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Valdymo koordinavimo centras

State Owned Enterprises

AB Lietuvos Geležinkeliai was established in 1991. The Company administers and supervises the railway network operated in Lithuania. Its main activities are rail freight, passenger transportation, management, maintenance and development of public railway infrastructure. The main competitors of the company are Estonian and Latvian railway companies.

Financial results

P/L Statment

2015 2016 2017 2018
Revenue 429,521 404,120 448,100 467,952
Cost of goods sold 360,020 334,750 355,289 361,184
Gross profit (loss) 69,502 69,370 92,811 106,768
Gross profit margin 16% 17% 21% 23%
Operating expenses 69,127 114,405 55,624 59,609
Operating profit (loss) 375 -45,035 37,187 47,159
Operating profit margin 0% -11% 8% 10%
EBITDA 120,920 76,092 159,317 196,011
EBITDA margin 28% 19% 36% 42%
Net profit (loss) 669 -52,453 26,988 54,806
Net profit margin 0% -13% 6% 12%
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Revenue 206,216 207,960 240,140 223,210
Cost of goods sold 172,182 182,696 172,362 168,153
Gross profit 34,034 25,265 67,777 55,057
Gross profit margin 17% 12% 28% 25%
Operating expenses 38,124 30,959 24,666 28,930
Operating profit -4,090 -5,694 43,112 26,127
Operating profit margin -2% -3% 18% 12%
EBITDA 60,692 60,695 95,763 85,200
EBITDA margin 29% 29% 40% 38%
Net profit -4,728 -6,058 33,046 18,642
Net profit margin -2% -3% 14% 8%

Balance sheet

2015 2016 2017 2018
Non-current assets 1,960,788 1,958,937 1,909,825 1,846,870
Intangible assets 18,061 26,096 24,445 21,025
Tangible assets 1,934,857 1,926,923 1,879,492 1,820,136
Financial assets 4,092 4,497 4,260 4,326
Other non-current assets 3,778 1,421 1,628 1,383
Biological assets
Current assets 113,933 116,084 155,541 177,198
Inventories and prepaid expenses 52,528 36,738 36,167 45,292
Accounts receivable in one year 45,904 53,921 35,083 38,477
Other current assets
Cash and cash equivalents 14,682 20,666 83,536 92,832
Total assets 2,077,793 2,077,717 2,067,572 2,025,657
Equity 1,099,419 1,111,683 1,138,694 1,151,386
Minority share of capital
Grants and subsidies 576,611 515,251 520,962 538,882
Liabilities 399,055 445,774 403,711 332,525
Financial liabilities 320,709 301,469 268,533 210,926
Long-term liabilities 298,563 275,089 243,092 188,992
Short-term liabilities 86,469 111,468 134,279 116,768
Equity and liabilities 2,077,793 2,077,717 2,067,572 2,025,657
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Non-current assets 1,966,510 1,942,262 1,909,825 1,870,911
Intangible assets 30,745 29,049 24,445 22,842
Tangible assets 1,928,063 1,906,305 1,879,492 1,842,167
Financial assets 4,171 3,379 4,260 4,072
Other non-current assets 3,531 3,530 1,628 1,830
Biological assets 0 0 0 0
Current assets 119,577 130,148 157,748 161,347
Inventories and prepaid expenses 46,430 44,191 37,552 46,438
Accounts receivable in one year 46,737 59,546 35,905 40,848
Other non-current assets 5,745 4,097 755 733
Cash and cash equivalents 20,666 22,316 83,536 73,328
Total assets 2,086,087 2,072,410 2,067,572 2,032,258
Equity 1,094,039 1,087,853 1,138,694 1,156,139
Minority share of capital 0 0 0 0
Grants and subsidies 596,382 605,685 520,962 519,065
Liabilities 395,666 378,872 407,916 357,054
Financial liabilities 301,470 283,076 268,533 239,795
Long-term liabilities 281,795 264,979 269,218 228,377
Short-term liabilities 113,870 113,893 138,699 128,677
Equity and liabilities 2,086,087 2,072,410 2,067,572 2,032,258

Financial ratios

2016 2017 2018
Capital return ratios
Return on assets (ROA) -3% 1% 3%
Return on equity (ROE) -5% 2% 5%
Return on capital employed (ROCE) -5% 4% 8%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.27 0.24 0.18
Current Ratio 1.04 1.16 1.52
Quick ratio 0.71 0.89 1.13
Turnover ratios
Asset turnover 0.19 0.22 0.23
Fixed asset turnover 0.21 0.23 0.25
Equity turnover 0.37 0.40 0.41
Profitability ratios
EBITDA margin 19% 36% 42%
Operating profit margin -11% 8% 10%
Net profit margin -13% 6% 12%
Other ratios
Dividends to the State 34,000.00 43,000.00
Dividends paid / net profit 1.26 0.78
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Capital return ratios
Return on assets (ROA) -0% -1% 1% 3%
Return on equity (ROE) -0% -1% 2% 5%
Return on capital employed (ROCE) 0% -0% 2% 4%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.14 0.14 0.13 0.12
Current Ratio 1.05 1.14 1.14 1.25
Quick ratio 0.64 0.75 0.87 0.89
Turnover ratios
Asset turnover 0.20 0.20 0.22 0.23
Fixed asset turnover 0.21 0.21 0.23 0.24
Equity turnover 0.37 0.38 0.40 0.41
Profitability ratios
EBITDA margin 29% 29% 40% 38%
Operating profit margin -2% -3% 18% 12%
Net profit margin -2% -3% 14% 8%
Other ratios
Dividends to the State 0.00 34,000.00
Dividends paid / net profit 0.00 1.26

Expectations of the state

Target return on equity

5,5%

About the company

  • Official nameAB „Lietuvos geležinkeliai“ įmonių grupė
  • Legal formPublic limited liability company (AB)
  • Company code110053842
  • SectorTransport and Communications
  • Line of businessRailways
  • Institution representing the StateMinistry of Transport and Communications
  • Special obligationsVykdo nekomercinius specialiuosius įpareigojimus
  • Share belonging to the State100%
http://www.litrail.lt
Return to the State

43.0 EUR milion

ROE

4.8%

Number of employees

9,624

Financial data provided as at end-December 2018

Management

  • Mantas BartuškaDirector General

Information as of: 2019/11/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Romas ŠvedasRomas Švedas and Partners, MB, UN ESPOO Convention Inplementation Committee, VU TSPMI, Independent member

MEMBERS OF THE BOARD OF DIRECTORS

  • Mats Bo Knut HansonMBK Advisory AB; Independent member
  • Rolandas ZukasUAB EPSO-G; Independent member
  • Monika Rimkūnaitė-BložėUAB Mobilieji mokėjimai; Independent member
  • Alditas SauliusIndependent member
  • Christian Oliver KuhnCK Rail and Logistics Beratungs- und Beteiligungsgesellschaft mbH; Independent member

Information as of: 2019/11/01