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Valdymo koordinavimo centras Governance Coordination Centre

State Owned Enterprises

AB Lietuvos geležinkeliai (LTG) established in 1991, together with other directly and indirectly owned legal entities, forms the LTG Group of companies. LTG’s core business is to increase the business value of the Group’s companies and the efficiency of rail transport operations. LTG Group companies ensure efficient management, maintenance, renewal and development of the public railway infrastructure, and provide rail passenger and freight services.

KEY FINANCIAL PERFORMANCE INDICATORS FOR THE PERIOD 2022-2024

  • Average annual adjusted EBITDA margin:

    • 2022–2024 ≥ 25 percent.

  • Annual net debt to adjusted EBITDA ratio:

    • 2022–2024 ≤ 6 times

      TARGETED SPECIFIC INDICATORS FOR THE PERIOD 2022-2024

  • Ratio of operating expenses to sales revenue:
    • 2022 – 0,95
    • 2023 – 0,87
    • 2024 – 0,88
  • CO2 emissions of freight trains from freight turnover (g / tkm net):
    •  2022 – 11,3
    •  2023 – 11,2
    •  2024 – 8,4
  • CO2 emissions of passenger trains per passenger turnover (g / km):
    • 2022 – 34,4
    • 2023 – 34,5
    • 2024 – 34,5
  • Public hazard indicator (weighted number of deaths and serious injuries / million train km):
    • 2022 – 0,42
    • 2023 – 0,36
    • 2024 – 0,3
  • Customer Satisfaction Score (CSAT),%:
    • 2022 – 81
    • 2023 – 82
    • 2024 – 83
  • Employee engagement rate,%:
    • 2022 – 58
    • 2023 – 61
    • 2024 – 61

          2021/22 GOOD CORPORATE GOVERNANCE INDEX       

        2020/21 GOOD CORPORATE GOVERNANCE INDEX        

Sk – Transparency dimension
KO – Board dimension
SP – Strategic planning and target achievement dimension
GI – Good governance ratio

Financial results

P/L Statment

2018 2019 2020 2021
Revenue 467,952 473,541 458,932 458,377
Cost of goods sold 361,184 370,201 351,628 354,957
Gross profit (loss) 106,768 103,340 107,304 103,420
Gross profit margin 23% 22% 23% 23%
Operating expenses 59,609 60,194 69,725 81,275
Operating profit (loss) 47,159 43,146 37,580 22,145
Operating profit margin 10% 9% 8% 5%
EBITDA 196,011 193,079 157,617 136,856
EBITDA margin 42% 41% 34% 30%
Net profit (loss) 54,806 58,095 36,556 23,464
Net profit margin 12% 12% 8% 5%
2019-06 2020-06 2021-06 2022-06
Revenue 228,892 192,767 204,843 201,864
Cost of goods sold 176,827 173,762 174,590 176,796
Gross profit (loss) 52,065 19,005 30,253 25,067
Gross profit margin % % % %
Operating expenses 28,325 32,477 31,444 31,457
Operating profit (loss) 23,740 -13,472 -1,191 -6,390
Operating profit margin % % % %
EBITDA 96,628 54,969 54,040 43,663
EBITDA margin 42% 29% 26% 22%
Net profit (loss) 29,524 -185 -2,739 -6,561
Net profit margin 13% -0% -1% -3%

* Left axis

** Right axis

*** All data in Profit and Loss Statement table and corresponding chart is in EUR thousand, unless otherwise noted

Balance sheet

2018 2019 2020 2021
Non-current assets 1,846,870 1,825,445 1,929,090 1,940,559
Intangible assets 21,025 18,681 21,477 26,882
Tangible assets 1,820,136 1,798,512 1,896,909 1,903,402
Financial assets 4,326 4,945 6,251 7,262
Other non-current assets 1,383 3,307 4,453 3,013
Current assets 177,198 226,981 158,849 169,489
Inventories and prepaid expenses 45,292 38,642 30,569 30,212
Accounts receivable in one year 38,477 80,818 50,635 51,635
Other current assets
Cash and cash equivalents 92,832 105,153 69,499 84,656
Total assets 2,025,657 2,056,514 2,104,226 2,117,881
Equity 1,151,386 1,167,131 1,162,977 1,166,608
Grants and subsidies 538,882 556,015 581,384 587,853
Liabilities 332,525 330,633 348,952 346,974
Financial liabilities 210,926 185,080 207,287 180,066
Long-term liabilities 188,992 186,673 209,329 183,337
Short-term liabilities 116,768 126,569 124,349 148,477
Equity and liabilities 2,025,657 2,056,514 2,104,226 2,117,881
2020-06 2021-06 2022-06
Non-current assets 1,895,651 1,924,978 1,920,003
Intangible assets 18,104 23,758 26,837
Tangible assets 1,867,823 1,890,156 1,881,913
Financial assets 4,598 6,242 7,537
Other non-current assets 5,126 4,822 3,717
Current assets 145,878 132,935 149,988
Inventories and prepaid expenses 51,439 45,026 44,475
Accounts receivable in one year 68,787 70,649 65,304
Other current assets
Cash and cash equivalents 25,652 17,261 40,209
Total assets 2,048,892 2,064,765 2,081,696
Equity 1,166,946 1,139,990 1,153,754
Grants and subsidies 565,489 582,677 629,569
Liabilities 313,011 337,355 294,049
Financial liabilities 170,546 192,997 165,993
Long-term liabilities 164,215 196,585 170,635
Short-term liabilities 119,467 125,601 108,365
Equity and liabilities 2,048,892 2,064,765 2,081,696

* All data in Balance Sheet table and corresponding chart is in EUR thousand, unless otherwise noted

Financial ratios

2018 2019 2020 2021
Capital return ratios
Return on assets (ROA) 3% 3% 2% 1%
Return on equity (ROE) 5% 5% 3% 2%
Return on capital employed (ROCE) 8% 8% 5% 3%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.18 0.16 0.18 0.15
Current Ratio 1.52 1.79 1.28 1.14
Quick ratio 1.13 1.49 1.03 0.94
Turnover ratios
Asset turnover 0.23 0.23 0.22 0.22
Fixed asset turnover 0.25 0.26 0.24 0.24
Equity turnover 0.41 0.41 0.39 0.39
Profitability ratios
EBITDA margin 42% 41% 34% 30%
Operating profit margin 10% 9% 8% 5%
Net profit margin 12% 12% 8% 5%
Other ratios
Dividends to the State 43,000.00 38,000.00 13,835.90 6,240.70
Dividends paid / net profit 0.78 0.65 0.38 0.27

* Left axis

** Right axis

*** Dividends to the state in Financial Ratios table is in EUR thousand

2019-06 2020-06 2021-06 2022-06
Capital return ratios
Return on assets (ROA) 3% % 2% 1%
Return on equity (ROE) 5% % 3% 2%
Return on capital employed (ROCE) 8% -0% -0% -1%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.16 0.17 0.15 0.14
Current Ratio 1.79 1.22 1.06 1.38
Quick ratio 1.49 0.79 0.70 0.97
Turnover ratios
Asset turnover 0.23 0.19 0.10 0.10
Fixed asset turnover 0.26 0.20 0.11 0.11
Equity turnover 0.41 0.33 0.18 0.18
Profitability ratios
EBITDA margin 41% 29% 26% 22%
Operating profit margin 9% % % %
Net profit margin 12% -0% -1% -3%
Other ratios
Dividends to the State 38,000.00
Dividends paid / net profit 0.65

Financial statments

2021 m. 6 mėn. tarpinės ataskaitos 2021 m. metinės ataskaitos
2020 m. 6 mėn. tarpinės ataskaitos 2020 m. metinės ataskaitos
2019 m. metinės ataskaitos 2019 m. 6 mėn. tarpinės ataskaitos
2018 m. metinės ataskaitos 2018 m. 6 mėn. tarpinės ataskaitos
2017 m. 6 mėn. tarpinės ataskaitos 2017 m. metinės ataskaitos
2016 m. metinės ataskaitos 2016 m. 6 mėn. tarpinės ataskaitos 2016 m. 3 mėn. tarpinės ataskaitos
2015 m. metinės ataskaitos 2015 m. 12 mėn. tarpinės ataskaitos 2015 m. 9 mėn. tarpinės ataskaitos 2015 m. 6 mėn. tarpinės ataskaitos 2015 m. 3 mėn. tarpinės ataskaitos
2014 m. metinės ataskaitos 2014 m. 12 mėn. tarpinės ataskaitos 2014 m. 9 mėn. tarpinės ataskaitos 2014 m. 6 mėn. tarpinės ataskaitos 2014 m. 3 mėn. tarpinės ataskaitos
2012 m. metinės ataskaitos 2012 m. 6 mėn. tarpinės ataskaitos
2013 m. 3 mėn. tarpinės ataskaitos 2013 m. 6 mėn. tarpinės ataskaitos 2013 m. metinės ataskaitos 2013 m. 12 mėn. tarpinės ataskaitos 2013 m. 9 mėn. tarpinės ataskaitos
2011m. 6 mėn. tarpinės ataskaitos 2011 m. metinės ataskaitos
2010 m. metinės ataskaitos

Expectations of the state

Target return on equity undefined

Letter of Expectations

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 obligationsPerformes non-commercial special obligations
  • Share belonging to the State100%
http://www.litrail.lt
ROE

1.7%

Number of employees

7,023

Financial data provided as at end-December 2021

Management

  • Egidijus LazauskasDirector General

Information as of: 2023/01/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Kęstutis ŠliužasChief Executive Officer, IPI srl/COESIA group (Italy); Independent Member

MEMBERS OF THE BOARD OF DIRECTORS

  • Bernard GuillelmonBridge The Gap Ltd; JJM Independent Member
  • Dalia AndrulionienėUAB Omberg group; Independent Member
  • Aurimas VilkelisSwiss Post; Independent Member
  • Eugenijus PreikšaUAB European Merchant Bank; Independent Member
  • Agnė Amelija MikalonėMinistry of Transport and Communications
  • Romas ŠvedasVšĮ Valdymo koordinavimo centras; Romas Švedas and Partners, MB; VU TSPMI

Information as of: 2023/01/01