• English
  • Lithuanian
Valdymo koordinavimo centras Governance Coordination Centre

State Owned Enterprises

On July 1, 2014 State Enterprise Vilnius International Airport was reorganized by connecting International Palanga Airport and Kaunas Airport. Since that day, all three companies have been operating as one company with three branches in Vilnius, Kaunas and Palanga and are referred to as the State Enterprise Lithuanian Airports. The company provides aviation and non-aviation services (rental of premises and car parking sites, advertising, accommodation services). The main competitors of the Company are Riga and Tallinn airports.

Financial results

P/L Statment

2017 2018 2019 2020
Revenue 33,131 43,098 48,827 22,717
Cost of goods sold
Gross profit (loss) 33,131 43,098 48,827 22,717
Gross profit margin 100% 100% 100% 100%
Operating expenses 30,179 32,231 32,480 34,336
Operating profit (loss) 2,951 10,867 16,346 -11,619
Operating profit margin 9% 25% 33% -51%
EBITDA 8,908 17,525 23,079 -4,391
EBITDA margin 27% 41% 47% -19%
Net profit (loss) 2,482 8,693 13,998 -9,807
Net profit margin 7% 20% 29% -43%
2018-06 2019-06 2020-06 2021-06
Revenue 20,363 23,676 11,665 8,944
Cost of goods sold
Gross profit (loss) 20,363 23,676 11,665 8,944
Gross profit margin % % 100% 100%
Operating expenses 14,723 16,282 13,607 13,630
Operating profit (loss) 5,640 7,395 -1,942 -4,686
Operating profit margin % % 31% -52%
EBITDA 10,817 -579
EBITDA margin % % 46% -6%
Net profit (loss) 5,610 6,688 -1,968 -4,299
Net profit margin % % 28% -48%

Balance sheet

2017 2018 2019 2020
Non-current assets 164,362 158,091 172,004 182,463
Intangible assets 275 337 720 432
Tangible assets 163,162 153,742 167,343 173,567
Financial assets 925 2,974 2,900 5,446
Other non-current assets 1,039 1,040 3,016
Current assets 22,846 32,938 25,293 13,568
Inventories and prepaid expenses 1,594 610 797 375
Accounts receivable in one year 6,323 6,271 6,298 2,593
Other current assets 102 94 149 589
Cash and cash equivalents 14,828 25,964 18,050 10,011
Total assets 187,208 191,030 197,297 196,030
Equity 118,936 125,152 135,576 126,168
Grants and subsidies 43,489 39,318 36,241 34,823
Liabilities 24,782 26,560 25,480 35,039
Financial liabilities 14,580 13,000 13,000 23,492
Long-term liabilities 13,068 13,078 12,710 21,690
Short-term liabilities 11,714 13,482 12,769 13,349
Equity and liabilities 187,208 191,030 197,297 196,030
2019-06 2020-06 2021-06
Non-current assets 159,171 177,593 184,358
Intangible assets 300 568 1,274
Tangible assets 157,870 172,708 174,345
Financial assets 815 3,278 5,312
Other non-current assets 186 1,039 3,428
Current assets 24,626 17,956 12,998
Inventories and prepaid expenses 380 289 268
Accounts receivable in one year 4,835 4,388 2,408
Other current assets 1,266 622 642
Cash and cash equivalents 18,146 12,657 9,679
Total assets 183,797 195,549 197,356
Equity 122,173 133,597 122,437
Grants and subsidies 37,919 34,624 37,569
Liabilities 23,705 27,328 37,350
Financial liabilities 13,000 12,192 25,999
Long-term liabilities 13,091 12,385 26,210
Short-term liabilities 808 2,084
Equity and liabilities 183,797 195,549 197,356

Financial ratios

2018 2019 2020
Capital return ratios
Return on assets (ROA) 5% 7% -5%
Return on equity (ROE) 7% 11% -7%
Return on capital employed (ROCE) 12% 18% -13%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.10 0.10 0.19
Current Ratio 2.44 1.98 1.02
Quick ratio 2.40 1.92 0.99
Turnover ratios
Asset turnover 0.23 0.25 0.12
Fixed asset turnover 0.27 0.30 0.13
Equity turnover 0.35 0.37 0.17
Profitability ratios
EBITDA margin 41% 47% -19%
Operating profit margin 25% 33% -51%
Net profit margin 20% 29% -43%
Other ratios
Dividends to the State 8,524.10
Dividends paid / net profit 0.98
2019-06 2020-06 2021-06
Capital return ratios
Return on assets (ROA) % % -6%
Return on equity (ROE) % % -9%
Return on capital employed (ROCE) -4% 8% -5%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.10 0.23
Current Ratio 22.23 6.24
Quick ratio 21.87 6.11
Turnover ratios
Asset turnover 0.26 0.06 0.05
Fixed asset turnover 0.30 0.07 0.05
Equity turnover 0.39 0.09 0.07
Profitability ratios
EBITDA margin % 46% -6%
Operating profit margin % 31% -52%
Net profit margin % 28% -48%
Other ratios
Dividends to the State
Dividends paid / net profit

Expectations of the state

Target return on equity

6.7%

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

529 EUR thousand

ROE

-7.1%

Number of employees

528

Financial data provided as at end-December 2020

Management

  • Marius GelžinisDirector General

Information as of: 2021/10/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Eglė ČiužaitėIndependent Member

MEMBERS OF THE BOARD OF DIRECTORS

  • Tadas Arvydas VizgirdaIndependent Member
  • Saulius KerzaMinistry of Transport and Communications of the Republic of Lithuania
  • Darius Makauskis

Information as of: 2021/10/01