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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

         2020 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%
2018-06 2019-06 2020-06 2021-06
Revenue 1,755 1,841 2,238 2,878
Cost of goods sold
Gross profit (loss) 1,755 1,841 2,238 2,878
Gross profit margin % % 100% 100%
Operating expenses 1,201 755 1,965 1,977
Operating profit (loss) 554 1,086 273 901
Operating profit margin % % 59% 31%
EBITDA 1,110 1,004
EBITDA margin % % 60% 35%
Net profit (loss) 498 945 257 780
Net profit margin % % 51% 27%

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
2019-06 2020-06 2021-06
Non-current assets 12,459 10,719 7,999
Intangible assets 70 20 10
Tangible assets 36 781 640
Financial assets 12,089 9,629 7,139
Other non-current assets 264 289 209
Current assets 7,170 12,781 14,958
Inventories and prepaid expenses 45 0
Accounts receivable in one year 3,823 5,989 7,876
Other current assets 1,602 3,837 2,685
Cash and cash equivalents 1,700 2,955 4,398
Total assets 19,629 23,500 22,957
Equity 12,305 11,960 12,555
Grants and subsidies 66 19
Liabilities 7,258 11,521 10,402
Financial liabilities 461
Long-term liabilities 964 1,251 555
Short-term liabilities 77
Equity and liabilities 19,629 23,499 22,957

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
2018-06 2019-06 2020-06 2021-06
Capital return ratios
Return on assets (ROA) 2% % % 4%
Return on equity (ROE) 4% % % 7%
Return on capital employed (ROCE) 4% -0% 9% 8%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.04
Current Ratio 5.75 194.41
Quick ratio 5.73 194.41
Turnover ratios
Asset turnover 0.17 0.19 0.10 0.12
Fixed asset turnover 0.34 0.30 0.19 0.31
Equity turnover 0.28 0.30 0.18 0.23
Profitability ratios
EBITDA margin 13% % 60% 35%
Operating profit margin 11% % 59% 31%
Net profit margin 13% % 51% 27%
Other ratios
Dividends to the State 311.97
Dividends paid / net profit 0.75

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/
Return to the State

571 EUR thousand

ROE

6.6%

Number of employees

104

Financial data provided as at end-December 2021

Management

  • Kęstutis MotiejūnasDirector General

Information as of: 2022/09/01

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: 2022/09/01