LTG CARGO

LTG Cargo is a company of the Lithuanian Railways Group, which is currently continuing to actively diversify its activities towards the West. The company provides freight transport, logistics and freight forwarding, freight loading, locomotive and wagon repair and wagon rental services in Lithuania and abroad. LTG Cargo has established and manages LTG Cargo Polska in Poland and LTG Cargo Ukraine in Ukraine.

Financial results

	2020	2021	2022	2023
Revenue	396,467	389,817	293,691	285,749
Cost of goods sold	354,627	331,927	246,737	230,095
Gross profit (loss)	41,840	57,890	46,954	55,654
Gross profit margin	11%	15%	16%	19%
Operating expenses	22,560	31,408	32,302	30,409
Operating profit (loss)	19,280	26,482	14,652	25,245
Operating profit margin	5%	7%	5%	9%
EBITDA	43,457	51,189	38,599	49,445
EBITDA margin	11%	13%	13%	17%
Net profit (loss)	16,277	21,252	10,117	17,549
Net profit margin	4%	5%	3%	6%

* Left axis

** Right axis

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

Balance sheet

Annual
Semi-annual

	2020	2021	2022	2023
Non-current assets	210,368	232,035	243,232	250,723
Intangible assets	325	1,260	2,383	2,944
Tangible assets	208,916	228,370	239,813	238,568
Financial assets	1,128	1,385	16	8,224
Other non-current assets	0	1,020	1,020	987
Current assets	73,327	80,816	81,299	80,991
Inventories and prepaid expenses	1,309	11,648	13,429	6,811
Accounts receivable in one year	50,660	64,198	14,881	14,810
Other current assets	0	0
Cash and cash equivalents	21,358	4,970	52,982	58,054
Total assets	286,939	315,754	325,645	332,240
Equity	74,467	95,400	105,512	116,496
Grants and subsidies	0	0	0	0
Liabilities	208,625	213,572	205,667	205,941
Financial liabilities	149,143	149,469	161,004	158,370
Long-term liabilities	147,010	145,626	161,174	150,332
Short-term liabilities	61,615	67,946	44,493	55,609
Equity and liabilities	286,939	315,754	325,645	332,240

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

Financial ratios

Annual
Semi-annual

	2020	2021	2022	2023
Capital return ratios
Return on assets (ROA)	6%	7%	3%	5%
Return on equity (ROE)	22%	25%	10%	16%
Return on capital employed (ROCE)	9%	11%	5%	9%
Capital structure and liquidity ratios
Debt / asset ratio (D/A)
Current Ratio	1.19	1.19	1.83	1.46
Quick ratio	1.17	1.02	1.53	1.33
Turnover ratios
Asset turnover	1.38	1.23	0.90	0.86
Fixed asset turnover	1.88	1.68	1.21	1.14
Equity turnover	5.32	4.09	2.78	2.45
Profitability ratios
EBITDA margin	11%	13%	13%	17%
Operating profit margin	5%	7%	5%	9%
Net profit margin	4%	5%	3%	6%
Other ratios
Dividends to the State	0.00	0.00	6,572.60	0.00
Dividends paid / net profit	0.00	0.00	0.65	0.00

* Left axis

** Right axis

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

About the company

Official nameAB „LTG CARGO“
Legal formPublic limited liability company (AB)
Company code304977594
SectorTransport and Communications
Line of businessFreight transport by rail, repair of locomotives and wagons.
Accountability„Lietuvos geležinkeliai“ group of companies
Share indirectly belonging to the State100%

https://cargo.litrail.lt/

ROE

15.8%

Number of employees

1,723

Financial data provided as at end-December 2023

Management

Eglė ŠimėChief Executive Officer

Information as of: 2024/10/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

Vitalij RakovskiIndependent member

MEMBERS OF THE BOARD OF DIRECTORS

Vytautas RadzevičiusAB Lietuvos geležinkeliai

Irena Jankutė-BalkūnėAB Lietuvos geležinkeliai

Natalija BaranauskienėMinistry of Transport and Communications

Aivaras ČičelisIndependent member; UAB ILTE; BMI Executive Institute, VšĮ; UAB Švaros broliai; PRO BRO Car Wash Systems, UAB; PRO BRO Group, UAB; AB HISK