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Valdymo koordinavimo centras Governance Coordination Centre

State Owned Enterprises

VĮ 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

2018 2019 2020 2021
Revenue 231 248 347 957
Cost of goods sold 757 650 678 649
Gross profit (loss) -525 -402 -331 307
Gross profit margin -227% -162% -96% %
Operating expenses 28 184 301 873
Operating profit (loss) -554 -585 -632 -566
Operating profit margin -239% -236% -182% -59%
EBITDA 89 -50 2 54
EBITDA margin 39% -20% 1% 6%
Net profit (loss) -537 -686 -638 -569
Net profit margin -232% -277% -184% -59%
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

2018 2019 2020 2021
Non-current assets 26,937 25,775 32,936 37,960
Intangible assets
Tangible assets 26,937 25,775 32,936 37,960
Financial assets
Other non-current assets
Current assets 188 272 372 1,326
Inventories and prepaid expenses 19 95 47 51
Accounts receivable in one year 77 153 267 284
Other current assets
Cash and cash equivalents 92 23 59 991
Total assets 27,129 26,052 33,311 39,290
Equity 19,610 18,866 18,171 17,544
Grants and subsidies 7,427 7,072 6,721 6,371
Liabilities 92 115 8,419 15,334
Financial liabilities
Long-term liabilities 6,903 10,749
Short-term liabilities 92 115 1,516 4,585
Equity and liabilities 27,129 26,052 33,311 39,290
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

2018 2019 2020 2021
Capital return ratios
Return on assets (ROA) -2% -3% -2% -2%
Return on equity (ROE) -3% -3% -3% -3%
Return on capital employed (ROCE) -4% -5% -4% -3%
Capital structure and liquidity ratios
Debt / asset ratio (D/A)
Current Ratio 2.05 2.36 0.25 0.29
Quick ratio 1.84 1.54 0.21 0.28
Turnover ratios
Asset turnover 0.01 0.01 0.01 0.03
Fixed asset turnover 0.01 0.01 0.01 0.03
Equity turnover 0.01 0.01 0.02 0.05
Profitability ratios
EBITDA margin 39% -20% 1% 6%
Operating profit margin -239% -236% -182% -59%
Net profit margin -232% -277% -184% -59%
Other ratios
Dividends to the State
Dividends paid / net profit
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 formState enterprise (VĮ)
  • 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/
Return to the State

28 EUR thousand

ROE

-3.1%

Number of employees

81

Financial data provided as at end-December 2021

Management

  • Vladimiras VinokurovasChief Executive Officer

Information as of: 2023/05/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Evaldas Tamelis UAB Instracts direktorius; Independent member

MEMBERS OF THE BOARD OF DIRECTORS

  • Manfred SeitzIndependent member
  • Jurgita RimkuvienėMinistry of Transport and Communications

Information as of: 2023/05/01