The Governance Coordination Centre prepared the annual report on state-owned enterprise (SOE) activities 2016 where it presented the SOE financial performance for 2016, disclosed the special obligations undertaken by SOEs on the basis of the data provided by the companies, and the information on the SOE executive salaries.
“Last year, state-owned enterprises gained even greater importance to the Lithuanian economy with their contribution to the national economy increasing by 0.2 of a percentage point and accounting for 3.5% of the gross domestic product. In the year 2016, the revenue of these companies stood at just above EUR 2.5 billion, and the normalised net profit amounted to EUR 256 million. This represents an increase by EUR 30 million than compared to 2015. Their estimated market value grew by 7.1% to EUR 5.6 billion,” says the Vice-Minister of Economy, Ramūnas Burokas, summarising the results of the report.
For 2016, Lithuanian SOEs made a contribution to the state budget worth EUR 149.3 million, which was 7.1% more than in 2015. Of this, the dividends and profit contributions allocated to the state accounted for EUR 120.5 million. The amount allocated by the energy sector companies in dividends for 2016, which will add to the state budget, increased by EUR 9 million and reached EUR 108.2 million. The largest portion was attributable to the dividends allocated by Lietuvos energija, UAB (EUR 100.7 million, which was EUR 14.7 million more than in 2015). In addition, another considerable part included the dividends allocated by AB Klaipėdos nafta, which accounted for EUR 7 million. The state had EUR 28.8 million paid in the form of property and raw material tax.
In 2016, the normalised return on equity of SOEs stood at 4.8%, which was a rise by 0.4 of a percentage point if compared with 2015. The growth of the return on equity was largely affected by the performance in the energy sector. Over 2016, the return on equity of the energy sector enterprises grew by 1.3 percentage points and stood at 9.6%. Other sectors faced significantly lower returns on equity with the transport sector receiving 1.8%, forestry, 2.4%, while other corporate sectors, 3.1%.