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Valdymo koordinavimo centras

State Owned Enterprises

“Lietuvos Energija” (formerly UAB “Visagino atominė elektrinė”) is a company that controlls electricity companies. Company group was created by the Lithuanian energy sector restructuring plan, in 2010, after the company transferred VST and East Distribution Networks, Lietuvos Energija (now “Lietuvos energijos gamyba”), shares of Lithuanian power plant and their subsidiaries. According to the requirements of the EU third energy package, at the end of September 2012, shares of the electricity transmission system operator Litgrid (belonging to the group) were transferred to the newly established state-owned private limited company EPSO-G.

Financial results

P/L Statment

2015 2016 2017 2018
Revenue 1,095,766 1,101,630 1,100,831 1,254,226
Cost of goods sold 774,001 727,427 740,491 974,534
Gross profit (loss) 321,765 374,203 360,340 279,692
Gross profit margin 29% 34% 33% 22%
Operating expenses 256,672 226,852 263,207 284,886
Operating profit (loss) 65,093 147,351 97,133 -5,194
Operating profit margin 6% 13% 9% -0%
EBITDA 139,330 225,869 184,490 82,266
EBITDA margin 13% 21% 17% 7%
Net profit (loss) 55,296 118,438 93,525 -7,942
Net profit margin 5% 11% 8% -1%
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Revenue 521,997 536,970 563,861 625,994
Cost of goods sold 351,431 373,628 366,863 457,679
Gross profit 170,566 163,342 196,998 168,315
Gross profit margin 33% 30% 35% 27%
Operating expenses 111,674 107,235 155,972 99,041
Operating profit 58,892 56,107 41,026 69,274
Operating profit margin 11% 10% 7% 11%
EBITDA 99,078 99,215 85,275 111,985
EBITDA margin 19% 18% 15% 18%
Net profit 51,365 51,903 41,622 58,323
Net profit margin 10% 10% 7% 9%

Balance sheet

2015 2016 2017 2018
Non-current assets 1,955,377 2,061,183 2,015,468 2,411,211
Intangible assets 21,539 32,261 36,360 106,330
Tangible assets 1,631,117 1,770,814 1,761,082 2,091,590
Financial assets
Other non-current assets 302,721 258,108 218,026 213,291
Biological assets
Current assets 383,853 370,969 489,600 442,884
Inventories and prepaid expenses 80,144 44,183 94,985 73,792
Accounts receivable in one year 128,043 141,247 140,363 168,556
Other current assets 11,116 5,195 3,195 6,995
Cash and cash equivalents 164,341 178,565 171,756 127,835
Total assets 2,339,230 2,432,152 2,505,068 2,854,095
Equity 1,304,485 1,319,547 1,343,626 1,316,551
Minority share of capital 50,445 51,172 45,796 48,356
Grants and subsidies 296,437 284,929 200,311 208,874
Liabilities 738,308 757,513 886,754 1,205,497
Financial liabilities 420,688 494,391 614,081 864,510
Long-term liabilities 367,561 417,534 523,610 799,706
Short-term liabilities 365,663 323,842 358,753 372,432
Equity and liabilities 2,339,230 2,432,152 2,505,068 2,854,095
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Non-current assets 2,061,183 2,032,260 2,015,468 2,123,973
Intangible assets 32,261 30,256 36,360 80,611
Tangible assets 1,770,814 1,781,162 1,761,082 1,832,236
Financial assets 0 0 0 0
Other non-current assets 258,108 220,842 218,026 211,126
Biological assets 0 0 0 0
Current assets 370,969 288,252 489,600 428,322
Inventories and prepaid expenses 45,084 49,926 93,913 77,077
Accounts receivable in one year 141,247 103,757 140,363 120,729
Other non-current assets 6,073 30,791 83,568 99,720
Cash and cash equivalents 178,565 103,778 171,756 130,796
Total assets 2,432,152 2,320,512 2,505,068 2,552,295
Equity 1,319,547 1,309,636 1,343,626 1,266,022
Minority share of capital 51,172 51,666 45,796 44,068
Grants and subsidies 284,929 276,120 200,311 207,866
Liabilities 827,676 734,756 961,131 1,078,407
Financial liabilities 494,234 457,700 613,936 688,531
Long-term liabilities 473,002 386,624 580,012 785,473
Short-term liabilities 354,674 348,132 381,119 292,934
Equity and liabilities 2,432,152 2,320,512 2,505,068 2,552,295

Financial ratios

2015 2016 2017 2018
Capital return ratios
Return on assets (ROA) -0% 5% 4% -0%
Return on equity (ROE) -2% 9% 7% -1%
Return on capital employed (ROCE) -2% 14% 9% -0%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.55 0.37 0.46 0.66
Current Ratio 1.02 1.15 1.36 1.19
Quick ratio 0.44 1.01 1.10 0.99
Turnover ratios
Asset turnover 0.03 0.46 0.45 0.47
Fixed asset turnover 0.57 0.55 0.54 0.57
Equity turnover 0.41 0.84 0.83 0.94
Profitability ratios
EBITDA margin 4% 21% 17% 7%
Operating profit margin -6% 13% 9% -0%
Net profit margin -5% 11% 8% -1%
Other ratios
Dividends to the State 0.00 100,706.00 63,350.00 21,755.00
Dividends paid / net profit 0.00 0.85 0.68 -2.74
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Capital return ratios
Return on assets (ROA) 5% 4% 4% 4%
Return on equity (ROE) 9% 8% 7% 8%
Return on capital employed (ROCE) 7% 6% 5% 5%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.20 0.20 0.25 0.27
Current Ratio 1.05 0.83 1.28 1.46
Quick ratio 0.92 0.68 1.04 1.20
Turnover ratios
Asset turnover 0.46 0.46 0.45 0.49
Fixed asset turnover 0.55 0.52 0.54 0.57
Equity turnover 0.84 0.81 0.83 0.92
Profitability ratios
EBITDA margin 19% 18% 15% 18%
Operating profit margin 11% 10% 7% 11%
Net profit margin 10% 10% 7% 9%
Other ratios
Dividends to the State 100,706.00 78,265.40
Dividends paid / net profit 0.85 0.84

Expectations of the state

Target return on equity

6,6%

About the company

  • Official name„Lietuvos energija“, UAB, įmonių grupė
  • Legal formPrivate limited liability company (UAB)
  • Company code301844044
  • SectorEnergy
  • Line of businessGroup of energy enterprises
  • Institution representing the StateMinistry of Finance
  • Share belonging to the State100%
http://www.le.lt/
Return to the State

21.8 EUR milion

ROE

-0.6%

Number of employees

3,836

Financial data provided as at end-December 2018

Management

  • Darius MaikštėnasDirector General

Information as of: 2019/11/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Darius MaikštėnasDirector General

MEMBERS OF THE BOARD OF DIRECTORS

  • Živilė SkibarkienėLietuvos energija, UAB
  • Darius KašauskasLietuvos energija, UAB
  • Vidmantas SalietisLietuvos energija, UAB
  • Dominykas TučkusLietuvos energija, UAB

Information as of: 2019/11/01

Supervisory board

CHAIRMAN OF THE SUPERVISORY BOARD

  • Darius DaubarasSaudi Aramco; Independent member

SUPERVISORY BOARD MEMBERS

  • Aušra VičkačkienėMinistry of Finance
  • Andrius PranckevičiusAB Linas Agro Group, PF Kekava; Independent member
  • Daiva KamarauskienėMinistry of Finance
  • Daiva Lubinskaitė-TrainauskienėUAB Thermo Fisher Scientific Baltics; Independent member

Information as of: 2019/11/01