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Valdymo koordinavimo centras Governance Coordination Centre

State Owned Enterprises

Oro navigacija is a state-owned company founded in 1995. It is a certified European air navigation service provider, that provides air traffic, communication, navigation and surveillance, air navigation information services to aircrafts flying in the Republic of Lithuania.

KEY FINANCIAL PERFORMANCE INDICATORS FOR THE PERIOD 2022-2024

  • Adjusted EBIT profitability:
    • 2022–2024 ≥ 3 percent.
  • Annual ratio of financial debt to equity:
    • 2023–2024 ≥ 0,08, but ≤0,3 times

TARGETED SPECIFIC INDICATORS FOR THE PERIOD 2022-2024

  • Annual change in other operating income, per cent:
    • 2022 – 4,5
    • 2023 – 15
    • 2024 – 5
  • Value added per employee, thousand Eur:
    • 2022 – 74,6
    • 2023 – 81,0
    • 2024 – 82,3
  • Average one-way OESV delay associated with air navigation services per flight:
    • 2022-2024 ≤ 0,03
  • Aviation Event Index:
    • 2022 ≤ 1
    • 2023 ≤ 1
    • 2024 ≤ 1 (total amount in 3 years may not exceed 3)
  • Reduce the company’s environmental impact,%:
    • 2022 – carry out an assessment and determine the company’s environmental impact
    • 2023 – 3
    • 2024 – 4
  • Annual change in estimate of involvement,%:
    • 2022 – conducting an evaluation of involvement in 2023 – 1-5
    • 2024 – 1-5.

         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 29,519 27,697 15,802 26,167
Cost of goods sold 18,613 18,252 15,791 16,718
Gross profit (loss) 10,907 9,445 11 9,449
Gross profit margin 37% 34% 0% 36%
Operating expenses 6,233 5,565 4,810 4,362
Operating profit (loss) 4,673 3,881 -4,799 5,088
Operating profit margin 16% 14% -30% 19%
EBITDA 7,338 7,349 -1,499 8,789
EBITDA margin 25% 27% -9% 34%
Net profit (loss) 4,329 3,095 -4,988 4,898
Net profit margin 15% 11% -32% 19%
2018-06 2019-06 2020-06 2021-06
Revenue 15,043 13,642 6,671 6,599
Cost of goods sold 9,068 8,361 8,041 7,290
Gross profit (loss) 5,975 5,281 -1,370 -691
Gross profit margin % % 39% -10%
Operating expenses 3,210 3,247 3,494 3,056
Operating profit (loss) 2,765 2,034 -4,864 -3,746
Operating profit margin % % 15% -57%
EBITDA 3,297 -1,906
EBITDA margin % % 24% -29%
Net profit (loss) 2,738 1,799 -4,915 -3,832
Net profit margin % % 13% -58%

* Left axis

** Right axis

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

Balance sheet

2018 2019 2020 2021
Non-current assets 47,146 43,084 41,398 45,145
Intangible assets 121 70 38 64
Tangible assets 45,972 41,755 39,848 38,198
Financial assets
Other non-current assets 1,054 1,259 1,512 6,883
Current assets 19,363 23,861 16,741 12,082
Inventories and prepaid expenses 4 7 10 11
Accounts receivable in one year 2,777 2,752 2,656 2,157
Other current assets 2,000 2,000 2,000 3,000
Cash and cash equivalents 14,582 19,102 12,075 6,914
Total assets 69,376 69,488 59,566 59,848
Equity 49,595 48,098 41,887 47,111
Grants and subsidies 5,911 8,278 8,140 7,808
Liabilities 11,239 11,334 8,363 3,825
Financial liabilities 379 2,760 522
Long-term liabilities 3,915 3,442 2,514 1,061
Short-term liabilities 7,099 7,729 5,848 2,764
Equity and liabilities 69,376 69,488 59,566 59,848
2019-06 2020-06 2021-06
Non-current assets 46,950 41,903 39,828
Intangible assets 92 50 93
Tangible assets 45,737 40,582 38,296
Financial assets
Other non-current assets 1,121 1,271 1,440
Current assets 20,010 20,249 13,305
Inventories and prepaid expenses 6 8 9
Accounts receivable in one year 6,049 4,928 1,958
Other current assets 2,000 2,000 3,000
Cash and cash equivalents 11,956 13,313 8,339
Total assets 67,773 63,077 55,587
Equity 50,286 41,998 38,055
Grants and subsidies 6,688 8,281 8,314
Liabilities 10,773 11,721 7,013
Financial liabilities
Long-term liabilities 3,235 975
Short-term liabilities 668 1,565
Equity and liabilities 67,773 63,077 55,587

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

Financial ratios

2018 2019 2020 2021
Capital return ratios
Return on assets (ROA) 7% 5% -7% 9%
Return on equity (ROE) 10% 7% -11% 11%
Return on capital employed (ROCE) 13% 13% -19% 17%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.01 0.07 0.01
Current Ratio 2.73 3.09 2.86 4.37
Quick ratio 2.73 3.09 2.86 4.37
Turnover ratios
Asset turnover 0.47 0.40 0.24 0.44
Fixed asset turnover 0.69 0.61 0.37 0.60
Equity turnover 0.62 0.57 0.35 0.59
Profitability ratios
EBITDA margin 25% 27% -9% 34%
Operating profit margin 16% 14% -30% 19%
Net profit margin 15% 11% -32% 19%
Other ratios
Dividends to the State 1,100.00 1,185.00
Dividends paid / net profit 0.25 0.38

* Left axis

** Right axis

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

2018-06 2019-06 2020-06 2021-06
Capital return ratios
Return on assets (ROA) 3% % % -6%
Return on equity (ROE) 4% % % -9%
Return on capital employed (ROCE) 6% -5% 5% -14%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.02 0.04
Current Ratio 3.90 30.32 8.50
Quick ratio 3.89 30.31 8.50
Turnover ratios
Asset turnover 0.54 0.40 0.10 0.11
Fixed asset turnover 0.81 0.58 0.15 0.16
Equity turnover 0.65 0.54 0.14 0.16
Profitability ratios
EBITDA margin 16% % 24% -29%
Operating profit margin 5% % 15% -57%
Net profit margin 5% % 13% -58%
Other ratios
Dividends to the State 500.00
Dividends paid / net profit 0.32

Financial statments

2020 m. 6 mėn. tarpinės ataskaitos 2020 m. metinės ataskaitos
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 2014 m. 6 mėn. tarpinės ataskaitos 2014 m. 3 mėn. tarpinės ataskaitos
2012 m. metinės ataskaitos
2013 m. 3 mėn. tarpinės ataskaitos 2013 m. 6 mėn. tarpinės ataskaitos 2013 m. metinės ataskaitos 2013 m. 12 mėn. tarpinės ataskaitos 2013 m. 9 mėn. tarpinės ataskaitos
2011 m. metinės ataskaitos
2010 m. metinės ataskaitos

Expectations of the state

Target return on equity undefined

Letter of Expectations

About the company

  • Official nameVĮ „Oro navigacija“
  • Legal formState enterprise (VĮ)
  • Company code210060460
  • SectorTransport and Communications
  • Line of businessAir space supervision and navigation
  • Institution representing the StateMinistry of Transport and Communications
  • Share belonging to the State100%
http://www.ans.lt/
Return to the State

228 EUR thousand

ROE

11.4%

Number of employees

269

Financial data provided as at end-December 2021

Management

  • Saulius BatavičiusDirector General

Information as of: 2022/09/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Jūratė StanišauskienėIndependent member

MEMBERS OF THE BOARD OF DIRECTORS

  • Gediminas AlmantasLithuanian Red Cross; Open Lithuania Foundation; VšĮ Globalaus švietimo iniciatyvos; UAB DOMINICUS LITUANUS; Independent member
  • Mantas ŠukevičiusUAB Victory Funds; MB Buteo Invest; JSCB Qishloq Qurilish Bank; Independent member
  • Darius StravinskasMinistry of Transport and Communications
  • Vytautas VaižmužisVĮ Oro navigacija

Information as of: 2022/09/01