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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

2015 2016 2017 2018
Revenue 24,518 29,908 33,131 43,997
Cost of goods sold
Gross profit (loss) 24,518 29,908 33,131 43,997
Gross profit margin 100% 100% 100% 100%
Operating expenses 21,971 25,747 30,179 32,969
Operating profit (loss) 2,547 4,162 2,951 11,028
Operating profit margin 10% 14% 9% 25%
EBITDA 8,275 10,111 8,908 17,686
EBITDA margin 34% 34% 27% 40%
Net profit (loss) 2,113 3,467 2,482 8,354
Net profit margin 9% 12% 7% 19%
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

2015 2016 2017 2018
Non-current assets 151,923 144,511 164,362 157,053
Intangible assets 771 511 275 337
Tangible assets 150,031 142,977 163,162 155,882
Financial assets 1,121 1,023 925 834
Other non-current assets
Biological assets
Current assets 14,012 22,779 22,846 32,938
Inventories and prepaid expenses 421 383 1,594 610
Accounts receivable in one year 3,368 6,069 6,323 6,271
Other current assets 101 129 102 94
Cash and cash equivalents 10,122 16,198 14,828 25,964
Total assets 165,935 167,289 187,208 189,991
Equity 113,248 117,040 118,936 123,861
Minority share of capital
Grants and subsidies 41,434 37,769 43,489 39,318
Liabilities 11,253 12,481 24,782 26,812
Financial liabilities 5,147 3,279 14,580 13,000
Long-term liabilities 4,025 2,257 13,068 13,330
Short-term liabilities 7,228 10,224 11,714 13,482
Equity and liabilities 165,935 167,289 187,208 189,991
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

2015 2016 2017 2018
Capital return ratios
Return on assets (ROA) -1% 2% 2% 5%
Return on equity (ROE) -2% 3% 2% 7%
Return on capital employed (ROCE) -1% 5% 3% 12%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.27 0.03 0.12 0.10
Current Ratio 6.68 2.23 1.95 2.44
Quick ratio 1.68 2.19 1.81 2.40
Turnover ratios
Asset turnover 0.02 0.18 0.19 0.23
Fixed asset turnover 0.03 0.20 0.21 0.27
Equity turnover 0.05 0.26 0.28 0.36
Profitability ratios
EBITDA margin -26% 34% 27% 40%
Operating profit margin -46% 14% 9% 25%
Net profit margin -42% 12% 7% 19%
Other ratios
Dividends to the State 0.00 1,733.40 3,429.01 8,524.10
Dividends paid / net profit 0.00 0.50 1.38 1.02
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

8.9 EUR milion

ROE

7.2%

Number of employees

660

Financial data provided as at end-December 2018

Management

  • Marius GelžinisDirector General

Information as of: 2019/11/01

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: 2019/11/01