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Valdymo koordinavimo centras Governance Coordination Centre

State Owned Enterprises

Lietuvos oro uostai (LTOU) manages three international airports – Vilnius, Kaunas and Palanga. LTOU develops the coordinated operations of the three airports, offers a wide range of services and ensures a high quality of services to passengers and partners. The Ministry of Transport and Communications of the Republic of Lithuania is the authority exercising the rights and duties of the owner of the company.
The established network of airports provides an opportunity to diversify activities, with each airport prioritising the most important parts of its operations, and to complement the Lithuanian transport system in a coordinated way.
LTOU’s mission is to bring the world closer to Lithuania.

        2023/24 GOOD CORPORATE GOVERNANCE INDEX

        2022/23 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

2020 2021 2022 2023
Revenue 22,717 28,982 44,657 59,808
Cost of goods sold
Gross profit (loss) 22,717 28,982 44,657 59,808
Gross profit margin 100% 100% 100% 100%
Operating expenses
Operating profit (loss) -5,355 -590 8,679 8,952
Operating profit margin -24% -2% 19% 15%
EBITDA 1,890 7,902 15,386 24,653
EBITDA margin 8% 27% 34% 41%
Net profit (loss) -4,653 -703 6,556 5,475
Net profit margin -20% -2% 15% 9%
2021-06 2022-06 2023-06 2024-06
Revenue 9,070 20,855 29,609 30,989
Cost of goods sold
Gross profit (loss) 9,070 20,855 29,609 30,989
Gross profit margin 100% 100% 100% 100%
Operating expenses 21,831 25,811
Operating profit (loss) -4,686 2,876 7,778 5,178
Operating profit margin -52% 14% 26% 17%
EBITDA -579 7,947 14,437 11,121
EBITDA margin -6% 38% 49% 36%
Net profit (loss) -4,299 2,378 6,144 7,471
Net profit margin -47% 11% 21% 24%

* Left axis

** Right axis

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

Balance sheet

2020 2021 2022 2023
Non-current assets 184,197 210,766 208,657 312,712
Intangible assets 435 1,362 1,200 1,695
Tangible assets 175,718 199,876 195,073 288,319
Financial assets 5,535 7,147 11,630 21,889
Other non-current assets 2,509 2,381 754 809
Current assets 13,568 20,839 25,593 35,336
Inventories and prepaid expenses 375 558 1,039 1,039
Accounts receivable in one year 2,593 5,200 4,776 7,017
Other current assets 589 329 516
Cash and cash equivalents 10,011 15,081 19,450 26,764
Total assets 197,765 231,605 234,250 348,048
Equity 127,903 127,768 130,979 161,959
Grants and subsidies 34,823 53,722 57,410 106,632
Liabilities 35,039 50,115 45,862 67,236
Financial liabilities 23,492 37,819 35,436 47,791
Long-term liabilities 21,690 35,373 32,406 43,123
Short-term liabilities 13,349 14,743 13,456 24,114
Equity and liabilities 197,765 231,605 234,250 348,048
2021-06 2022-06 2023-06 2024-06
Non-current assets 184,358 204,309 297,849 331,416
Intangible assets 1,274 1,414 987 1,485
Tangible assets 174,345 193,963 274,961 305,577
Financial assets 5,312 6,990 21,889 21,973
Other non-current assets 3,428 1,943 12 2,381
Current assets 0 0 0
Inventories and prepaid expenses 268 929 1,154 1,260
Accounts receivable in one year 2,408 6,736 6,426 6,298
Other current assets 642 408 477 474
Cash and cash equivalents 9,679 11,179 16,931 19,553
Total assets 197,356 223,561 322,837 359,071
Equity 122,437 127,130 207,304 169,282
Grants and subsidies 37,569 52,218 55,470 105,616
Liabilities 37,350 44,214 47,935 84,173
Financial liabilities 28,083 36,560 34,304 53,575
Long-term liabilities 26,210 35,328 30,712 60,346
Short-term liabilities 11,140 8,886 17,223 23,827
Equity and liabilities 197,356 223,561 322,837 359,071

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

Financial ratios

2020 2021 2022 2023
Capital return ratios
Return on assets (ROA) -2% -0% 3% 2%
Return on equity (ROE) -4% -1% 5% 4%
Return on capital employed (ROCE) -4% -0% 5% 4%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.12 0.16 0.15 0.14
Current Ratio 1.02 1.41 1.90 1.47
Quick ratio 0.99 1.38 1.82 1.42
Turnover ratios
Asset turnover 0.11 0.13 0.19 0.17
Fixed asset turnover 0.12 0.14 0.21 0.19
Equity turnover 0.18 0.23 0.34 0.37
Profitability ratios
EBITDA margin 8% 27% 34% 41%
Operating profit margin -24% -2% 19% 15%
Net profit margin -20% -2% 15% 9%
Other ratios
Dividends to the State 0.00 4,719.27 2,982.70 5,147.60
Dividends paid / net profit 0.00 -6.71 0.45 0.94

* Left axis

** Right axis

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

2021-06 2022-06 2023-06 2024-06
Capital return ratios
Return on assets (ROA) -4% 3% 3% 2%
Return on equity (ROE) -5% 5% 4% 4%
Return on capital employed (ROCE) -3% 2% 3% 2%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.14 0.16 0.11 0.15
Current Ratio 1.17 2.17 1.45 1.16
Quick ratio 1.14 2.06 1.38 1.11
Turnover ratios
Asset turnover 0.05 0.09 0.09 0.09
Fixed asset turnover 0.05 0.10 0.10 0.09
Equity turnover 0.07 0.16 0.14 0.18
Profitability ratios
EBITDA margin -6% 38% 49% 36%
Operating profit margin -52% 14% 26% 17%
Net profit margin -47% 11% 21% 24%
Other ratios
Dividends to the State
Dividends paid / net profit

Financial statments

2023 m. 6 mėn. tarpinės ataskaitos 2023 m. metinės ataskaitos
2022 m. 6 mėn. tarpinės ataskaitos 2022 m. metinės ataskaitos
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

Expectations of the state

Key performance indicator
Letter of Expectations

About the company

  • Official nameAB Lietuvos oro uostai
  • Legal formPublic limited liability company (AB)
  • 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

5.1 EUR milion

ROE

4.0%

Number of employees

652

Financial data provided as at end-December 2023

Management

  • Simonas BartkusChief Executive Officer

Information as of: 2024/11/04

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Gediminas AlmantasIndependent member; VšĮ Lietuvos nacionalinis radijas ir televizija; Lietuvos Raudonojo Kryžiaus draugija; VšĮ Atviros Lietuvos Fondo taryba; AB LTG Infra; AB Novaturas

MEMBERS OF THE BOARD OF DIRECTORS

  • Eglė ČiužaitėIndependent Member; AB Vilniaus šilumos tinklai; VšĮ Jaunimo linija; UAB Akropolis group; MAXIMA GRUPĖ, UAB
  • Tadas Arvydas VizgirdaIndependent Member; UAB Shift4 Payments Lithuania; Shift4 Services UAB; Revel Systems UAB; American Chamber of Commerce in Lithuania
  • Dan StrombergIndependent member; „SIA Tet“
  • Vilius VeitasMinistry of Transport and Communications

Information as of: 2024/11/04

VMU
ltg
RC
LP
TB
IGN
KN
IAE
EPSO