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INTER RAO Lietuva Group announces financial results for 1H 2021 – Higher revenue y/y with the increase of the net profit to EUR 8.7 million

  • Revenue from sales in 1H 2021 increased by 87% y/y, to EUR 209.9 million. The increase was driven by higher amount of electricity traded and higher average price of electricity sold.
  • Electricity sales volume increased by 65.6% y/y, from 2 605 to 4 313 GWh.
  • Group’s gross profit reached EUR 18.2 million, versus EUR 12.6 million in 1H 2020.
  • Group’s EBITDA amounted to EUR 13.3 million versus 9.6 million in 1H 2020, while the EBITDA margin decreased to 6.4% from 8.6% a year ago.
  • Operating profit reached EUR 12.6 million, versus EUR 8.1 million in 1H 2020.
  • Group’s net profit amounted to EUR 8.7 million compared to EUR 6.8 million a year ago.
  • Trading volumes in Poland increased from 915 GWh to 1 124 GWh y/y.
  • Earnings per share reached EUR 0.44 compared to EUR 0.34 in 1H 2020.

 “The first half of this year was characterized by the increase in sales in the Latvian and Polish markets. As a result, INTER RAO Lietuva Group traded more electricity with higher revenues in these countries. As in all the markets of the Group’s operations the average electricity prices were higher, the revenues of the Group almost doubled. On the other hand, the cost of sales increased more than the sales and hence the resulting margins slightly decreased. INTER RAO Lietuva Group generated a gross profit on sales of EUR 18.2 million in 1st half of 2021. Consolidated EBITDA increased to EUR 13.3 million and net profit reached EUR 8.7 million, with margins of 6.4 and 4.2 per cent respectively. The Group generated earnings of EUR 0.44 per share,” says Giedrius Balčiūnas, CEO at INTER RAO Lietuva.

Key figures of IRL Group

Financial figures 1st half 2021 1st half 2020
Sales (EUR thousand) 209,926 112,286
Gross profit (EUR thousand) 18,228 12,594
Gross profit margin (%) 8.68% 11.22%
Operating profit (EUR thousand) 12,574 8,073
Operating profit margin (%) 5.99% 7.19%
EBITDA (EUR thousand) 13,328 9,637
EBITDA profit margin (%) 6.35% 8.58%
Net profit (EUR thousand) 8,743 6,773
Net profit margin (%) 4.16% 6.03%
Number of shares (thousand) 20,000 20,000
Earnings per share (EUR) 0.44 0.34

Revenue from sales

Total consolidated sales revenue in January-June of 2021 reached EUR 209.9 million, 87.0 per cent more than in the first half of 2020. The increase in the amount of electricity traded resulted mainly from the increase in sales in the Polish and Latvian markets.

The Group’s revenue from electricity trading in the 1st half of 2021 almost doubled y/y and amounted to EUR 208.9 million. Hot summer of 2021 with low or no wind resulted in lower amount of the electricity produced, hence the revenue from produced electricity sales reached only EUR 1.0 million, a 70.4 per cent decrease compared to the same period a year ago.. Nevertheless, higher amount of electricity traded and higher average price of electricity sold resulted in the overall increase in sales.

The Group’s cost of sales in January-June of 2021 amounted to EUR 191.7 million, 92.3 per cent more than during the first six months of 2020. As the increase in the cost of sales outpaced the increase in sales revenue, the margins achieved in the first half of 2021 were slightly lower than in the corresponding period of 2020.

Earnings

The gross profit of the Group in January-June of 2021 amounted to EUR 18.2 million, while the gross profit margin decreased to 8.68 per cent (11.22 per cent a year ago).

The Group’s operating profit over the same period amounted to EUR 12.6 million, while the operating profit margin decreased to 5.99 per cent from 7.19 per cent a year ago. In segment breakdown, the contribution of the power generation segment to the Group’s operating profit shrunk y/y to just 2.2 per cent from the very high 25.8 per cent. During the reporting period, Vydmantai wind park, UAB produced less electricity compared to the 1st half 2020, due to much worse meteorological conditions.

Operating results by segment

Segment Electricity trade Power generation
(EUR thousand) H1 2021 H1 2020 H1 2021 H1 2020
Revenue 208,896 108,804 1,030 3,482
Operating profit 12,295 5,995 279 2,080
Operating margin 5.9% 5.5% 27.1% 59.7%

The Group’s net profit in the 1st half of 2021 amounted to EUR 8.7 million, compared to the profit of EUR 6.8 million for the same period a year ago. The profit margin decreased from 6.03 per cent a year ago to 4.16 per cent in the reporting period.

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