{"id":11773,"date":"2019-01-08T07:01:04","date_gmt":"2019-01-08T09:01:04","guid":{"rendered":"https:\/\/governance.lt\/naujienos\/vvi-keliami-nauji-pelningumo-rodikliai\/"},"modified":"2019-04-15T03:29:58","modified_gmt":"2019-04-15T05:29:58","slug":"vvi-keliami-nauji-pelningumo-rodikliai","status":"publish","type":"post","link":"https:\/\/governance.lt\/en\/naujienos\/vvi-keliami-nauji-pelningumo-rodikliai\/","title":{"rendered":"New profitability targets for SOEs"},"content":{"rendered":"

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Over the next 3 years some state-owned enterprises (SOEs) will have to earn a higher return on capital, while other SOEs will have to carry out the state’s strategic objectives more responsible and to ensure the quality of public services. Governance Coordination Centre, an institution responsible for the implementation of good governance practices in the SOE sector together with the Ministry of the Economy and Innovation, submitted to the Government a resolution regarding SOEs\u2019 profitability targets for the period of 2019-2021. Recalculated profitability targets will ensure that SOEs, while carrying out commercial activities, will seek to earn an adequate, risk-adjusted return and meet the expectations of the state. <\/strong><\/p>\n

Governance Coordination Centre calculations of the profitability targets for the period of 2019-2021are based on the updated methodology. “Until now targeted SOEs profitability ratios were determined by standard capital asset pricing model (CAPM), but for upcoming 3 years we resorted to using not only theoretical CAPM model, but also evaluated each SOE\u2019s situation individually and assessed regulatory restrictions imposed on it.<\/p>\n

The capital return requirements, that are imposed on private sector companies and SOEs are based on relative risk. Even in our daily practice, we know, that raising money for investment increases risk, but at the same time it increases the return on capital. A significant part of the SOEs operate in regulated sectors or manage large-scale infrastructure with less risk, so we require much lower return on capital from such SOEs.<\/p>\n

Individual enterprise evaluation allows us to take into account the specifics of each SOE\u2019s business and, by assessing the risk factors, to determine adequate rates of return\u201c – says Vidas Danielius, director of the Governance Coordination Centre.<\/p>\n

Return on capital – only from commercial activities of the SOEs<\/strong><\/p>\n

Another methodological change implemented by the Governance Coordination Centre is the determination of targeted profitability ratios for significant commercial activities carried out by SOEs. “In order to clearly identify the special obligations imposed on state-owned enterprises or, in other words, commercially unviable and often even loss-making functions, and their impact on the results of commercial activities, their regulation has been modified at the end of 2018.<\/p>\n

For those SOEs that do not carry out significant commercial activities, the target profitability ratios are not imposed. Those enterprises are not expected to bring financial returns, but more responsible implementation of social and strategic goals of the state, as well as quality public services are expected of them” noted V. Danielius, the director of Governance Coordination Centre.<\/p>\n

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The most significant changes: Lietuvos pa\u0161tas, Lietuvos oro uostai and Lietuvos energija<\/strong><\/p>\n

The largest increases in the targeted profitability ratios have been calculated for AB Lietuvos Pa\u0161tas \u2013 its targeted return on equity has been increased to up to 9 per cent, considering the updated strategic directions of the company and its prospective significant investments. The targeted return on equity for V\u012e Lietuvos oro uostai has been increased to 6,7 percent (considering plans to restructure the company into a joint stock company and expected long-term significant investments in reconstruction of Vilnius Airport). UAB Lietuvos Energija, targeted return on equity has been increased to 6.6 per cent, taking into account the pricing restrictions applied by the National Commission of Energy Control and Prices and their expected changes.<\/p>\n

Out of the largest SOEs, the profitability targets have not changed for AB Lietuvos gele\u017einkeliai and AB Klaipedos nafta. Likewise, the targeted net profit of the V\u012e Valstybini\u0173 mi\u0161k\u0173 ur\u0117dija was not significantly increased due to consideration of 2019\u20132021 strategic plans and forecasts, as well as ongoing reorganisation.<\/p>\n

A lower profitability targets have been calculated for V\u012e Klaip\u0117dos valstybinio j\u016br\u0173 uosto direkcija (considering the strategic plans, forecasts and taking into account the fact, that the company will be eligible to pay profit tax from 2018), UAB EPSO-G (the pricing restrictions applied by the National Commission of Energy Control and Prices and their expected changes were assessed; taking into account the growth in equity capital, due to lower dividend pay-out, and the decrease in income, due to accumulated margins).<\/p>\n

The profitability targets for other SOEs are available at https:\/\/www.governance.lt\/<\/a>en\/<\/p>\n

V. Danielius, director of the Monitoring and Forecasting Agency, points out that the CAPM model usually sets a long-term cost of capital, i.e. longer than 3 years. It is because of this part of the individual valuation that the equity prices of SOEs, that were set for the period 2016-2018 and are proposed for 2019-2021, differ significantly.<\/p>\n

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download document<\/div>

Target profitability indicators 2019-2021<\/h3>
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Draft Government resolution “On Determination of\u00a0 targeted profitability indicators for State-Owned Enterprises in 2019-2021”<\/span><\/div>\n<\/div>\n<\/div>
View<\/span><\/div><\/div>
<\/div><\/a>[\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner][vc_empty_space][vc_column_text]About Governance Coordination Centre<\/strong><\/p>\n

The Governance Coordination Centre is a government-established analytical centre that seeks to ensure consistent and professional management of state-owned enterprises (SOEs). The functions performed by the Centre include a wide range of coordination activities for SOEs: selection of independent board members, oversight of the implementation of strategic plans, preparation of analytical reports and publicity of SOEs activities, assistance in the formation of SOEs sector policy and consultations on implementation of good governance.<\/p>\n

For more information about the Governance Coordination Centre: https:\/\/governance.lt\/en\/apie-mus\/<\/a><\/p>\n

[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Over the next 3 years some state-owned enterprises (SOEs) will have to earn a higher return on capital, while other SOEs will have to carry out the state’s strategic objectives more responsible and to ensure the quality of public services. Governance Coordination Centre, an institution responsible for the implementation of good governance practices in the SOE sector together with the Ministry of the Economy and Innovation, submitted to the Government a resolution regarding SOEs\u2019 profitability targets for the period of 2019-2021. Recalculated profitability targets will ensure that SOEs, while carrying out commercial activities, will seek to earn an adequate, risk-adjusted return and meet the expectations of the state. <\/p>\n","protected":false},"author":7,"featured_media":10872,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-11773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nNew profitability targets for SOEs - VKC | Valdymo koordinavimo centras<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/governance.lt\/en\/naujienos\/vvi-keliami-nauji-pelningumo-rodikliai\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New profitability targets for SOEs - VKC | Valdymo koordinavimo centras\" \/>\n<meta property=\"og:description\" content=\"Over the next 3 years some state-owned enterprises (SOEs) will have to earn a higher return on capital, while other SOEs will have to carry out the state's strategic objectives more responsible and to ensure the quality of public services. Governance Coordination Centre, an institution responsible for the implementation of good governance practices in the SOE sector together with the Ministry of the Economy and Innovation, submitted to the Government a resolution regarding SOEs\u2019 profitability targets for the period of 2019-2021. 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