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How 15 minutes I already wrote, this year the contribution of state enterprises (SOEs) to the budget is much more modest than planned.
The presentation of financial indicators of state companies organized by the Management Coordination Center (NCC) on Tuesday revealed that this year the public company contributed LTL 149 million to the state budget. euros.
By approving this year’s budget, the state company was expected to add LTL 217.8 million to state revenues. dividends and contributions to earnings, but this objective was not achieved.
Overall, this is the lowest contribution of the public company to the budget in the last three years. For 2017, companies paid 202.5 million. Dividends, contributions to profits and atypical taxes of 168.4 million euros in 2018 and in 2019, as mentioned, 149 million. (of which dividends and contributions to profits only: 122 million euros).
A. Jocius, head of the Division of Management and Analysis of the Center of Coronation of Management, pointed out that although the companies managed by the Ministry of Finance are those that receive the most income, the companies managed by the Ministry of Transport and Communications are the who have paid the most to the state budget. euros.
Photo by Vidmantas Balkūnas / 15 min photo / Ministry of Finance
Although the contribution of companies to the state budget was lower, state companies were more profitable. According to Aleksandras Jocius, Head of the Management and Analysis Division of the Coronation Management Center, the SE’s net profit results in 2018 were worse mainly due to the revaluation of assets in Ignitis and Epso-G.
“Last year we saw an improvement in the results and there were no specific negative actions,” said A. Jocius why the results improved.
In 2018, the net profit amounted to 107 million. EUR, compared to 235 million euros in 2019. euros.
Not everyone achieves profitability
However, not all companies achieve the stated profitability performance. According to A.Jocius, only 19 of the 37 companies reached the profitability indicator set in 2019.
The target average return on equity for companies’ business activities is 5.8%, but the indicator differs from industry to industry.
For example, companies managed by the Ministry of Transport and Communications exceeded the target of 6.2 percent. expectations, but in other sectors the results are worse. For example, energy companies did not meet the expectations set by the state: they reached 4.6 percent. 6.4 percent of the whole.
Some companies are exempt from dividends
How 15 minutes You wrote, despite the better profit margins, the lower contribution to the budget was also due to the waivers given to companies affected by the pandemic.
The government allowed three state-owned companies facing the sudden consequences of the coronavirus pandemic to pay lower dividends or not pay them at all if the transfers became insolvent: to Lithuanian airports, Litexpo and Giraitės ginkluotės gamyklai.
Photo by Erik Ovcharenko / 15-minute photo / Kaunas airport
Lithuanian airports were exempt from paying dividends; this year, the company planned to pay 9.7 million. dividends in euros.
And the dividends of the Lithuanian Exhibition and Congress Center Litexpo were reduced from 784.2 thousand. EUR up to 50 thousand. euros.
There will be more defaults next year
Even more state-owned companies may not pay dividends next year.
Some state-owned companies, which have suffered losses due to the pandemic this year, already plan not to pay dividends next year.
State forestry company 15 minutes He previously said that in the first half of 2020 about 37 percent. the fall in the average price of wood had a negative impact on the company’s results, so the company does not expect to pay dividends next year.
Photo by Erik Ovcharenko / 15min photo / At the presentation of the foresters’ cars
Lithuanian airports and Litexpo do not rule out the possibility of requesting permission not to pay dividends.
However, experts from the Management Coordination Center hope that Ignitis can cover dividends from pandemic-affected companies next year, planning to pay LTL 85 million next year. dividends in euros. In recent years, the contribution of this company has been much less – for 2018 it paid 13 million. 28 million euros for 2018. euros.
“The influence of the energy companies should increase and slightly offset the performance of the airports,” Jocius said.
Only a fifth of municipal companies pay dividends
If the state sets different profitability and dividend size targets for state-owned companies, the requirements for municipal companies are much lower.
NCC representative Jokūbas Niedvaras cautions that even 40 percent. the municipalities did not prepare letters of expectation and only a fifth of the companies paid dividends.
By the way, in 2019, the results of municipal companies deteriorated quite quickly. Although the companies’ sales revenue fell only 2 percent. – up to 938 million the return on equity almost doubled and the net profit fell by as much as 40%.
According to J. Niedvaras, the decrease in earnings was mainly influenced by a significant increase in general and administrative expenses, for example, salaries.
However, although 157 companies were profitable, only 34 companies paid dividends, so the return to municipalities decreased by as much as 64 percent. According to the NCC, municipal companies paid 5.4 million for 2019. Dividends of 15 million euros in 2018. EUR, and in 2017 – 22.5 million. euros.
According to J. Niedvaras, most of the companies that paid dividends are located in the municipality of Kaunas.
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