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Valdymo koordinavimo centras Governance Coordination Centre

State Owned Enterprises

The State Enterprise 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.

KEY FINANCIAL PERFORMANCE INDICATORS FOR THE PERIOD 2022-2024

  • Annual EBITDA:
    • 2022 ≥ 9 million Eur,
    • 2023 ≥ 13 million Eur,
    • 2024 ≥ 17 million Eur
  • Annual ratio of financial debt to equity:
    • 2022–2024 limit 1,0–1,5 times

TARGETED SPECIFIC INDICATORS FOR THE PERIOD 2023-2025

  • Annual income, ml. EUR:
    • 2023 – 50,6
    • 2024 – 61,8
    • 2025 – 66,8
  • The ratio of customers’ debts to income, %:
    • 2023-2025 ≤ 11
  • Number of directions, units:
    • 2023 – 100
    • 2024 – 108
    • 2025 – 115
  • General level of safe operation in ALoSP:
    • 2023 ≥ 87,17
    • 2024 ≥ 88,17
    • 2025 ≥ 89,17
  • Employee engagement index,%:
    • 2023 – 65
    • 2024 – 67
    • 2025 – 69
  • Indicator of passengers loyal to airports (international customer recommendation index Net Promoter Score):
    • 2023 – 59
    • 2024 – 60
    • 2025 – 62
  • Electricity consumption per passenger, kWh:
    • 2023 – 1,88
    • 2024 – 1,63
    • 2025 – 1,48
  • Evaluation of the CSR and sustainability report:
    • 2023-2025 – A+

        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 43,098 48,827 22,717 28,982
Cost of goods sold
Gross profit (loss) 43,098 48,827 22,717 28,982
Gross profit margin 100% 100% 100% 100%
Operating expenses 32,231 32,480 28,072 29,572
Operating profit (loss) 10,867 16,346 -5,355 -590
Operating profit margin 25% 33% -24% -2%
EBITDA 17,525 23,079 1,890 7,902
EBITDA margin 41% 47% 8% 27%
Net profit (loss) 8,693 13,998 -4,653 -703
Net profit margin 20% 29% -20% -2%
2019-06 2020-06 2021-06 2022-06
Revenue 23,676 11,665 9,070 20,855
Cost of goods sold
Gross profit (loss) 23,676 11,665 9,070 20,855
Gross profit margin % % % %
Operating expenses 16,282 13,607 13,756 17,978
Operating profit (loss) 7,395 -1,942 -4,686 2,876
Operating profit margin % % % %
EBITDA 10,817 1,397 -579 7,947
EBITDA margin 46% 12% -6% 38%
Net profit (loss) 6,688 -1,968 -4,299 2,378
Net profit margin 28% -17% -47% 11%

* 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 158,091 172,004 184,197 210,766
Intangible assets 337 720 435 1,362
Tangible assets 153,742 167,343 175,718 199,876
Financial assets 2,974 2,900 5,535 7,147
Other non-current assets 1,039 1,040 2,509 2,381
Current assets 32,938 25,293 13,568 20,839
Inventories and prepaid expenses 610 797 375 588
Accounts receivable in one year 6,271 6,298 2,593 4,731
Other current assets 94 149 589 440
Cash and cash equivalents 25,964 18,050 10,011 15,081
Total assets 191,030 197,297 197,765 231,605
Equity 125,152 135,576 127,903 127,768
Grants and subsidies 39,318 36,241 34,823 53,722
Liabilities 26,560 25,480 35,039 50,115
Financial liabilities 13,000 13,000 23,492 37,819
Long-term liabilities 13,078 12,710 21,690 35,373
Short-term liabilities 13,482 12,769 13,349 14,743
Equity and liabilities 191,030 197,297 197,765 231,605
2020-06 2021-06 2022-06
Non-current assets 177,593 184,358 204,309
Intangible assets 568 1,274 1,414
Tangible assets 172,708 174,345 193,963
Financial assets 3,278 5,312 6,990
Other non-current assets 1,039 3,428 1,943
Current assets 17,956 12,998 19,252
Inventories and prepaid expenses 289 268 929
Accounts receivable in one year 4,388 2,408 6,736
Other current assets 622 642 408
Cash and cash equivalents 12,657 9,679 11,179
Total assets 195,549 197,356 223,561
Equity 133,597 122,437 127,130
Grants and subsidies 34,624 37,569 52,218
Liabilities 27,328 37,350 44,214
Financial liabilities 13,000 28,083 36,560
Long-term liabilities 12,385 26,210 35,328
Short-term liabilities 14,943 11,140 8,886
Equity and liabilities 195,549 197,356 223,561

* 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) 5% 7% -2% -0%
Return on equity (ROE) 7% 11% -3% -0%
Return on capital employed (ROCE) 12% 18% -6% -1%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.10 0.10 0.18 0.30
Current Ratio 2.44 1.98 1.02 1.41
Quick ratio 2.40 1.92 0.99 1.37
Turnover ratios
Asset turnover 0.23 0.25 0.12 0.13
Fixed asset turnover 0.27 0.30 0.13 0.15
Equity turnover 0.35 0.37 0.17 0.23
Profitability ratios
EBITDA margin 41% 47% 8% 27%
Operating profit margin 25% 33% -24% -2%
Net profit margin 20% 29% -20% -2%
Other ratios
Dividends to the State 8,524.10 4,719.27
Dividends paid / net profit 0.98 -6.71

* 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) 7% % -3% 3%
Return on equity (ROE) 11% % -5% 5%
Return on capital employed (ROCE) 18% -2% -5% 3%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.10 0.23 0.30 0.29
Current Ratio 1.98 1.20 1.17 2.17
Quick ratio 1.92 1.18 1.14 2.06
Turnover ratios
Asset turnover 0.25 0.12 0.05 0.10
Fixed asset turnover 0.30 0.13 0.05 0.11
Equity turnover 0.37 0.17 0.07 0.17
Profitability ratios
EBITDA margin 47% 12% -6% 38%
Operating profit margin 33% % % %
Net profit margin 29% -17% -47% 11%
Other ratios
Dividends to the State
Dividends paid / net profit

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

Expectations of the state

Target return on equity undefined

Letter of Expectations

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

5.2 EUR milion

ROE

-0.2%

Number of employees

519

Financial data provided as at end-December 2021

Management

  • L. e. p. Aurimas StikliūnasActing Chief Executive officer

Information as of: 2023/05/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Eglė Čiužaitė AB Vilniaus šilumos tinklai; VšĮ Jaunimo linija; UAB Saulės grąža; Executive consultant; MB Socialinės inovacijos; UAB Akropolis group; Independent Member

MEMBERS OF THE BOARD OF DIRECTORS

  • Tadas Arvydas VizgirdaUAB Shift4 Payments Lithuania, American Chamber of Commerce in Lithuania; Independent Member
  • Saulius KerzaMinistry of Transport and Communications
  • Darius MakauskisStansefabrikken Group; MB Keturvėjininkai; Independent Member
  • Gediminas AlmantasLithuanian Red Cross; Open Lithuania Foundation; Lithuanian Radio and Television Council; AB LTG Infra; Independent member

Information as of: 2023/05/01