Based on the preliminary unaudited data the income of state-owned enterprises (SOEs) grew by 7% or by LTL 6.85 billion, and operating profit increased from LTL 2 million loss to LTL 183 profit in twelve month period of 2011. Net profit of the SOE portfolio reached LTL 79 million, which was LTL 76 million more than one year ago. In 2011, profitable companies earned the profit of LTL 343 million and the unprofitable ones faced the losses of LTL 264 million.

14 independent board members have already been appointed to the boards of state-owned enterprises of energy sector. These individuals are highly respected professionals employed by private companies. Independent and unaffected by political influences, the board members will contribute to improved corporate governance and greater operating efficiency of State enterprises. The Government is currently considering a proposal to set the minimum number of independent members to one third of boards in state-owned limited liability companies.

From now on information on State-owned enterprise reform, governance and transparency policies as well as strategic and social projects of SOEs is also available in English.

Nasdaq OMX Vilnius and its team with Baltic Institute of Corporate Governance was a source of inspiration to start reform on state owned enterprises. Listed companies are role model on how to implement transparency and high standards of disclosure for each SOE. As these companies by their nature are most public – owned by all citizens of Lithuania.

In the unofficial awards announced by The Economist Lithuania's Government received the Alchemy prize for its efforts to achieve higher returns from SOE activities both for the public and for the State.

The Ministry of Economy has published the interim aggregate report on the performance of SOEs during the past nine months of 2011. It has also launched the website in which the main information about the reform of SOEs – its objectives, strategic directions, responsible institutions and best foreign practice – is available.

State-owned enterprises improved their financial and operating results in 2010 as their aggregate net profits stood at LTL150m, up from LTL38m a year ago while the combined dividends more than doubled to reach LTL86m, compared to LTL42 in 2009, an annual overview of the state-run companies and organisations said.