenues/expenses of revaluation of emission allowances + write-offs of property, plant and equipment. 3 EBITDA/Revenue. 4 EBITDA result is reported after the adjustments made by the management, eliminating the impact of one-time factors, and by measuring the correction of Company’s regulated activity revenue for receivable and payable amounts recognized previous periods, related to NERC’s decisions for regulated services price setting in the future. The purpose of these adjustments is to disclose the results of the ordinary activities of the Company, without the occurrence of atypical, one- time factors that are not directly attributable to the current period. All adjustments made by the management are disclosed in the Company’s annual reports. 5 Adjusted EBITDA/Revenue. 6 Financial debts – Cash and cash equivalents – Short-term investments and term deposits – Share of non-current other financial assets consisting of investments in debt securities. 7 Net profit (loss)/Equity at the end of the period. 8 Equity at the end of the period/Total assets at the end of the period. 9 Revenue / Total assets at the end of the period. 10 Short-term assets at the end of the period/short-term financial liabilities at the end of the period. Company’s interim report for the 12 month period ended 31 December 2020 6 INTERIM REPORT All amounts are in EUR thousand unless otherwise stated FOREWORD BY THE CHAIRMAN OF THE BOARD plant in Obeniai, which became the first remote solar park in Dear customers, shareholders, partners and colleagues, the country and marked the launch of the Ignitis saulės parkai platform, and therefore its owners (almost 300 remote When looking back at 2020, the outcome achieved by the generating consumers), have already benefited from the Company is something what we want to emphasise and electricity generated by this solar power plant. We have what can make everyone feel proud: whether they are our fulfilled our promises to our customers and partners by installing a employees or citizens of Lithuania. With a joint effort of three-time larger solar power plant in Obeniai in September. By Elektrėnai Complex, Kruonis PSHP and Kaunas HP, we expanding this solar park to 4 MW power, so far we have have managed to produce more than 2,145 GWh of developed the largest solar park not only in Lithuania, but electricity, i.e. 2.5 times more than in the same period in also in the Baltic states.
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