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Valdymo koordinavimo centras

State Owned Enterprises

Oro navigacija is a state-owned company founded in 1995. It is a certified European air navigation service provider, that provides air traffic, communication, navigation and surveillance, air navigation information services to aircrafts flying in the Republic of Lithuania.

Financial results

P/L Statment

2015 2016 2017 2018
Revenue 27,990 28,246 28,757 29,519
Cost of goods sold 20,235 19,549 19,780 18,613
Gross profit (loss) 7,755 8,697 8,977 10,907
Gross profit margin 28% 31% 31% 37%
Operating expenses 5,953 6,359 7,581 6,233
Operating profit (loss) 1,802 2,338 1,396 4,673
Operating profit margin 6% 8% 5% 16%
EBITDA 5,403 4,997 4,468 7,338
EBITDA margin 19% 18% 16% 25%
Net profit (loss) 1,227 1,890 1,552 4,329
Net profit margin 4% 7% 5% 15%
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Revenue 14,925 13,765 14,992 15,043
Cost of goods sold 9,970 10,110 9,670 9,068
Gross profit 4,955 3,655 5,322 5,975
Gross profit margin 33% 27% 35% 40%
Operating expenses 2,158 3,463 4,445 3,210
Operating profit 2,797 192 877 2,765
Operating profit margin 19% 1% 6% 18%
EBITDA 3,924 1,627 2,840 4,353
EBITDA margin 26% 12% 19% 29%
Net profit 2,379 -89 1,641 2,738
Net profit margin 16% -1% 11% 18%

Balance sheet

2015 2016 2017 2018
Non-current assets 33,498 32,813 37,956 47,146
Intangible assets 245 242 127 121
Tangible assets 24,053 29,571 37,829 45,972
Financial assets 9,200 3,000
Other non-current assets 1,054
Biological assets
Current assets 13,218 18,240 14,529 19,363
Inventories and prepaid expenses 310 11 32 62
Accounts receivable in one year 5,137 5,229 2,858 2,719
Other current assets 2,400 9,200 5,000 2,000
Cash and cash equivalents 5,371 3,800 6,639 14,582
Total assets 46,852 51,053 55,170 69,376
Equity 44,044 42,565 46,017 49,595
Minority share of capital
Grants and subsidies 57 2,677 2,786 5,911
Liabilities 2,751 5,811 6,255 11,239
Financial liabilities
Long-term liabilities 1,439 1,100 1,015
Short-term liabilities 2,431 3,543 3,730 5,959
Equity and liabilities 46,852 51,053 55,170 69,376
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Non-current assets 32,813 35,567 37,956 42,699
Intangible assets 242 203 127 109
Tangible assets 29,571 32,364 37,829 42,590
Financial assets 3,000 3,000 0 0
Other non-current assets 0 0 0 0
Biological assets 0 0 0 0
Current assets 18,532 16,664 17,214 16,897
Inventories and prepaid expenses 466 674 479 869
Accounts receivable in one year 5,066 6,233 5,096 6,493
Other non-current assets 9,200 5,000 5,000 2,000
Cash and cash equivalents 3,800 4,757 6,639 7,535
Total assets 51,345 52,231 55,170 59,596
Equity 46,120 46,031 46,017 48,226
Minority share of capital 0 0 0 0
Grants and subsidies 2,592 2,592 2,786 3,283
Liabilities 2,633 3,608 6,367 8,087
Financial liabilities 0 0 0 0
Long-term liabilities 509 509 2,016 2,525
Short-term liabilities 2,124 3,099 4,351 5,562
Equity and liabilities 51,345 52,231 55,170 59,596

Financial ratios

2016 2017 2018
Capital return ratios
Return on assets (ROA) 4% 3% 7%
Return on equity (ROE) 5% 4% 10%
Return on capital employed (ROCE) 8% 6% 13%
Capital structure and liquidity ratios
Debt / asset ratio (D/A)
Current Ratio 5.15 3.90 3.25
Quick ratio 5.15 3.89 3.24
Turnover ratios
Asset turnover 0.58 0.54 0.47
Fixed asset turnover 0.85 0.81 0.69
Equity turnover 0.65 0.65 0.62
Profitability ratios
EBITDA margin 18% 16% 25%
Operating profit margin 8% 5% 16%
Net profit margin 7% 5% 15%
Other ratios
Dividends to the State 500.00 1,100.00
Dividends paid / net profit 0.32 0.25
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Capital return ratios
Return on assets (ROA) 5% 5% 3% 8%
Return on equity (ROE) 5% 6% 4% 10%
Return on capital employed (ROCE) 6% 6% 4% 8%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.00 0.00 0.00
Current Ratio 8.73 5.38 3.96 3.04
Quick ratio 8.51 5.16 3.85 2.88
Turnover ratios
Asset turnover 0.57 0.58 0.54 0.54
Fixed asset turnover 0.85 0.83 0.81 0.77
Equity turnover 0.62 0.64 0.62 0.64
Profitability ratios
EBITDA margin 26% 12% 19% 29%
Operating profit margin 19% 1% 6% 18%
Net profit margin 16% -1% 11% 18%
Other ratios
Dividends to the State 0.00 500.00
Dividends paid / net profit 0.00 0.32

Expectations of the state

Target return on equity

3,7%

About the company

  • Official nameVĮ „Oro navigacija“
  • Legal formState enterprise (VĮ)
  • Company code210060460
  • SectorTransport and Communications
  • Line of businessAir space supervision and navigation
  • Institution representing the StateMinistry of Transport and Communications
  • Share belonging to the State100%
http://www.ans.lt/
Return to the State

1.4 EUR milion

ROE

9.7%

Number of employees

285

Financial data provided as at end-December 2018

Management

  • Mindaugas GustysDirector General

Information as of: 2019/11/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Dangirutis JanušasUAB Verslo konsultacijų spektras, UAB Vilniaus vandenys; Independent member

MEMBERS OF THE BOARD OF DIRECTORS

  • Gediminas AlmantasLithuanian Red Cross; Independent member
  • Mikas JovaišasAB Lietuvos geležinkeliai; Independent member
  • Andrius ŠniuolisMinistry of Transport and Communications
  • Vytautas VaižmužisVĮ Oro navigacija

Information as of: 2019/11/01