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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.
The ideology and operational strategy of the LTOU are based on the principle “United but different”.

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 2022-2024

  • Annual income, ml. EUR:
    • 2022 – 38
    • 2023 – 45
    • 2024 – 49
  • Number of directions, units:
    • 2022 – 92
    • 2023 – 99
    • 2024 – 106
  • ASQ (International Airport Council Comparative Qualitative Survey Measuring Passenger Satisfaction),%:
    • 2022 – 4,00
    • 2023 – 4,10
    • 2024 – 4,12
  • Employee engagement index,%:
    • 2022 – 63
    • 2023 – 65
    • 2024 – 67
  • Partner Satisfaction Index,%:
    • 2022 – 75
    • 2023 – 77
    • 2024 – 79

        2020 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%
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

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
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 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
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 undefined

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 Director General

Information as of: 2022/09/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Eglė Čiužaitė AB Vilniaus šilumos tinklai; VšĮ Jaunimo linija; UAB Saulės grąža; Executive consultant; 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"
  • Gediminas AlmantasLithuanian Red Cross; Open Lithuania Foundation; VšĮ Globalaus švietimo iniciatyvos; UAB DOMINICUS LITUANUS; Independent member

Information as of: 2022/09/01