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State-owned enterprises pay dividends according to the plan

Date

2012 10 17

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In the first half of 2012, UAB Visagino Atominė Elektrinė (VAE) paid the dividends of LTL 275 million to the national budget. Before 1 October, the total dividends assigned by the state-owned enterprises (SOEs) reached LTL 488 million. Following the Government Resolution, the expected profit contribution of LTL 34 million still has to be allotted by VĮ Klaipėda State Seaport Authority.

Total sales revenue of the first six months of 2012 reached LTL 3.29 billion and increased by LTL 22 million compared to the corresponding period of 2011.

The revenue growth was slower due to unfavourable market conditions which include planned maintenance works of AB Orlen Lietuva and lower freight flows from Russia. The revenues of the forestry sector kept decreasing for the second successive quarter due to falling demand of timber.

Operating profit of the SOE portfolio decreased by 32.1% (from LTL 231.7 million to LTL 157.2 million) in the first half of 2012 compared to the corresponding period of the previous year. Lower operating profit mostly resulted from higher expenses for fuel, gas, wages and repair works.

• Due to higher consumption of electricity, sales of the VAE Group grew by 4.8% up to LTL 1 350 million in H1 2012. However, because of higher operating costs caused by the preparation works for the Visaginas nuclear power plant project and due to increased costs of subsidiary AB Lietuvos Energija,, the VAE Group incurred operating loss of LTL 1.9 million in first half of 2012, while the operating profit amounted to LTL 11.7 million in the first half of 2011. The net result of the Group was LTL 1.1 million in losses, while in the same period of the previous year the company earned net profit of LTL 1.5 million. 
• The net profit of AB Lithuanian Railways Groupreached LTL 69.5 million, which was 30% less than in the first half of 2011. Lower profit was caused by lower freight volume: in the first half of 2012 the freight volume transported by rails was 10.3% less than during the same period of the previous year. Moreover, the Group incurred higher costs caused by repair works, depreciation and salaries.  Nevertheless, the efficiency of freight transportation by AB Lithuanian Railways grew as the freight transportation direction’s sales revenue per tonne of freight grew by 14.3% and the net profit increased from LTL 2.8 to LTL 4.4 per tonne.

• Due to the planned repair works of the main client AB Orlen Lietuva and lower freight flows from Russia oil product handling of AB Klaipėdos Nafta decreased by 16.6% and the revenues went down by 14.6% to LTL 68.1 million, which resulted in lower  profit of the company: the net profit stood at LTL 21.5 million in the first half of 2012, which was 23% less than in the corresponding period of the previous year.

• The results  of VĮ Klaipėda State Seaport Authority worsened in the first half of 2012 due to 8.3% decrease in handling and higher operating costs because of dredging works in the port area. The company’s net profit went down by 32.4% from LTL 53.2 million to LTL 36.4 million and the return on equity (ROE) was reduced by 2.2 percentage points to 4.4%.

• The number of total services provided by AB Lithuanian Post fell down by 16.4% in the first half of 2012, yet, the number of universal services provided was 5.4% higher and the revenues generated from these services grew by 10.1%. AB Lithuanian Post kept increasing its operational efficiency and kept reducing the expenses related to salaries and depreciation. Due to reconstruction of postoffices and higher expenses for utility services the company finished the first half of 2012 with a loss. AB Lithuanian Post incurred the net loss of LTL 2.7 million, which is LTL 1 million less than in the corresponding period of the previous year. 

• In the first half of 2012, sales revenue of forest enterprises went down by 15.4% due to 3.6% lower price and 13.6% lower sales of timber.  Due to higher logging and forest restoration and plantation costs the net profit of forest enterprises decreased by 44.3% to LTL 44.8 million. This indicator per one cubic meter of timber sold fell by 35.4% to LTL 26.7 per cubic meter.