In 2021, despite the ongoing COVID-19 pandemic, the revenue of Lithuanian Airports amounted to almost EUR 29 million and was about 30% higher than in 2020 (in the record-breaking year of 2019, it amounted to EUR 48.5 million). Last year, Lithuanian Airports suffered the loss of almost EUR 703,000. However, it is planned that Lithuanian Airports will generate a net profit already in 2023.
According to the representatives of Lithuanian Airports, in 2021, Lithuanian Airports managed to achieve significantly better revenue indicators and manage growing costs. Compared to 2020, when aviation revenue amounted to EUR 13.1 million, last year it grew by 42% up to EUR 18.7 million (almost EUR 31.5 million in 2019). Meanwhile, revenue from non-aviation activities amounted to EUR 10.2 million, compared to just over EUR 9 million last year. In 2019, this indicator amounted to almost EUR 17 million.
Earnings before interest, taxes, depreciation and amortization (EBITDA) of Lithuanian Airports grew in 2021 and amounted to almost 8 million EUR. In 2020, EBITDA was EUR 2.5 million. The company suffered a net loss of almost EUR 703,000 (the loss in 2020 was EUR 4.6 million).
In the record-breaking year of 2019, before the pandemic began, the company generated a net profit of EUR 13.6 million.
“In 2021, a lot of attention was paid to the successful completion of strategically important investment projects. Lithuanian Airports completed large-scale reconstruction projects at Palanga and Vilnius Airports, which have been greatly affected by the successful management of financial flows,” says Eglė Čiužaitė, Chairwoman of the Lithuanian Airports Board.
According to Indrė Kunigėlytė, Chief Financial Officer of Lithuanian Airports, the focus on cost control and reduction was one of the key factors that allowed us to successfully balance the financial situation at Lithuanian Airports last year.
“Even though aviation flows started to grow faster already in the second half of 2021, financial flows and a real recovery were only visible at the end of the year. However, the financial situation at Lithuanian Airports was stable, and last year we started to show recovery trends. We firmly believe that we will turn consistent growth into profitable work in the upcoming years. It can be stated on the basis of both the forecasts of the aviation sector and the strong financial base, which we have maintained during a challenging period,” said Kunigėlytė.
She also noted that despite the late financial recovery in the aviation sector, it was managed to ensure the continuity of airport operations last year.
“Financial stability at Lithuanian Airports has allowed us to continue the implementation of the anticipated plans and to develop the most important airport projects, to maintain a team of specialists and to invest in the necessary operational processes. As an example of successful financial flow management, we can name the fact that even during the challenges, we were able to complete two strategically important projects, i.e. the reconstructions of Palanga and Vilnius aerodromes,” said Kunigėlytė.
According to the representatives of Lithuanian Airports, the forecasts show that we still record a small loss in the network operations this year, but it is already clear that this year will be a time of significant transformation, we will go from a period of financial challenges to a period of profitable operations. It is planned to generate a net profit at Lithuanian Airports already in 2023.
Detailed audited financial report for 2021 can be found on the website of Lithuanian Airports at https://www.ltou.lt/lt/apie-lietuvos-oro-uostus/administracine-informacija/finansines-ataskaitos