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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.

Financial results

P/L Statment

2017 2018 2019 2020
Revenue 28,757 29,519 27,697 15,802
Cost of goods sold 19,780 18,613 18,252 15,791
Gross profit (loss) 8,977 10,907 9,445 11
Gross profit margin 31% 37% 34% 0%
Operating expenses 7,582 6,233 5,565 4,810
Operating profit (loss) 1,395 4,673 3,881 -4,799
Operating profit margin 5% 16% 14% -30%
EBITDA 4,467 7,338 7,349 -1,499
EBITDA margin 16% 25% 27% -9%
Net profit (loss) 1,551 4,329 3,095 -4,988
Net profit margin 5% 15% 11% -32%
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%

Balance sheet

2017 2018 2019 2020
Non-current assets 37,956 47,146 43,084 41,398
Intangible assets 127 121 70 38
Tangible assets 37,829 45,972 41,755 39,848
Financial assets
Other non-current assets 1,054 1,259 1,512
Current assets 14,529 19,363 23,861 16,741
Inventories and prepaid expenses 32 4 7 10
Accounts receivable in one year 2,858 2,777 2,752 2,656
Other current assets 5,000 2,000 2,000 2,000
Cash and cash equivalents 6,639 14,582 19,102 12,075
Total assets 55,170 69,376 69,488 59,566
Equity 46,017 49,595 48,098 41,887
Grants and subsidies 2,786 5,911 8,278 8,140
Liabilities 6,255 11,239 11,334 8,363
Financial liabilities 379 2,760
Long-term liabilities 1,100 3,915 3,442 2,514
Short-term liabilities 3,730 7,099 7,729 5,848
Equity and liabilities 55,170 69,376 69,488 59,566
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

Financial ratios

2017 2018 2019 2020
Capital return ratios
Return on assets (ROA) 3% 7% 5% -7%
Return on equity (ROE) 4% 10% 7% -11%
Return on capital employed (ROCE) 6% 13% 13% -19%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.01 0.07
Current Ratio 3.90 2.73 3.09 2.86
Quick ratio 3.89 2.73 3.09 2.86
Turnover ratios
Asset turnover 0.54 0.47 0.40 0.24
Fixed asset turnover 0.81 0.69 0.61 0.37
Equity turnover 0.65 0.62 0.57 0.35
Profitability ratios
EBITDA margin 16% 25% 27% -9%
Operating profit margin 5% 16% 14% -30%
Net profit margin 5% 15% 11% -32%
Other ratios
Dividends to the State 500.00 1,100.00 1,185.00
Dividends paid / net profit 0.32 0.25 0.38
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

Expectations of the state

Target return on equity

3.7%

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

229 EUR thousand

ROE

-10.7%

Number of employees

296

Financial data provided as at end-December 2020

Management

  • Saulius BatavičiusDirector General

Information as of: 2021/10/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Dangirutis JanušasUAB Verslo konsultacijų spektras; Independent member

MEMBERS OF THE BOARD OF DIRECTORS

  • Gediminas AlmantasOpen Lithuania Foundation; Šilutė Vocational training school; Independent member
  • Mikas JovaišasUAB PALINK; Independent member
  • Vytautas VaižmužisVĮ Oro navigacija
  • Sergėjus VolkovasMinistry of Transport and Commmunications

Information as of: 2021/10/01