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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.

         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

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%
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

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
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

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

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/
ROE

16.7%

Number of employees

281

Financial data provided as at end-December 2021

Management

  • Saulius BatavičiusDirector General

Information as of: 2023/01/01

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: 2023/01/01