Based on the raw data, Lithuanian state-owned enterprises (SOEs) earned EUR 114.5 million in normalised net profit in the first six months of 2017. If compared to the same period last year, state-owned enterprises earned 15.2% less normalised net profit during the first six months of 2017. Such data have been revealed in the interim 6-month report on SOEs 2017 as prepared by the Governance Coordination Centre. The report gives an overview of the activities of 118 state-owned enterprises.
For the first half-year of 2017, the SOE portfolio sales revenue stood at EUR 1.2 billion, which was a decline of 2.2% in comparison with the results for the same period in 2016. The overall drop of the revenue across the portfolio was caused by a 6.5% decrease of revenue in the largest SOE sector, i.e. the energy industry.
The most profit for the first six months in 2017 was generated by the energy sector with the normalised net profit of the companies part of the sector standing at EUR 78.8 million, which accounted for 68.8% of the total profits across the SOE portfolio. The bulk of the normalised net profit (EUR 59.2 million) was earned by Lietuvos energija, UAB Group despite the fact that the decline of the group’s normalised net profit was the greatest among all state-owned enterprises.
The normalised return on equity across the SOE portfolio reached 4.4% at the end of the first half-year in 2017, which was 0.5 of a percentage point lower than at the end of 2016. The total return on equity of the SOE portfolio went down because of the energy, transport and communications and other corporate sectors, which had the above indicator drop by respectively 1.2 percentage point (down to 8.4%), 0.1 of a percentage point (down to 1.7%). and 0.3 of a percentage point (down to 2.9%). The normalised return on equity in the forestry sector grew by 0.2 of a percentage point and reached 2.6%.