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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

          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 1,489 1,628 1,787 1,970
Cost of goods sold 706 771 853 949
Gross profit (loss) 783 858 934 1,021
Gross profit margin 53% 53% 52% 52%
Operating expenses 738 805 883 936
Operating profit (loss) 45 52 51 85
Operating profit margin 3% 3% 3% 4%
EBITDA 166 175 178 258
EBITDA margin 11% 11% 10% 13%
Net profit (loss) 110 125 137 211
Net profit margin 7% 8% 8% 11%
2019-06 2020-06 2021-06 2022-06
Revenue 812 869 970 1,158
Cost of goods sold 366 410 470 589
Gross profit (loss) 446 459 499 568
Gross profit margin % % % %
Operating expenses 303 259 313 374
Operating profit (loss) 143 200 187 194
Operating profit margin % % % %
EBITDA 170 228 235 210
EBITDA margin 21% 26% 24% 18%
Net profit (loss) 151 212 219 191
Net profit margin 19% 24% 23% 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

2018 2019 2020 2021
Non-current assets 225 225 198 216
Intangible assets
Tangible assets 172 155 139 151
Financial assets 0 0 0 0
Other non-current assets 53 69 59 65
Current assets 1,508 1,587 1,750 1,876
Inventories and prepaid expenses 949 999 1,056 1,114
Accounts receivable in one year 197 218 233 238
Other current assets
Cash and cash equivalents 362 371 462 523
Total assets 1,738 1,817 1,951 2,095
Equity 1,516 1,560 1,607 1,717
Grants and subsidies
Liabilities 222 257 344 378
Financial liabilities
Long-term liabilities
Short-term liabilities 222 257 344 378
Equity and liabilities 1,738 1,817 1,951 2,095
2020-06 2021-06 2022-06
Non-current assets 205 215 205
Intangible assets
Tangible assets 140 149 136
Financial assets 0 0 0
Other non-current assets 65 66 68
Current assets 1,709 1,919 2,003
Inventories and prepaid expenses 1,124 1,257 1,323
Accounts receivable in one year 354 306 346
Other current assets
Cash and cash equivalents 230 355 335
Total assets 1,924 2,138 2,216
Equity 1,682 1,726 1,748
Grants and subsidies
Liabilities 241 413 468
Financial liabilities
Long-term liabilities
Short-term liabilities 241 413 468
Equity and liabilities 1,924 2,138 2,216

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

Financial ratios

2018 2019 2020 2021
Capital return ratios
Return on assets (ROA) 6% 7% 7% 10%
Return on equity (ROE) 7% 8% 9% 13%
Return on capital employed (ROCE) 17% 18% 19% 27%
Capital structure and liquidity ratios
Debt / asset ratio (D/A)
Current Ratio 6.78 6.17 5.09 4.97
Quick ratio 2.51 2.29 2.02 2.02
Turnover ratios
Asset turnover 0.85 0.92 0.95 0.97
Fixed asset turnover 6.14 7.24 8.45 9.51
Equity turnover 0.99 1.06 1.13 1.18
Profitability ratios
EBITDA margin 11% 11% 10% 13%
Operating profit margin 3% 3% 3% 4%
Net profit margin 7% 8% 8% 11%
Other ratios
Dividends to the State 81.04 88.26 99.54 159.01
Dividends paid / net profit 0.73 0.70 0.73 0.75

* Left axis

** Right axis

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

2019-06 2020-06 2021-06 2022-06
Capital return ratios
Return on assets (ROA) 7% % 7% 8%
Return on equity (ROE) 8% % 9% 11%
Return on capital employed (ROCE) 18% 25% 26% 22%
Capital structure and liquidity ratios
Debt / asset ratio (D/A)
Current Ratio 6.17 7.08 4.65 4.28
Quick ratio 2.29 2.42 1.60 1.45
Turnover ratios
Asset turnover 0.92 0.90 0.48 0.53
Fixed asset turnover 7.24 8.49 4.62 5.51
Equity turnover 1.06 1.03 0.57 0.67
Profitability ratios
EBITDA margin 11% 26% 24% 18%
Operating profit margin 3% % % %
Net profit margin 8% 24% 23% 16%
Other ratios
Dividends to the State 88.26
Dividends paid / net profit 0.70

Financial statments

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

Target return on equity undefined

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 State99%
http://www.veislita.lt/
Return to the State

159 EUR thousand

ROE

12.7%

Number of employees

34

Financial data provided as at end-December 2021

Management

  • Audrius KarnišauskasChief Executive Officer

Information as of: 2023/05/01

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
  • Giedrius PalubinskasLSMU; Independent member

Information as of: 2023/05/01