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Valdymo koordinavimo centras Governance Coordination Centre

Indirectly Owned State Enterprises

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

P/L Statment

2019 2020 2021 2022
Revenue 297,782 396,467 389,817 293,691
Cost of goods sold 260,067 354,627 331,927 246,737
Gross profit (loss) 37,716 41,840 57,890 46,954
Gross profit margin 13% 11% 15% 16%
Operating expenses 15,153 22,560 31,408 32,302
Operating profit (loss) 22,563 19,280 26,482 14,652
Operating profit margin 8% 5% 7% 5%
EBITDA 45,838 43,457 51,189 41,962
EBITDA margin 15% 11% 13% 14%
Net profit (loss) 18,668 16,277 21,252 13,480
Net profit margin 6% 4% 5% 5%

Balance sheet

2019 2020 2021 2022
Non-current assets 191,276 210,368 232,035 243,232
Intangible assets 412 325 1,260 2,383
Tangible assets 190,864 208,916 228,370 239,813
Financial assets 1,128 1,385 16
Other non-current assets 1,020 1,020
Biological assets
Current assets 92,411 73,327 80,816 81,299
Inventories and prepaid expenses 2,054 1,309 11,648 13,436
Accounts receivable in one year 65,214 50,660 64,198 14,881
Other current assets
Cash and cash equivalents 25,143 21,358 4,970 52,982
Total assets 285,528 286,939 315,754 325,645
Equity 58,190 74,467 95,400 105,512
Minority share of capital
Grants and subsidies
Liabilities 223,888 208,662 213,726 205,749
Financial liabilities 158,718 149,143 149,469 161,004
Long-term liabilities 149,349 147,010 145,626 161,174
Short-term liabilities 74,305 61,615 67,946 44,493
Equity and liabilities 285,528 286,939 315,754 325,645

Financial ratios

2019 2020 2021 2022
Capital return ratios
Return on assets (ROA) 7% 6% 7% 4%
Return on equity (ROE) 32% 25% 25% 13%
Return on capital employed (ROCE) 21% 18% 21% 13%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 2.73 2.00 1.57 1.53
Current Ratio 1.24 1.19 1.19 1.83
Quick ratio 1.22 1.17 1.02 1.53
Turnover ratios
Asset turnover 2.09 1.39 1.29 0.92
Fixed asset turnover 3.11 1.97 1.76 1.24
Equity turnover 10.23 5.98 4.59 2.92
Profitability ratios
EBITDA margin 15% 11% 13% 14%
Operating profit margin 8% 5% 7% 5%
Net profit margin 6% 4% 5% 5%
Other ratios
Dividends to the State
Dividends paid / net profit

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

13.4%

Number of employees

1,929

Financial data provided as at end-December 2022

Management

  • Eglė ŠimėChief Executive Officer

Information as of: 2/1/2024

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

Information as of: 2/1/2024