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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

         2021/22 GOOD CORPORATE GOVERNANCE INDEX     

         2020/21 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%
2019-06 2020-06 2021-06 2022-06
Revenue 13,642 6,671 6,599 9,933
Cost of goods sold 8,361 8,041 7,290 8,444
Gross profit (loss) 5,281 -1,370 -691 1,489
Gross profit margin % % % %
Operating expenses 3,247 3,494 3,056 3,245
Operating profit (loss) 2,034 -4,864 -3,746 -1,755
Operating profit margin % % % %
EBITDA 3,297 -3,240 -1,906 84
EBITDA margin 24% -49% -29% 1%
Net profit (loss) 1,799 -4,915 -3,832 -1,854
Net profit margin 13% -74% -58% -19%

* Left axis

** Right axis

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

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
Non-current assets 41,903 39,828 44,717
Intangible assets 50 93 54
Tangible assets 40,582 38,296 37,809
Financial assets
Other non-current assets 1,271 1,440 6,854
Current assets 20,249 13,305 10,436
Inventories and prepaid expenses 8 9 21
Accounts receivable in one year 4,928 1,958 2,468
Other current assets 2,000 3,000 3,000
Cash and cash equivalents 13,313 8,339 4,947
Total assets 63,077 55,587 57,999
Equity 41,998 38,055 45,257
Grants and subsidies 8,281 8,314 7,232
Liabilities 11,721 7,013 4,351
Financial liabilities 668 1,565
Long-term liabilities 3,235 975 1,061
Short-term liabilities 8,462 6,038 3,290
Equity and liabilities 63,077 55,587 57,999

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

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

* Left axis

** Right axis

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

2019-06 2020-06 2021-06 2022-06
Capital return ratios
Return on assets (ROA) 5% % -6% 12%
Return on equity (ROE) 7% % -8% 17%
Return on capital employed (ROCE) 13% -18% -15% -7%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.01 0.04 0.01
Current Ratio 3.09 2.39 2.20 3.17
Quick ratio 3.09 2.39 2.20 3.17
Turnover ratios
Asset turnover 0.40 0.21 0.11 0.17
Fixed asset turnover 0.61 0.32 0.16 0.23
Equity turnover 0.57 0.32 0.16 0.24
Profitability ratios
EBITDA margin 27% -49% -29% 1%
Operating profit margin 14% % % %
Net profit margin 11% -74% -58% -19%
Other ratios
Dividends to the State 1,185.00
Dividends paid / net profit 0.38

Financial statments

2021 m. 6 mėn. tarpinės ataskaitos 2021 m. metinės ataskaitos
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 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: 2023/09/01

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; AB “LTG Infra“; Independent member; AB "Novaturas"
  • 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: 2023/09/01