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Although the authorities promised to cover part of the “children’s money” and other expenses earlier this year with higher dividends from state-owned companies (SOEs), this source was depleted this year. Last year, most of the state companies were profitable, but this year the state budget will be paid significantly less than planned.
The Ministry of Finance has predicted that in 2020 it will collect 217.8 million. 65 million euros in dividends and contributions to the benefits of state companies. more than in 2019. However, in January-July, SOEs only transferred 85.1 million LTL to the state budget. euros, according to the Ministry.
“It is planned to receive dividends for the state budget this year, but until the decisions of the general meeting of shareholders of the respective companies are made, we cannot indicate the exact amount of the dividends.” 15 minutes commented Deputy Minister of Finance Darius Sadeckas.
Photo by Vidmantas Balkūnas / 15min / Darius Sadeckas
All major contributors, with the exception of Lietuvos Geležinkeliai, have already transferred their contribution.
Last year, Lithuanian Railways supplemented the budget with the largest contribution: 43 million LTL. euros. Since then, the profits of this group have even increased, but Lithuania Railways has not yet revealed whether the company’s contribution to the state budget will be equal to last year’s result. This decision must be taken by the shareholder of the company, the Ministry of Transport and Communications.
Photo by Sigismund Gedvila / 15min / Lithuanian Railways
Lithuanian Railways will announce the amount of dividends in mid-September. The company planned to transfer to the budget, unofficially, a little less than last year. However, these plans may be corrected by threats from the unrecognized President of Belarus, Aliaksandr Lukashenko, to divert Belarusian cargo from the port of Klaipeda to Russia.
However, the Ministry of Transport and Communications claimed for 15 minutes that the exemption of dividends of the company for 2019 not considered.
Lithuanian railways transport between 18 and 19 million tons per year. tons of Belarusian production, from their shipments they receive about 100 million. Income in euros.
So this year to catch up with the result of 2019 – 153 million. euros of dividends and profit contributions from state-owned companies – unlikely to be successful.
Therefore, the Ministry of Finance intends to close this hole in the budget with borrowed funds.
“If budget revenues decrease, part of the expenses will be financed with borrowed funds,” said D. Sadeckas.
The largest and most profitable state companies
The SOE pays dividends and earnings contributions to this year’s budget for last year’s results. And 2019 was very successful for large state-owned companies: most of them grew in both revenue and net profit.
In terms of revenue, the largest Lithuanian state company, as well as one of the largest groups in the entire country, is Ignitis Group, which earned LTL 1.09 billion in 2019. € 20 million more than a year ago.
Erik Ovcharenko / 15min photo / “Ignitis Group” Elektrėnai Complex
The turnover of the Lithuanian Railway Group, which ranks second (505.6 million euros), and that of the EPSO-G Group, which ranks third (250.8 million euros) increased.
The State Forestry Company ranks fourth in the list of the largest state companies (157.7 million euros), and Klaipėdos Nafta completes the top five (104.3 million euros).
Although the profits and losses of SOEs generally swing like a pendulum, 2019 was exceptional: Most SOEs were profitable.
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