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Valdymo koordinavimo centras Governance Coordination Centre

State Owned Enterprises

AB Lietuvos veislininkystė was established in 2012 January 2, after reorganization of AB Marijampolės regiono veislininkystė and AB Šiaulių regiono veislininkystė. Company keeps the most popular bull breeds of Lithuanian and Western countries and their accumulated sperm.

KEY FINANCIAL PERFORMANCE INDICATORS FOR THE PERIOD 2022-2024

  • Average net profitability:
    • 2022–2024 ≥ 7,0 percent.
  • Annual ratio of total liabilities to equity:
    • 2022–2024 limit 0,15–0,2 times

TARGETED SPECIFIC INDICATORS FOR THE PERIOD 2023-2025

  • Return on equity ROE, %:
    • 2023 – 6,3
    • 2024 – 6,5
    • 2025 – 7,1
  • Return on assets ROA, %:
    • 2023 – 5,4
    • 2024 – 5,5
    • 2025 – 6,1
  • Sale of bull semen doses, thousand. pcs.:
    • 2023-2025 every year 200
  • Sale of bull semen doses, thousand. euros:

    • 2023 – 1276
    • 2024 – 1320
    • 2025 – 1408
  • Evaluation of the strategic plan:

    • 2023 – 8,0
    • 2024 – 8,5
    • 2025 – 9,0
  • Good Governance Index:

    • 2023-2025 – A

          2022/23 GOOD CORPORATE GOVERNANCE INDEX

               

          2021/22 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

2019 2020 2021 2022
Revenue 1,628 1,787 1,970 2,312
Cost of goods sold 771 853 949 1,174
Gross profit (loss) 858 934 1,021 1,138
Gross profit margin 53% 52% 52% 49%
Operating expenses 805 883 936 1,097
Operating profit (loss) 52 51 85 40
Operating profit margin 3% 3% 4% 2%
EBITDA 175 178 258 141
EBITDA margin 11% 10% 13% 6%
Net profit (loss) 125 137 211 96
Net profit margin 8% 8% 11% 4%
2020-06 2021-06 2022-06 2023-06
Revenue 869 970 1,158 1,271
Cost of goods sold 410 470 589 666
Gross profit (loss) 459 499 568 605
Gross profit margin 53% 52% 49% 48%
Operating expenses 259 313 374 432
Operating profit (loss) 200 187 194 172
Operating profit margin 23% 19% 17% 14%
EBITDA 228 235 210 213
EBITDA margin 26% 24% 18% 17%
Net profit (loss) 212 219 191 200
Net profit margin 24% 23% 16% 16%

* Left axis

** Right axis

*** All data in Profit and Loss Statement table and corresponding chart is in EUR thousand, unless otherwise noted

Balance sheet

2019 2020 2021 2022
Non-current assets 225 198 216 198
Intangible assets 0 0
Tangible assets 155 139 158 135
Financial assets 0 0 0 0
Other non-current assets 69 59 58 63
Current assets 1,587 1,750 1,876 1,877
Inventories and prepaid expenses 999 1,056 1,114 1,256
Accounts receivable in one year 218 233 238 277
Other current assets 0 0
Cash and cash equivalents 371 462 523 344
Total assets 1,817 1,951 2,095 2,078
Equity 1,560 1,607 1,718 1,653
Grants and subsidies
Liabilities 257 344 378 425
Financial liabilities 0 0 0 0
Long-term liabilities
Short-term liabilities 257 344 378 425
Equity and liabilities 1,817 1,951 2,095 2,078
2020-06 2021-06 2022-06 2023-06
Non-current assets 205 215 205 164
Intangible assets 0 0
Tangible assets 140 149 136 117
Financial assets 0 0 0 0
Other non-current assets 65 66 68 47
Current assets 1,709 1,919 2,003 2,033
Inventories and prepaid expenses 1,124 1,257 1,323 1,418
Accounts receivable in one year 354 306 346 409
Other current assets 0 0
Cash and cash equivalents 230 355 335 206
Total assets 1,924 2,138 2,216 2,202
Equity 1,682 1,726 1,748 1,732
Grants and subsidies 0 0
Liabilities 241 413 468 470
Financial liabilities 0 0 0 0
Long-term liabilities 0 0 0 0
Short-term liabilities 241 413 468 470
Equity and liabilities 1,924 2,138 2,216 2,202

* All data in Balance Sheet table and corresponding chart is in EUR thousand, unless otherwise noted

Financial ratios

2019 2020 2021 2022
Capital return ratios
Return on assets (ROA) 7% 7% 10% 5%
Return on equity (ROE) 8% 9% 13% 6%
Return on capital employed (ROCE) 3% 3% 5% 2%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.00 0.00 0.00
Current Ratio 6.17 5.09 4.97 4.42
Quick ratio 2.29 2.02 2.02 1.46
Turnover ratios
Asset turnover 0.90 0.92 0.94 1.11
Fixed asset turnover 7.25 9.02 9.11 11.70
Equity turnover 1.04 1.11 1.15 1.40
Profitability ratios
EBITDA margin 11% 10% 13% 6%
Operating profit margin 3% 3% 4% 2%
Net profit margin 8% 8% 11% 4%
Other ratios
Dividends to the State 88.26 99.54 159.01 119.53
Dividends paid / net profit 0.70 0.73 0.75 1.24

* Left axis

** Right axis

*** Dividends to the state in Financial Ratios table is in EUR thousand

2020-06 2021-06 2022-06 2023-06
Capital return ratios
Return on assets (ROA) 10% 7% 8% 5%
Return on equity (ROE) 11% 8% 11% 6%
Return on capital employed (ROCE) 12% 11% 11% 10%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.00 0.00 0.00
Current Ratio 7.08 4.65 4.28 4.32
Quick ratio 2.42 1.60 1.45 1.31
Turnover ratios
Asset turnover 0.45 0.45 0.52 0.58
Fixed asset turnover 4.25 4.50 5.65 7.75
Equity turnover 0.52 0.56 0.66 0.73
Profitability ratios
EBITDA margin 26% 24% 18% 17%
Operating profit margin 23% 19% 17% 14%
Net profit margin 24% 23% 16% 16%
Other ratios
Dividends to the State
Dividends paid / net profit

Financial statments

2022 m. 6 mėn. tarpinės ataskaitos 2022 m. metinės ataskaitos
2021 m. 6 mėn. tarpinės ataskaitos 2021 m. metinės ataskaitos
2020 m. 6 mėn. tarpinės ataskaitos 2020 m. metinės ataskaitos
2019 m. metinės ataskaitos 2019 m. 6 mėn. tarpinės ataskaitos
2018 m. metinės ataskaitos 2018 m. 6 mėn. tarpinės ataskaitos
2017 m. 6 mėn. tarpinės ataskaitos 2017 m. metinės ataskaitos
2016 m. metinės ataskaitos 2016 m. 6 mėn. tarpinės ataskaitos 2016 m. 3 mėn. tarpinės ataskaitos
2015 m. metinės ataskaitos 2015 m. 12 mėn. tarpinės ataskaitos 2015 m. 9 mėn. tarpinės ataskaitos 2015 m. 6 mėn. tarpinės ataskaitos 2015 m. 3 mėn. tarpinės ataskaitos
2014 m. metinės ataskaitos 2014 m. 12 mėn. tarpinės ataskaitos 2014 m. 9 mėn. tarpinės ataskaitos 2014 m. 6 mėn. tarpinės ataskaitos 2014 m. 3 mėn. tarpinės ataskaitos
2012 m. metinės ataskaitos
2013 m. 3 mėn. tarpinės ataskaitos 2013 m. 6 mėn. tarpinės ataskaitos 2013 m. 12 mėn. tarpinės ataskaitos 2013 m. metinės ataskaitos 2013 m. 9 mėn. tarpinės ataskaitos

Expectations of the state

Letter of Expectations

About the company

  • Official nameAB „Lietuvos veislininkystė“
  • Legal formPublic limited liability company (AB)
  • Company code302705528
  • SectorOther
  • Line of businessAnimal husbandry
  • Institution representing the StateMinistry of Agriculture
  • Share belonging to the State98.95%
http://www.veislita.lt/
Return to the State

120 EUR thousand

ROE

5.7%

Number of employees

35

Financial data provided as at end-December 2022

Management

  • Audrius KarnišauskasChief Executive Officer

Information as of: 2023/11/03

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Ligita RalienėIndependent member

MEMBERS OF THE BOARD OF DIRECTORS

  • Karolis TvaskusMinistry of Agriculture
  • Modestas VažnevičiusMinistry of Agriculture
  • Petras JurkuvėnasUAB PJ LT; Independent member; UAB „Lietuvos žirgynas“
  • Giedrius PalubinskasLSMU; Independent member

Information as of: 2023/11/03