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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

2016 2017 2018 2019
Revenue 29,908 33,131 43,098 48,486
Cost of goods sold
Gross profit (loss) 29,908 33,131 43,098 48,486
Gross profit margin 100% 100% 100% 100%
Operating expenses 25,747 30,179 32,231 32,511
Operating profit (loss) 4,162 2,951 10,867 15,975
Operating profit margin 14% 9% 25% 33%
EBITDA 10,111 8,908 17,525 22,707
EBITDA margin 34% 27% 41% 47%
Net profit (loss) 3,467 2,482 8,693 13,627
Net profit margin 12% 7% 20% 28%
2017-06-30 2018-06-30 2019-06-30 2020-06-30
Revenue 16,547 20,363 23,676 11,665
Cost of goods sold
Gross profit (loss) 16,547 20,363 23,676 11,665
Gross profit margin 100% 100% 100% 100%
Operating expenses 13,156 14,723 16,282 13,607
Operating profit (loss) 3,391 5,640 7,395 -1,942
Operating profit margin 20% 28% 31% -17%
EBITDA 6,331 9,839 10,817 1,397
EBITDA margin 38% 48% 46% 12%
Net profit (loss) 507 842 6,688 -1,968
Net profit margin 17% 23% 28% -17%

* Left axis

** Right axis

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

Balance sheet

2016 2017 2018 2019
Non-current assets 144,511 164,362 158,091 172,004
Intangible assets 511 275 337 720
Tangible assets 142,977 163,162 153,742 167,343
Financial assets 1,023 925 2,974 2,900
Other non-current assets 1,039 1,040
Biological assets
Current assets 22,779 22,846 32,938 25,293
Inventories and prepaid expenses 383 1,594 610 797
Accounts receivable in one year 6,069 6,323 6,271 6,297
Other current assets 129 102 94 149
Cash and cash equivalents 16,198 14,828 25,964 18,050
Total assets 167,289 187,208 191,030 197,297
Equity 117,040 118,936 125,152 135,576
Minority share of capital
Grants and subsidies 37,769 43,489 39,318 36,241
Liabilities 12,481 24,782 26,560 25,480
Financial liabilities 3,279 14,580 13,000 13,000
Long-term liabilities 2,257 13,068 13,078 12,710
Short-term liabilities 10,224 11,714 13,482 12,769
Equity and liabilities 167,289 187,208 191,030 197,297
2017-06-30 2018-06-30 2019-06-30 2020-06-30
Non-current assets 144,059 159,312 159,171 177,593
Intangible assets 353 175 300 568
Tangible assets 142,728 158,258 157,870 172,708
Financial assets 970 879 815 3,278
Other non-current assets 8 186 1,039
Biological assets
Current assets 21,857 27,086 24,626 17,956
Inventories and prepaid expenses 565 1,078 380 289
Accounts receivable in one year 3,911 6,116 4,835 4,388
Other current assets 350 298 1,266 622
Cash and cash equivalents 17,031 19,595 18,146 12,657
Total assets 165,916 186,399 183,797 195,549
Equity 118,686 121,127 122,173 133,597
Minority share of capital
Grants and subsidies 35,963 42,431 37,919 34,624
Liabilities 11,266 22,841 23,705 27,328
Financial liabilities 2,370 13,790 13,000 13,000
Long-term liabilities 1,647 13,083 13,091 12,385
Short-term liabilities 9,619 9,758 10,613 14,943
Equity and liabilities 165,916 186,399 183,797 195,549

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

Financial ratios

2016 2017 2018 2019
Capital return ratios
Return on assets (ROA) 2% 2% 5% 7%
Return on equity (ROE) 3% 2% 7% 11%
Return on capital employed (ROCE) 5% 3% 12% 17%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.03 0.12 0.10 0.10
Current Ratio 2.23 1.95 2.44 1.98
Quick ratio 2.19 1.81 2.40 1.92
Turnover ratios
Asset turnover 0.18 0.19 0.23 0.25
Fixed asset turnover 0.20 0.21 0.27 0.29
Equity turnover 0.26 0.28 0.35 0.37
Profitability ratios
EBITDA margin 34% 27% 41% 47%
Operating profit margin 14% 9% 25% 33%
Net profit margin 12% 7% 20% 28%
Other ratios
Dividends to the State 1,733.40 3,429.01 8,524.10
Dividends paid / net profit 0.50 1.38 0.98

* Left axis

** Right axis

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

2017-06-30 2018-06-30 2019-06-30 2020-06-30
Capital return ratios
Return on assets (ROA) 2% 3% 5% 3%
Return on equity (ROE) 2% 4% 8% 5%
Return on capital employed (ROCE) 3% 6% 9% -2%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.12 0.11 0.11 0.10
Current Ratio 1.95 2.78 2.32 1.20
Quick ratio 1.81 2.67 2.28 1.18
Turnover ratios
Asset turnover 0.19 0.12 0.13 0.06
Fixed asset turnover 0.21 0.13 0.15 0.07
Equity turnover 0.28 0.17 0.19 0.09
Profitability ratios
EBITDA margin 27% 48% 46% 12%
Operating profit margin 9% 28% 31% -17%
Net profit margin 7% 23% 28% -17%
Other ratios
Dividends to the State 3,429.01
Dividends paid / net profit 1.38

Financial statments

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

6.7%

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

425 EUR thousand

ROE

10.7%

Number of employees

662

Financial data provided as at end-December 2019