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Valdymo koordinavimo centras Governance Coordination Centre

State Owned Enterprises

UAB Investicijų ir verslo garantijos (INVEGA) is a national development institution established by the Government of the Republic of Lithuania to help Lithuanian businesses obtain the financing they need. INVEGA uses taxpayers’ money efficiently, assesses risks competently and focuses on business projectsthat create wealth for the whole country: its guarantees help to solve the problem of insufficient or unattractive collateral for financial institutions, administration and direct provision of soft loans, subsidies and venture capital instruments facilitate access to finance.

KEY FINANCIAL PERFORMANCE INDICATORS FOR THE PERIOD 2022-2024

  • Average annual return on equity ROE:
    • 2022–2024 ≥ 0 percent.
  • Average dividends for the calendar year:
    • 2022–2024 ≥ 75–85 % from distributable profit

TARGETED SPECIFIC INDICATORS FOR THE PERIOD 2022-2024

  • Use of funds for measures (excluding guarantees), ml. EUR:
    • 2022 – 42,9
    • 2023 – 20,9
    • 2024 – 15,6
  • Raising private funds, ml. EUR:
    • 2022 – 174
    • 2023 – 130
    • 2024 – 25
  • Use of funds provided for providing guarantees, ml. EUR:
    • 2022 – 97,2
    • 2023 – 79,8
    • 2024 – 7
  • Customer satisfaction indicator, points:
    • 2022-2024 – 9
  • Awareness of services and activities among business enterprises,%:
    • 2022-2024 > 80
  • Employee involvement,%:
    • 2022-2024 – 71

         2021/22 GOOD CORPORATE GOVERNANCE INDEX       


         2020/21 GOOD CORPORATE GOVERNANCE INDEX       

Sk – Transparency dimension
KO – Board dimension
SP – Strategic planning and target achievement dimension
GI – Good governance ratio

Financial results

P/L Statment

2018 2019 2020 2021
Revenue 3,461 3,658 4,909 6,050
Cost of goods sold
Gross profit (loss) 3,461 3,658 4,909 6,050
Gross profit margin 100% 100% 100% 100%
Operating expenses 3,168 2,349 4,489 5,098
Operating profit (loss) 293 1,308 420 952
Operating profit margin 8% 36% 9% 16%
EBITDA 339 1,334 611 1,184
EBITDA margin 10% 36% 12% 20%
Net profit (loss) 299 1,131 360 816
Net profit margin 9% 31% 7% 13%
2019-06 2020-06 2021-06 2022-06
Revenue 1,841 2,238 2,878 3,486
Cost of goods sold
Gross profit (loss) 1,841 2,238 2,878 3,486
Gross profit margin % % % %
Operating expenses 755 1,965 1,977 2,965
Operating profit (loss) 1,086 273 901 521
Operating profit margin % % % %
EBITDA 1,110 365 1,003 658
EBITDA margin 60% 16% 35% 19%
Net profit (loss) 945 257 780 454
Net profit margin 51% 11% 27% 13%

Balance sheet

2018 2019 2020 2021
Non-current assets 13,213 13,157 9,491 6,711
Intangible assets 82 31 21 18
Tangible assets 38 815 719 747
Financial assets 12,748 12,016 8,477 5,684
Other non-current assets 345 296 274 262
Current assets 7,259 7,713 24,914 22,219
Inventories and prepaid expenses 41 0 0 0
Accounts receivable in one year 4,320 3,576 7,468 11,169
Other current assets 1,154 2,404 3,735 4,497
Cash and cash equivalents 1,745 1,733 13,710 6,554
Total assets 20,472 20,870 34,404 28,930
Equity 11,576 12,502 12,062 12,590
Grants and subsidies 75 29 10
Liabilities 8,821 8,339 20,399 13,926
Financial liabilities 616 691
Long-term liabilities 804 1,399 555 622
Short-term liabilities 1,666 1,791 11,108 1,225
Equity and liabilities 20,472 20,870 34,404 28,930
2020-06 2021-06 2022-06
Non-current assets 10,719 7,999 11,973
Intangible assets 20 10 21
Tangible assets 781 640 622
Financial assets 9,629 7,139 11,111
Other non-current assets 289 209 219
Current assets 12,781 14,958 16,797
Inventories and prepaid expenses 0 0
Accounts receivable in one year 5,989 7,876 12,527
Other current assets 3,837 2,685 3,216
Cash and cash equivalents 2,955 4,398 1,054
Total assets 23,500 22,957 28,770
Equity 11,960 12,555 12,473
Grants and subsidies 19
Liabilities 11,521 10,402 13,918
Financial liabilities 538 577
Long-term liabilities 1,251 555 540
Short-term liabilities 3,148 2,327 658
Equity and liabilities 23,499 22,957 28,770

Financial ratios

2018 2019 2020 2021
Capital return ratios
Return on assets (ROA) 1% 5% 1% 3%
Return on equity (ROE) 3% 9% 3% 7%
Return on capital employed (ROCE) 3% 14% 4% 7%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.05 0.05
Current Ratio 4.36 4.31 2.24 18.14
Quick ratio 4.33 4.31 2.24 18.14
Turnover ratios
Asset turnover 0.17 0.18 0.18 0.19
Fixed asset turnover 0.30 0.28 0.43 0.75
Equity turnover 0.30 0.30 0.40 0.49
Profitability ratios
EBITDA margin 10% 36% 12% 20%
Operating profit margin 8% 36% 9% 16%
Net profit margin 9% 31% 7% 13%
Other ratios
Dividends to the State 204.45 799.54 287.66 570.89
Dividends paid / net profit 0.68 0.71 0.80 0.70
2019-06 2020-06 2021-06 2022-06
Capital return ratios
Return on assets (ROA) 5% % 3% 2%
Return on equity (ROE) 9% % 7% 4%
Return on capital employed (ROCE) 14% 3% 9% 4%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.04 0.05 0.05
Current Ratio 4.31 4.06 6.43 25.54
Quick ratio 4.31 4.06 6.43 25.54
Turnover ratios
Asset turnover 0.18 0.19 0.12 0.13
Fixed asset turnover 0.28 0.42 0.31 0.35
Equity turnover 0.30 0.37 0.23 0.28
Profitability ratios
EBITDA margin 36% 16% 35% 19%
Operating profit margin 36% % % %
Net profit margin 31% 11% 27% 13%
Other ratios
Dividends to the State 799.54
Dividends paid / net profit 0.71

Expectations of the state

Target return on equity undefined

About the company

  • Official nameUAB „Investicijų ir verslo garantijos“
  • Legal formPrivate limited liability company (UAB)
  • Company code110084026
  • SectorOther
  • Line of businessGrants to small and medium-size enterprises
  • Institution representing the StateMinistry of Finance
  • Special obligationsPerformes non-commercial special obligations
  • Share belonging to the State100%
http://invega.lt/
ROE

3.9%

Number of employees

111

Financial data provided as at end-December 2021

Management

  • Kęstutis MotiejūnasDirector General

Information as of: 2023/01/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Alditas SauliusBanking expert; Independent member

MEMBERS OF THE BOARD OF DIRECTORS

  • Vytenis LabanauskasUAB Baltoskandijos investicija; VšĮ Sveikatos žinios; UAB HETNET CONSULTING; Independent member
  • Viktorija TrimbelUAB Quantum Capital; Independent member
  • Tomas UrbanMinistry of the Economy and Innovation
  • Irma PatapienėMinistry of Finance

Information as of: 2023/01/01