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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 2023-2025

  • Cost execution plan, %:
    • 2023-2025 – 100
  • VKC Good Governance Index:
    • 2023 – A
    • 2024-2025 – A+
  • Average one-way OESV delay associated with air navigation services per flight:
    • 2023-2025 ≤ 0,02
  • Aviation Event Index:
    • 2023 ≤ 1
    • 2024 ≤ 1
    • 2025 ≤ 1
    • (total amount in 3 years may not exceed 3)
  • Annual change in estimate of involvement,%:
    • 2023-2025 +5

         2022/23 GOOD CORPORATE GOVERNANCE INDEX 

          


         2021/22 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

2019 2020 2021 2022
Revenue 27,697 15,802 26,167 26,866
Cost of goods sold 18,252 15,791 16,718 19,078
Gross profit (loss) 9,445 11 9,449 7,788
Gross profit margin 34% 0% 36% 29%
Operating expenses 5,565 4,810 4,362 5,501
Operating profit (loss) 3,881 -4,799 5,088 2,288
Operating profit margin 14% -30% 19% 9%
EBITDA 7,349 -1,499 8,789 6,006
EBITDA margin 27% -9% 34% 22%
Net profit (loss) 3,095 -4,988 4,898 1,950
Net profit margin 11% -32% 19% 7%
2020-06 2021-06 2022-06 2023-06
Revenue 6,671 6,599 9,933 13,383
Cost of goods sold 8,041 7,290 8,444 9,612
Gross profit (loss) -1,370 -691 1,489 3,770
Gross profit margin -21% -10% 15% 28%
Operating expenses 3,494 3,056 3,245 3,546
Operating profit (loss) -4,864 -3,746 -1,755 225
Operating profit margin -73% -57% -18% 2%
EBITDA -3,240 -1,906 234 2,167
EBITDA margin -49% -29% 2% 16%
Net profit (loss) -4,915 -3,832 -1,854 169
Net profit margin -74% -58% -19% 1%

Balance sheet

2019 2020 2021 2022
Non-current assets 43,084 41,398 45,145 45,889
Intangible assets 70 38 64 183
Tangible assets 41,755 39,848 38,198 36,196
Financial assets 0 0 0
Other non-current assets 1,259 1,512 6,883 9,510
Current assets 23,861 16,741 12,082 13,888
Inventories and prepaid expenses 7 10 11 12
Accounts receivable in one year 2,752 2,656 2,157 5,730
Other current assets 2,000 2,000 3,000 3,000
Cash and cash equivalents 19,102 12,075 6,914 5,146
Total assets 69,488 59,566 59,848 61,561
Equity 48,098 41,887 47,111 49,160
Grants and subsidies 8,278 8,140 7,808 6,554
Liabilities 11,171 8,363 3,825 3,773
Financial liabilities 379 2,760 522 0
Long-term liabilities 3,442 2,514 1,061 1,195
Short-term liabilities 7,729 5,848 2,764 2,577
Equity and liabilities 69,488 59,566 59,848 61,561
2020-06 2021-06 2022-06 2023-06
Non-current assets 41,903 39,828 44,717 44,200
Intangible assets 50 93 54 303
Tangible assets 40,582 38,296 37,809 34,463
Financial assets 0 0 0 0
Other non-current assets 1,271 1,440 6,854 9,434
Current assets 20,249 13,305 10,436 15,907
Inventories and prepaid expenses 8 9 21 8
Accounts receivable in one year 4,928 1,958 2,468 8,867
Other current assets 2,000 3,000 3,000 4,000
Cash and cash equivalents 13,313 8,339 4,947 2,968
Total assets 63,077 55,587 57,999 61,376
Equity 41,998 38,055 45,257 47,667
Grants and subsidies 8,281 8,314 7,232 6,084
Liabilities 11,697 7,013 4,351 6,350
Financial liabilities 668 1,565 0 0
Long-term liabilities 3,235 975 1,061 1,195
Short-term liabilities 8,462 6,038 3,290 5,155
Equity and liabilities 63,077 55,587 57,999 61,376

Financial ratios

2019 2020 2021 2022
Capital return ratios
Return on assets (ROA) 4% -8% 8% 3%
Return on equity (ROE) 6% -11% 11% 4%
Return on capital employed (ROCE) 8% -11% 11% 5%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.01 0.05 0.01 0.00
Current Ratio 3.09 2.86 4.37 5.39
Quick ratio 3.09 2.86 4.37 5.38
Turnover ratios
Asset turnover 0.40 0.27 0.44 0.44
Fixed asset turnover 0.64 0.38 0.58 0.59
Equity turnover 0.58 0.38 0.56 0.55
Profitability ratios
EBITDA margin 27% -9% 34% 22%
Operating profit margin 14% -30% 19% 9%
Net profit margin 11% -32% 19% 7%
Other ratios
Dividends to the State 1,185.00 0.00 0.00 1,662.30
Dividends paid / net profit 0.38 0.00 0.00 0.85
2020-06 2021-06 2022-06 2023-06
Capital return ratios
Return on assets (ROA) -6% -7% 12% 7%
Return on equity (ROE) -8% -10% 17% 9%
Return on capital employed (ROCE) -11% -10% -4% 0%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.01 0.03 0.00 0.00
Current Ratio 2.39 2.20 3.17 3.09
Quick ratio 2.39 2.20 3.17 3.08
Turnover ratios
Asset turnover 0.11 0.12 0.17 0.22
Fixed asset turnover 0.16 0.17 0.22 0.30
Equity turnover 0.16 0.17 0.22 0.28
Profitability ratios
EBITDA margin -49% -29% 2% 16%
Operating profit margin -73% -57% -18% 2%
Net profit margin -74% -58% -19% 1%
Other ratios
Dividends to the State
Dividends paid / net profit

Expectations of the state

About the company

  • Official nameAB „Oro navigacija“
  • Legal formPublic limited liability company (AB)
  • 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

1.7 EUR milion

ROE

4.5%

Number of employees

287

Financial data provided as at end-December 2022

Management

  • Saulius BatavičiusChief Executive Officer

Information as of: 2024/02/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Jūratė StanišauskienėIndependent member; AB Lietuvos paštas; UAB Legal Balance; Silver ventures

MEMBERS OF THE BOARD OF DIRECTORS

  • Gediminas Almantas Independent member; VšĮ Lietuvos nacionalinis radijas ir televizija; Lietuvos Raudonojo Kryžiaus draugija; VšĮ Atviros Lietuvos Fondo taryba; AB LTG Infra; AB Novaturas; AB Lietuvos oro uostai
  • Mantas ŠukevičiusIndependent member; UAB Victory Funds; MB Buteo Invest; JSCB Qishloq Qurilish Bank; AB Detonas; AB KN Energies
  • Darius StravinskasMinistry of Transport and Communications
  • Vytautas VaižmužisAB Oro navigacija

Information as of: 2024/02/01