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Photo by Judita Grigelyts (V)
Ignitis Group has determined what will be the profit limits adjusted to salaries, taxes, depreciation and amortization (adjusted EBITDA) that the directors of the company must reach in 2024. receive the shares provided for in the option contracts.
Adjusted EBITDA for 2023 will have to be at least 315 million. When the euro is reached, the group managers are considered to have reached 70% with this indicator for their objective. The EBITDA coefficient adjusted to 100% would be reached if it did so in 2023. bt not less than 350 million. Eur, via Nasdaq Vilnius Exchange State energy group Ignitis group.
The adjusted EDITDA ratio is 30% by weight when evaluating the objectives set for managers. The 40% stake will be compared to the Eurostoxx Utilities average, and 20% of installed megawatts of oil will need to be 1.6 gigawatts (GW), 10% for development and carbon offset plan targets .
According to Ignitis Group, the decision to disclose the adjusted EBITDA limits was made after evaluating the public debate about the stock option incentive program.
2024 EBITDA limits will be announced as planned, along with the updated 2021-2024. Strategic plan. Subsequent term limits will also be posted along with updated strategic plans.
The company also pays attention to the fact that the installed oil production capacity target set for managers will ensure that investments in sustainable production, rather than regulated tariffs, increase profitability.
Members of the Board of the Ignitis Group and heads of the main subsidiaries in the option contracts entered into, may receive a maximum of almost 9,500 shares of the group, whose total nominal value amounts to 212,100 euros.
Under the option agreements entered into in December last year, Darius Maiktnas, Chairman and CEO of Ignitis Group, will be able to acquire a maximum of 2,265 shares, and Darius Kaauskas, Dominykas Tukus, ivil Skibarkien and Vidmantas Salietis will each receive 1,178 shares.
Ignitis Secondary CEO Darius Montvila will receive 661 shares, ESO CEO Mindaugas Keizeris 653, Ignitis Renewables CEO 605, and Ignitis Production CEO Rimgaudas Kalvaitis 601 shares.
The decision on whether or not to grant shares will be made by the Ignitis Group Supervisory Board only in 2024.
Last week, the Seimas Economy and Budget and Finance Committees questioned the Ignitis Group’s options program. Mykolas Majauskas, head of the Budget and Finance Committee, went on to say that the decision on participation generated mistrust in the company by the managers of the main subsidiaries.
According to Ignitis Group, the options program is designed to ensure the sustainability and continuity of the company’s operations, not to achieve short-term results. Yes, in 2022. After the change in the Board of Directors, the strategic directions of the company also changed and as a result the previously established goals would not be achieved, the managers did not receive actions. In the future, the opportunity to receive shares in the Ignitis Group will be available not only to managers, but also to all employees of group companies.
Ignitis Group’s shares are listed on the official trading stream of the Nasdaq Vilnius Stock Exchange. The Ministry of Finance owns 73.08% of the group’s shares.
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