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Valdymo koordinavimo centras Governance Coordination Centre

State Owned Enterprises

On June 2012 UAB “Vilniaus žirgynas”, UAB “Sartų žirgynas” and UAB “Nemuno žirgynas” were reorganized by merge into UAB “Lietuvos žirgynas”. The company carries out specialized horse breeding, its raising and sales function, cultivates and maintains the minimum number of horses for each breed, cultivates breeding horses for Lithuanian horse breeders, organizes events for breeding competition and assesses performance and sporting characteristics of horses, participates in various programs, provides various horse breeding and consulting services.

Financial results

P/L Statment

2017 2018 2019 2020
Revenue 650 695 663 734
Cost of goods sold 338 477 406 630
Gross profit (loss) 312 218 257 105
Gross profit margin 48% 31% 39% 14%
Operating expenses 268 207 240 247
Operating profit (loss) 44 11 17 -143
Operating profit margin 7% 2% 3% -19%
EBITDA 141 106 112 -34
EBITDA margin 22% 15% 17% -5%
Net profit (loss) 24 3 8 -150
Net profit margin 4% 0% 1% -20%
2018-06 2019-06 2020-06 2021-06
Revenue 342 296 341 389
Cost of goods sold 303 326 316 387
Gross profit (loss) 39 -30 25 2
Gross profit margin % % -10% 1%
Operating expenses 120 118 125 102
Operating profit (loss) -81 -149 -100 -100
Operating profit margin % % -50% -26%
EBITDA -100 -39
EBITDA margin % % -34% -10%
Net profit (loss) -85 -153 -101 -103
Net profit margin % % -52% -26%

Balance sheet

2017 2018 2019 2020
Non-current assets 1,288 1,199 1,130 1,146
Intangible assets 1 0
Tangible assets 836 749 652 659
Financial assets 1
Other non-current assets 451 449 478 486
Current assets 784 901 886 1,268
Inventories and prepaid expenses 489 637 684 702
Accounts receivable in one year 276 126 103 105
Other current assets
Cash and cash equivalents 20 138 99 461
Total assets 2,093 2,109 2,020 2,418
Equity 1,564 1,546 1,548 1,391
Grants and subsidies 103 83 62 95
Liabilities 427 481 409 933
Financial liabilities 90 57 32 507
Long-term liabilities 95 51 10 274
Short-term liabilities 333 430 399 658
Equity and liabilities 2,094 2,109 2,020 2,418
2019-06 2020-06 2021-06
Non-current assets 1,118 1,099 1,052
Intangible assets
Tangible assets 699 666 604
Financial assets
Other non-current assets 419 434 448
Current assets 1,008 1,057 1,192
Inventories and prepaid expenses 568 671 620
Accounts receivable in one year 260 267 237
Other current assets
Cash and cash equivalents 180 119 334
Total assets 2,134 2,163 2,252
Equity 1,387 1,440 1,288
Grants and subsidies 73 52 87
Liabilities 674 671 876
Financial liabilities 232 258 484
Long-term liabilities 51 58 274
Short-term liabilities 12 14 7
Equity and liabilities 2,134 2,163 2,252

Financial ratios

2017 2018 2019 2020
Capital return ratios
Return on assets (ROA) 1% 0% 0% -7%
Return on equity (ROE) 2% 0% 1% -10%
Return on capital employed (ROCE) 4% 1% 2% -16%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.06 0.04 0.02 0.36
Current Ratio 2.36 2.09 2.22 1.93
Quick ratio 0.89 0.61 0.50 0.86
Turnover ratios
Asset turnover 0.31 0.33 0.32 0.33
Fixed asset turnover 0.50 0.56 0.57 0.65
Equity turnover 0.42 0.45 0.43 0.50
Profitability ratios
EBITDA margin 22% 15% 17% -5%
Operating profit margin 7% 2% 3% -19%
Net profit margin 4% 0% 1% -20%
Other ratios
Dividends to the State 18.64 4.66 6.63
Dividends paid / net profit 0.78 1.61 0.83
2018-06 2019-06 2020-06 2021-06
Capital return ratios
Return on assets (ROA) 1% % % -7%
Return on equity (ROE) 2% % % -11%
Return on capital employed (ROCE) 4% -5% -14% -8%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.06 0.19 0.38
Current Ratio 2.36 84.07 74.98 167.83
Quick ratio 0.89 36.70 27.37 80.46
Turnover ratios
Asset turnover 0.31 0.28 0.16 0.18
Fixed asset turnover 0.50 0.53 0.31 0.36
Equity turnover 0.42 0.43 0.24 0.29
Profitability ratios
EBITDA margin 22% % -34% -10%
Operating profit margin 7% % -50% -26%
Net profit margin 4% % -52% -26%
Other ratios
Dividends to the State 18.64
Dividends paid / net profit 0.78

Expectations of the state

Target return on equity

5.2%

About the company

  • Official nameUAB „Lietuvos žirgynas“
  • Legal formPrivate limited liability company (UAB)
  • Company code302795881
  • SectorOther
  • Line of businessHorse stud farm
  • Institution representing the StateMinistry of Agriculture
  • Share belonging to the State89.61%
http://www.lietuvoszirgynas.lt/
ROE

-10.2%

Number of employees

81

Financial data provided as at end-December 2020

Management

  • Felicija KlemickaitėDirector General

Information as of: 2021/10/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Andrius BurlėgaMinistry of Agriculture

MEMBERS OF THE BOARD OF DIRECTORS

  • Vygantas KatkevičiusMinistry of Agriculture
  • Ilona DaugėlaitėIndependent member
  • Petras JurkuvėnasMutter Charity Foundation; Independent member

Information as of: 2021/10/01