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State-Owned Enterprises in Lithuania

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State-Owned Enterprises in Lithuania STATE-OWNED ENTERPRISES IN LITHUANIA ANNUAL REPORT 2016 SOE Portfolio: a Brief Overview SOE Portfolio Value SOE Portfolio Value of Book Assets SOE Portfolio Equity Value 31 December 2016 5.6 31 December 2016 9.5 31 December 2016 5.3 12 28 26 31 2015 55 31 2015 92 31 2015 52 EUR EUR EUR llion 02 05 02 12 1112 12 20 22 46 19 31 19 19 Ergy F Ergy Fstry Ergy Fstry T O T Or T Or Communications Communications Communications SOE Portfolio Sales Revenue SOE Portfolio Operating Profit SOE Portfolio Normalised Net Profit 2016 2,507 2016 259 2016 256 10 710 132 2015 2481 2015 152 2015 226 EUR EUR EUR 6 161 157 159 9 159 42 6 717 704 7 28 27 34 6 7 33 36 202 1488 187 1445 160 103 2015 2016 2015 2016 2015 2016 Ergy F Ergy Fstry Ergy Fstry T O T Or T Or Communications Communications Communications SOE Portfolio ROE SOE Portfolio Financial Leverage SOE Es 31 December 2016 4.8% 31 December 2016 23.4% 31 December 2016 38,878 -37 31 2015 44 31 2015 247 31 2015 40353 96 553 22397 21602 83 438 423 408 9161 8578 31 32 185 168 24 24 5045 5104 00 00 18 18 3750 3750 3594 Ergy T F O Ergy T Fstry Or Ergy T Fstry Or Communications Communications Communications 31 D 2015 31 D 2016 31 D 2015 31 D 2016 31 D 2015 31 D 2016 Contents of the Report FOREWORD BY THE MINISTER 3 LITHUANIAN STATE OWNERSHIP POLICY: AN OVERVIEW 4 REMUNERATION OF EXECUTIVES 9 SPECIAL OBLIGATIONS OF SOES 15 OVERVIEW OF SOE PORTFOLIO RESULTS 20 TRANSPORT AND COMMUNICATIONS 44 ENERGY 52 FORESTRY 62 OTHER ENTERPRISES 70 ENTERPRISES IN DETAIL 74 AB Lietuvos geležinkeliai Group 75 AB Lietuvos paštas Group 76 VĮ Klaipėdos valstybinio jūrų uosto direkcija 77 VĮ Lietuvos oro uostai 78 VĮ Oro navigacija 79 AB Lietuvos radijo ir televizijos centras 80 Road Maintenance Enterprises 81 Lietuvos energija, UAB, Group 82 Lietuvos energijos gamyba, AB 83 AB Energijos skirstymo operatorius 84 UAB EPSO–G Group 85 AB Litgrid Group 86 AB Amber Grid 87 AB Klaipėdos nafta 88 Forest enterprises 89 VĮ Registrų centras 90 VĮ Regitra 91 EVALUATION METHODOLOGY 92 LIST OF SOES 94 FINANCIAL RESULTS OF SOES NOT INCLUDED IN THE SOE PORTFOLIO 98 ABBREVIATIONS AND DEFINITIONS 102 The Report is available online at vkc.turtas.lt/en Layout by Algina Jučytė State-Owned Enterprises Governance Coordination Centre Design and Publishing JSC KOPA VšĮ Stebėsenos ir prognozių agentūra Gedimino pr. 38, LT-01104 Vilnius 200 copies were printed in 2017 Phone: +370 7 066 4686, e-mail: [email protected] VĮ Klaipėdos valstybinio jūrų uosto direkcija, VĮ Pieno tyrimai, The Lithuanian Road Administration under the Ministry of Transport and Communications photos were used for the this report. State-owned enterprises comprise a significant part of the overall country’s economy – they are important from a strategic point of view as well as a social point of view, and because of these reasons, it is in the interest of all of us, that activities of these enterprises are efficient and transparent. The Report provides information about assets, activity results, operating efficiency, and consideration of the essential influencing factors of 118 state-owned enterprises. In 2016 state-owned enterprises’ contribution to Lithuanian economy amounted to 3.5% of the total gross domestic product. Last year normalised net profit of the aforesaid enterprises amounted to EUR 256 million – 13.2% more than in 2015. The sales revenue grew by 1% reaching EUR 2.5 billion, while their estimated market value increased by 1.2% – up to EUR 5.6 billion. These results show, that the significant changes initiated in the state-owned enterprise sector yields positive state-owned enterprises’ management results and enables Lithuania to rapidly advance towards becoming a member of the Organisation for Economic Co-operation and Development (OECD). One of the most important changes initiated, while implementing the recommendations of OECD, was to strengthen the independence of supervisory and management boards. Furthermore, the selection and nomination procedure to the state-owned enterprises’ collegial governance bodies was improved – now at least half of each board’s members should be independent experts, selected while following transparent procedures. It is worth noting, that politicians directly linked with executive powers are now prohibited to participate in the aforesaid collegial bodies – this will increase the independence of said collegial bodies from political aspects. Moreover, the transparency requirements of the state-owned enterprises were toughened; the legal forms of these enterprises were reviewed; suggestions were made concerning the goals and the expedience of continuation of participation of the State in the management of these state- owned enterprises; processes of the review of the enterprises’ activities were started; the process of aid provision of the state-owned limited liability companies was improved which will allow the public to oversee, to which goals the State funds are used by these companies. In pursuit of the highest standards of governance, the management of the energy sector enterprises was reformed – today it is regarded as the most effective and in line with the good international governance practices; significant and mandatory reforms of the management of UAB EPSO-G, AB Lietuvos geležinkeliai and road maintenance enterprises were implemented or initiated. In pursuit of the management efficiency and transparency together with higher return of state-owned enterprises to the public, we will continue to improve the governance of these companies. It will allow us to strive for better results for the State and its people. Yours sincerely, Mindaugas Sinkevičius Minister of Economy Lithuanian State Ownership Policy: An Overview Examples of many foreign countries demonstrate that state-owned enterprises (SOEs) can operate efficiently, bring benefits to consumers and compete successfully on the market, while their operating results can equal or even surpass those of private companies. Modern and effectively functioning SOEs may contribute significantly to state budgets, while additional funds may be distributed to various areas – from pensions, teachers’ and doctors’ remuneration to important national investment projects. Furthermore, these enterprises, by implementing innovative governance models, become an example of transparent and responsible business, thus promoting a sustainable development of the economy. The aim of turning state-owned enterprises into the modern and effective companies requires great responsibility and long-term professional supervision of SOEs. It is important, that the state has a clear ownership policy and establishes high transparency requirements for these enterprises. State Ownership Policy • The autonomy of supervisory and management boards should be increased through the standardisation and formulation of high General experience of foreign states demonstrates that the implementation criteria for the selection of collegial bodies’ members. of the principles of good governance in SOEs is an important but complicated • The state enterprise legal form should be revised and gradually initiative. The major challenge is to strike a balance between the state’s shifted towards common legal forms or legal entities. commitment to actively perform its ownership functions (such as setting financial and other goals as well as monitoring) and the unbiased regulation • The Transparency Guidelines should be mandatory at least for the of a sector, in which the enterprise operates. large state-owned enterprises. For these reasons, various countries adopt legislation on ownership policy While striving to become a member of OECD, Lithuania is committed to that clearly defines the rights and duties of all state institutions, offices implement these recommendations, and in the last few years a considerable and undertakings participating in SOE governance. Documents setting the progress was made to implement all four priority recommendations. ownership policy also define a procedure used to determine remuneration for members of collegial governing bodies, formalise the principles for Key Legal Acts in Lithuania their selection, and indicate the expected SOE results. By establishing clear ownership functions, the state seeks to become an active owner of its For a long time after Lithuania regained its independence SOEs in the country property: it would set the goals for enterprises, demand effective operation remained unchanged – they lacked transparency, high performance goals and good results, but would not interfere with their daily business. were not set, and there was no single centralised institution that would analyse the activities of state-owned enterprises. In 2009, the Ministry of OECD Guidelines Economy of the Republic of Lithuania prepared an overview of Lithuanian SOEs, which revealed that the efficiency of SOE operations was inadequate. In 2015, the Organisation for Economic Co-operation and Development (OECD) updated and announced the Guidelines of Corporate Governance Based on this overview, a concept for the enhancement of efficiency of SOEs of State-Owned Enterprises, a document defining the key principles of SOE was prepared. This document established the directions for SOE governance governance. OECD Guidelines represent an agreement among the most reform in order to enhance the efficiency of enterprises and defined the advanced and economically developed countries and have been recognised principles and expected results of the reform. as an international benchmark. The Guidelines are available
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