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Valdymo koordinavimo centras Governance Coordination Centre

State Owned Enterprises

Vidaus vandens kelių direkcija operates since 1990. The main task of the company is to supervise and operate the inland waterways, regulate the river beds whit hydrotechnical structures, expand the Lithuanian inland waterway network and the inland waterway infrastructure ,also to construct and repair ships.

KEY FINANCIAL PERFORMANCE INDICATORS FOR THE PERIOD 2022-2024

  • Annual EBITDA:
    • 2022 > 0,
    • 2023–2024 ≥ 36 thousand Eur.
  • Investment financing structure:
    • 2022–2024 to finance ≥ 50% of investments with borrowed or EU funds.

TARGETED SPECIFIC INDICATORS FOR THE PERIOD 2023-2025

  • Income from commercial activities, million EUR.:
    • 2023 – 1,29
    • 2024 – 1,42
    • 2025 – 1,56
  • Length of inland waterways, km:
    • 2023 – 467
    • 2024 – 470
    • 2025 – 475
  • Navigation time on the road E41, in days:
    • 2023 – 241
    • 2024 – 265
    • 2025 – 265
  • Use of the solar power plant for own purposes, %:
    • 2023 – 30
    • 2024 – 70
    • 2025 – 100
  • Performed bathymetric measurements, percent. from inland waterways of state importance:
    • 2023 – 30
    • 2024 – 35
    • 2025 – 40
  • Number of events/trainings, units:
    • 2023 – 6
    • 2024 – 8
    • 2025 – 8
  • Employee activity in participating in events, proc.:
    • 2023-2025 – 82

         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 248 347 957 1,271
Cost of goods sold 650 678 649 529
Gross profit (loss) -402 -331 307 743
Gross profit margin -162% -96% 32% 58%
Operating expenses 13 102 173 511
Operating profit (loss) -585 -632 -566 -485
Operating profit margin -236% -182% -59% -38%
EBITDA -50 2 54 35
EBITDA margin -20% 1% 6% 3%
Net profit (loss) -686 -638 -569 -491
Net profit margin -277% -184% -60% -39%
2019-06 2020-06 2021-06 2022-06
Revenue 86 111 356 515
Cost of goods sold 323 332 316 319
Gross profit (loss) -237 -221 40 196
Gross profit margin % % % %
Operating expenses 161 347 201 978
Operating profit (loss) -398 -568 -161 -782
Operating profit margin % % % %
EBITDA -180 -236 160 -463
EBITDA margin -210% -213% 45% -90%
Net profit (loss) -503 -569 -157 -793
Net profit margin -587% -512% -44% -154%

Balance sheet

2019 2020 2021 2022
Non-current assets 25,775 32,936 37,960 35,250
Intangible assets 10
Tangible assets 25,775 32,936 37,960 35,240
Financial assets
Other non-current assets
Current assets 272 372 1,326 2,614
Inventories and prepaid expenses 95 47 51 275
Accounts receivable in one year 153 267 284 325
Other current assets
Cash and cash equivalents 23 59 991 2,015
Total assets 26,052 33,311 39,290 37,870
Equity 18,866 18,171 17,544 8,181
Grants and subsidies 7,072 6,721 6,371 6,173
Liabilities 115 8,419 15,334 23,517
Financial liabilities 0 0 0 0
Long-term liabilities 6,903 10,749
Short-term liabilities 115 1,516 4,585 23,517
Equity and liabilities 26,052 33,311 39,290 37,870
2020-06 2021-06 2022-06
Non-current assets 25,254 33,225 40,242
Intangible assets
Tangible assets 25,254 33,225 40,242
Financial assets
Other non-current assets
Current assets 555 3,506 1,065
Inventories and prepaid expenses 87 46 166
Accounts receivable in one year 469 608 451
Other current assets
Cash and cash equivalents 2,853 447
Total assets 25,814 36,733 41,308
Equity 18,267 17,985 16,632
Grants and subsidies 6,897 6,546 6,195
Liabilities 650 12,202 18,440
Financial liabilities 98
Long-term liabilities 9,542 12,485
Short-term liabilities 650 2,660 5,955
Equity and liabilities 25,814 36,733 41,308

Financial ratios

2019 2020 2021 2022
Capital return ratios
Return on assets (ROA) -3% -2% -2% -1%
Return on equity (ROE) -4% -3% -3% -4%
Return on capital employed (ROCE) -3% -3% -2% -6%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.00 0.00 0.00
Current Ratio 2.36 0.25 0.29 0.11
Quick ratio 1.54 0.21 0.28 0.10
Turnover ratios
Asset turnover 0.01 0.01 0.02 0.03
Fixed asset turnover 0.01 0.01 0.03 0.04
Equity turnover 0.01 0.02 0.05 0.16
Profitability ratios
EBITDA margin -20% 1% 6% 3%
Operating profit margin -236% -182% -59% -38%
Net profit margin -277% -184% -60% -39%
Other ratios
Dividends to the State 0.00 0.00 0.00 0.00
Dividends paid / net profit 0.00 0.00 0.00 0.00
2019-06 2020-06 2021-06 2022-06
Capital return ratios
Return on assets (ROA) -3% % -1% -3%
Return on equity (ROE) -3% % -1% -7%
Return on capital employed (ROCE) -5% -5% -1% -4%
Capital structure and liquidity ratios
Debt / asset ratio (D/A)
Current Ratio 2.36 0.85 1.32 0.18
Quick ratio 1.54 0.72 1.30 0.15
Turnover ratios
Asset turnover 0.01 0.01 0.01 0.01
Fixed asset turnover 0.01 0.01 0.01 0.01
Equity turnover 0.01 0.01 0.02 0.03
Profitability ratios
EBITDA margin -20% -213% 45% -90%
Operating profit margin -236% % % %
Net profit margin -277% -512% -44% -154%
Other ratios
Dividends to the State
Dividends paid / net profit

Expectations of the state

Target return on equity undefined

About the company

  • Official nameAB Vidaus vandens kelių direkcija
  • Legal formPublic limited liability company (AB)
  • Company code132090925
  • SectorTransport and Communications
  • Line of businessSupervision of inland waterways
  • Institution representing the StateMinistry of Transport and Communications
  • Special obligationsPerformes non-commercial special obligations
  • Share belonging to the State100%
http://vvkd.lt/
ROE

-3.8%

Number of employees

81

Financial data provided as at end-December 2022

Management

  • Vladimiras VinokurovasChief Executive Officer

Information as of: 2023/09/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • -

MEMBERS OF THE BOARD OF DIRECTORS

  • Manfred SeitzIndependent member
  • Jurgita RimkuvienėMinistry of Transport and Communications

Information as of: 2023/09/01