Lietuvos oro uostai
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
- 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%
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
