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Valdymo koordinavimo centras

State Owned Enterprises

On July 1, 2014 State Enterprise Vilnius International Airport was reorganized by connecting International Palanga Airport and Kaunas Airport. Since that day, all three companies have been operating as one company with three branches in Vilnius, Kaunas and Palanga and are referred to as the State Enterprise Lithuanian Airports. The company provides aviation and non-aviation services (rental of premises and car parking sites, advertising, accommodation services). The main competitors of the Company are Riga and Tallinn airports.

Financial results

P/L Statment

2014 2015 2016 2017
Revenue 21,885 24,499 29,888 33,130
Cost of goods sold 20,500 21,971 0 0
Gross profit 1,385 2,529 29,888 33,130
Gross profit margin 6% 10% 100% 100%
Operating expenses 0 0 25,747 30,179
Operating profit 1,385 2,529 4,141 2,951
Operating profit margin 6% 10% 14% 9%
EBITDA 7,130 8,275 10,111 8,908
EBITDA margin 33% 34% 34% 27%
Net profit 1,214 2,113 3,467 2,482
Net profit margin 6% 9% 12% 7%
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Revenue 16,006 16,547 16,583 20,363
Cost of goods sold -11,899 0 0 0
Gross profit 27,906 16,547 16,583 20,363
Gross profit margin 174% 100% 100% 100%
Operating expenses 25,747 13,155 17,024 14,723
Operating profit 2,159 3,393 -442 5,640
Operating profit margin 13% 21% -3% 28%
EBITDA 5,135 6,332 2,576 9,839
EBITDA margin 32% 38% 16% 48%
Net profit 1,488 3,382 -900 4,769
Net profit margin 9% 20% -5% 23%

Balance sheet

2014 2015 2016 2017
Non-current assets 153,835 151,922 144,511 164,362
Intangible assets 218 771 511 275
Tangible assets 152,375 150,031 142,976 163,162
Financial assets 1,211 1,106 1,023 925
Other non-current assets 31 16 0 0
Biological assets 0 0 0 0
Current assets 11,741 14,012 22,779 22,846
Inventories and prepaid expenses 444 429 383 1,594
Accounts receivable in one year 2,829 3,360 6,069 6,323
Other non-current assets 264 101 129 102
Cash and cash equivalents 8,203 10,122 16,198 14,828
Total assets 165,575 165,935 167,289 187,208
Equity 110,748 113,248 117,040 118,936
Minority share of capital 0 0 0 0
Grants and subsidies 43,575 41,434 37,769 43,489
Liabilities 11,252 11,253 12,481 24,782
Financial liabilities 5,147 5,147 3,279 24,714
Long-term liabilities 5,707 4,025 2,257 13,068
Short-term liabilities 5,545 7,228 10,224 11,714
Equity and liabilities 165,575 165,935 167,289 187,208
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Non-current assets 144,511 144,059 164,362 159,312
Intangible assets 511 353 275 175
Tangible assets 142,976 142,728 163,162 158,258
Financial assets 1,023 970 925 879
Other non-current assets 0 8 0 0
Biological assets 0 0 0 0
Current assets 22,779 21,857 22,846 27,086
Inventories and prepaid expenses 383 565 1,594 1,078
Accounts receivable in one year 6,069 3,911 6,323 6,116
Other non-current assets 129 350 102 298
Cash and cash equivalents 16,198 17,031 14,828 19,595
Total assets 167,289 165,916 187,208 186,399
Equity 117,040 118,686 118,936 121,127
Minority share of capital 0 0 0 0
Grants and subsidies 37,769 35,963 43,489 42,431
Liabilities 12,481 11,266 24,782 22,841
Financial liabilities 3,279 11,199 24,714 13,790
Long-term liabilities 2,257 1,647 13,068 13,083
Short-term liabilities 10,224 9,619 11,714 9,758
Equity and liabilities 167,289 165,916 187,208 186,399

Financial ratios

2014 2015 2016 2017
Capital return ratios
Return on assets (ROA) 1% 1% 2% 2%
Return on equity (ROE) 2% 2% 3% 2%
Return on capital employed (ROCE) 1% 2% 3% 2%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.03 0.03 0.02 0.13
Current Ratio 2.12 1.94 2.23 1.95
Quick ratio 2.04 1.88 2.19 1.81
Turnover ratios
Asset turnover 0.17 0.15 0.18 0.19
Fixed asset turnover 0.18 0.16 0.20 0.21
Equity turnover 0.24 0.22 0.26 0.28
Profitability ratios
EBITDA margin 33% 34% 34% 27%
Operating profit margin 6% 10% 14% 9%
Net profit margin 6% 9% 12% 7%
Other ratios
Dividends to the State 0.00 1,056.30 1,733.41 3,429.01
Dividends paid / net profit 0.00 0.50 0.50 1.38
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Capital return ratios
Return on assets (ROA) 2% 3% 2% 2%
Return on equity (ROE) 3% 4% 2% 4%
Return on capital employed (ROCE) 3% 4% 2% 3%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.02 0.07 0.13 0.07
Current Ratio 2.23 2.27 1.95 2.78
Quick ratio 2.19 2.21 1.81 2.67
Turnover ratios
Asset turnover 0.18 0.20 0.19 0.21
Fixed asset turnover 0.20 0.22 0.21 0.24
Equity turnover 0.26 0.28 0.28 0.31
Profitability ratios
EBITDA margin 32% 38% 16% 48%
Operating profit margin 13% 21% -3% 28%
Net profit margin 9% 20% -5% 23%
Other ratios
Dividends to the State 1,733.41 3,429.01
Dividends paid / net profit 0.50 1.38

Expectations of the state

Target return on equity

6,7%

About the company

  • Official nameVĮ Lietuvos oro uostai
  • Legal formState enterprise (VĮ)
  • Company code120864074
  • SectorTransport and Communications
  • Line of businessAirport
  • Institution representing the StateMinistry of Transport and Communications
  • Share belonging to the State100%
http://ltou.lt/
Return to the State

3.8 EUR milion

ROE

2.4%

Number of employees

619

Financial data provided as at end-December 2017

Management

  • Marius GelžinisDirector General

Information as of: 2019/05/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Tomas KrakauskasUAB ME Investicija; Independent member

MEMBERS OF THE BOARD OF DIRECTORS

  • Andrius ŠniuolisMinistry of Transport and Communications
  • Ramūnas BagdonasTelia Lietuva, AB; Independent member
  • Adamas IlkevičiusAB Lietuvos geležinkeliai; Independent member
  • Justina BučinskaitėUAB Baltic Consol Line; Independent member

Information as of: 2019/05/01