Lietuvos oro uostai
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%
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
