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Valdymo koordinavimo centras Governance Coordination Centre

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

2017 2018 2019 2020
Revenue 448,100 467,952 473,541 422,953
Cost of goods sold 355,289 361,184 370,201 351,628
Gross profit (loss) 92,811 106,768 103,340 71,325
Gross profit margin 21% 23% 22% 17%
Operating expenses 55,624 59,609 60,194 69,725
Operating profit (loss) 37,187 47,159 43,146 1,600
Operating profit margin 8% 10% 9% 0%
EBITDA 159,317 196,011 193,079 157,617
EBITDA margin 36% 42% 41% 37%
Net profit (loss) 26,988 54,806 58,095 36,556
Net profit margin 6% 12% 12% 9%
2019-06 2020-06 2021-06
Revenue 228,892 192,767 187,710
Cost of goods sold 176,827 173,762 174,590
Gross profit (loss) 52,065 19,005 13,120
Gross profit margin % 23% 7%
Operating expenses 28,325 32,477 31,444
Operating profit (loss) 23,740 -13,472 -18,324
Operating profit margin % 10% -10%
EBITDA 96,628 54,040
EBITDA margin % 42% 29%
Net profit (loss) 29,524 -185 -2,739
Net profit margin % 13% -1%

Balance sheet

2017 2018 2019 2020
Non-current assets 1,909,825 1,846,870 1,825,445 1,929,090
Intangible assets 24,445 21,025 18,681 21,477
Tangible assets 1,879,492 1,820,136 1,798,512 1,896,909
Financial assets 4,260 4,326 4,945 6,251
Other non-current assets 1,628 1,383 3,307 4,453
Current assets 155,541 177,198 226,981 158,849
Inventories and prepaid expenses 36,167 45,292 38,642 30,569
Accounts receivable in one year 35,083 38,477 80,818 50,635
Other current assets
Cash and cash equivalents 83,536 92,832 105,153 69,499
Total assets 2,067,572 2,025,657 2,056,514 2,104,226
Equity 1,138,694 1,151,386 1,167,131 1,162,977
Grants and subsidies 520,962 538,882 556,015 581,384
Liabilities 403,711 332,525 330,633 348,952
Financial liabilities 268,533 210,926 185,080 207,287
Long-term liabilities 243,092 188,992 186,673 209,329
Short-term liabilities 134,279 116,768 126,569 124,349
Equity and liabilities 2,067,572 2,025,657 2,056,514 2,104,226
2019-06 2020-06 2021-06
Non-current assets 1,818,829 1,895,651 1,924,978
Intangible assets 19,716 18,104 23,758
Tangible assets 1,793,492 1,867,823 1,890,156
Financial assets 3,916 4,598 6,242
Other non-current assets 1,705 5,126 4,822
Current assets 194,735 145,878 132,935
Inventories and prepaid expenses 41,177 51,439 45,026
Accounts receivable in one year 64,318 68,787 70,649
Other current assets
Cash and cash equivalents 89,241 25,652 17,261
Total assets 2,019,083 2,048,892 2,064,765
Equity 1,137,910 1,166,946 1,139,990
Grants and subsidies 541,709 565,489 582,677
Liabilities 335,666 313,011 337,355
Financial liabilities 166,778 144,684 162,803
Long-term liabilities 183,458 164,215 196,585
Short-term liabilities 29,740 25,861 30,193
Equity and liabilities 2,019,083 2,048,892 2,064,765

Financial ratios

2017 2018 2019 2020
Capital return ratios
Return on assets (ROA) 1% 3% 3% 2%
Return on equity (ROE) 2% 5% 5% 3%
Return on capital employed (ROCE) 4% 8% 8% 5%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.24 0.18 0.16 0.18
Current Ratio 1.16 1.52 1.79 1.28
Quick ratio 0.89 1.13 1.49 1.03
Turnover ratios
Asset turnover 0.22 0.23 0.23 0.20
Fixed asset turnover 0.23 0.25 0.26 0.23
Equity turnover 0.40 0.41 0.41 0.36
Profitability ratios
EBITDA margin 36% 42% 41% 37%
Operating profit margin 8% 10% 9% 0%
Net profit margin 6% 12% 12% 9%
Other ratios
Dividends to the State 34,000.00 43,000.00 38,000.00 13,835.90
Dividends paid / net profit 1.26 0.78 0.65 0.38
2018-06 2019-06 2020-06 2021-06
Capital return ratios
Return on assets (ROA) 1% % % 2%
Return on equity (ROE) 2% % % 3%
Return on capital employed (ROCE) 4% -6% 4% -0%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.24 0.15 0.17
Current Ratio 1.16 6.55 5.64 4.40
Quick ratio 0.89 5.16 3.65 2.91
Turnover ratios
Asset turnover 0.22 0.23 0.09 0.09
Fixed asset turnover 0.23 0.25 0.10 0.10
Equity turnover 0.40 0.40 0.17 0.16
Profitability ratios
EBITDA margin 36% % 42% 29%
Operating profit margin 8% % 10% -10%
Net profit margin 6% % 13% -1%
Other ratios
Dividends to the State 34,000.00
Dividends paid / net profit 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 obligationsPerformes non-commercial special obligations
  • Share belonging to the State100%
http://www.litrail.lt
Return to the State

13.8 EUR milion

ROE

3.1%

Number of employees

8,999

Financial data provided as at end-December 2020

Management

  • Mantas BartuškaDirector General

Information as of: 2021/10/01

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 GuillelmonMember of the Supervisory Board, Ermewa Holding; Senior Advisor, Nexxiot AG; Vice-President of the Board; JJM Holding; Independent Member
  • Dalia AndrulionienėExecutive Director, UAB Omberg; Independent Member
  • Aurimas VilkelisHead of Transport Department, Swiss Post; Independent Member
  • Eugenijus PreikšaRisk management expert; Independent Member
  • Agnė Amelija MikalonėSenior Advisor, Ministry of Transport and Communications
  • Romas ŠvedasRomas Švedas and Partners, MB; VU TSPMI associate professor of partnership

Information as of: 2021/10/01