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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.

KEY FINANCIAL PERFORMANCE INDICATORS FOR THE PERIOD 2022-2024

  • Average annual net profitability:
    • 2022–2024 ≥ 2,4 percent.
  • Annual ratio of total liabilities to equity:
    • 2022–2024 ≤ 0,7 times

TARGETED SPECIFIC INDICATORS FOR THE PERIOD 2023-2025

  • Income received from horses sold, thousand EUR:
    • 2023-2025 ever year 425,6
  • Number of Lithuanian breed horses of the genetic resources program bred and bred in the company, units:
    • 2023-2025 ≥ 537
  • Number of organized equestrian events, units:
    • 2023-2025 ≥ 10
  • Good Governance Index:
    • 2023 – A-
    • 2024-2025 – A
  • Revenue from organized entertainment events, thousand EUR:
    • 2023 – 121,9
    • 2024 – 127,7
    • 2025 – 133,9

      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

2019 2020 2021 2022
Revenue 663 734 745 915
Cost of goods sold 406 630 512 669
Gross profit (loss) 257 104 232 246
Gross profit margin 39% 14% 31% 27%
Operating expenses 222 233 200 247
Operating profit (loss) 17 -143 31 -2
Operating profit margin 3% -19% 4% -0%
EBITDA 112 -34 146 121
EBITDA margin 17% -5% 20% 13%
Net profit (loss) 8 -150 20 -10
Net profit margin 1% -20% 3% -1%
2019-06 2020-06 2021-06 2022-06
Revenue 296 341 389 428
Cost of goods sold 326 316 387 508
Gross profit (loss) -30 25 2 -80
Gross profit margin % % % %
Operating expenses 118 125 102 121
Operating profit (loss) -149 -100 -100 -201
Operating profit margin % % % %
EBITDA -100 -48 -36 -135
EBITDA margin -34% -14% -9% -32%
Net profit (loss) -153 -101 -103 -204
Net profit margin -52% -30% -26% -48%

Balance sheet

2019 2020 2021 2022
Non-current assets 1,130 1,146 1,157 1,198
Intangible assets 0
Tangible assets 652 659 544 590
Financial assets 0 0
Other non-current assets 478 486 614 609
Current assets 886 1,268 1,193 1,319
Inventories and prepaid expenses 684 702 752 975
Accounts receivable in one year 103 105 120 111
Other current assets 0 0
Cash and cash equivalents 99 461 321 233
Total assets 2,020 2,418 2,352 2,522
Equity 1,548 1,391 1,411 1,401
Grants and subsidies 62 95 79 64
Liabilities 409 933 861 1,057
Financial liabilities 32 297 163 88
Long-term liabilities 10 274 151 61
Short-term liabilities 399 658 711 996
Equity and liabilities 2,020 2,418 2,352 2,522
2020-06 2021-06 2022-06
Non-current assets 1,099 1,052 1,170
Intangible assets
Tangible assets 666 604 611
Financial assets
Other non-current assets 434 448 559
Current assets 1,057 1,192 1,048
Inventories and prepaid expenses 671 620 755
Accounts receivable in one year 267 237 241
Other current assets
Cash and cash equivalents 119 334 52
Total assets 2,163 2,252 2,226
Equity 1,440 1,288 1,207
Grants and subsidies 52 87 72
Liabilities 671 876 947
Financial liabilities 272 491 504
Long-term liabilities 58 274 220
Short-term liabilities 613 602 728
Equity and liabilities 2,163 2,252 2,226

Financial ratios

2019 2020 2021 2022
Capital return ratios
Return on assets (ROA) 0% -7% 1% -0%
Return on equity (ROE) 1% -10% 1% -1%
Return on capital employed (ROCE) 1% -9% 2% -0%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.02 0.21 0.21 0.18
Current Ratio 2.22 1.93 1.68 1.32
Quick ratio 0.50 0.86 0.62 0.35
Turnover ratios
Asset turnover 0.33 0.30 0.32 0.36
Fixed asset turnover 0.59 0.64 0.64 0.76
Equity turnover 0.43 0.53 0.53 0.65
Profitability ratios
EBITDA margin 17% -5% 20% 13%
Operating profit margin 3% -19% 4% -0%
Net profit margin 1% -20% 3% -1%
Other ratios
Dividends to the State 6.63 0.00 0.00 0.00
Dividends paid / net profit 0.83 0.00 0.00 0.00
2019-06 2020-06 2021-06 2022-06
Capital return ratios
Return on assets (ROA) 0% % -6% -4%
Return on equity (ROE) 1% % -11% -7%
Return on capital employed (ROCE) 2% -12% -12% -26%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.02 0.38 0.34 0.42
Current Ratio 2.22 1.72 1.98 1.44
Quick ratio 0.50 0.63 0.95 0.40
Turnover ratios
Asset turnover 0.32 0.32 0.18 0.19
Fixed asset turnover 0.57 0.62 0.36 0.39
Equity turnover 0.43 0.47 0.29 0.34
Profitability ratios
EBITDA margin 17% -14% -9% -32%
Operating profit margin 3% % % %
Net profit margin 1% -30% -26% -48%
Other ratios
Dividends to the State 6.63
Dividends paid / net profit 0.83

Expectations of the state

Target return on equity undefined

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

-0.7%

Number of employees

78

Financial data provided as at end-December 2022

Management

  • Andrius BielinisChief Executive officer

Information as of: 2023/09/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Petras JurkuvėnasUAB PJ LT; Independent member

MEMBERS OF THE BOARD OF DIRECTORS

  • Andrius BurlėgaMinistry of Agriculture
  • Ilona DaugėlaitėBank of Lithuania; Independent member
  • Ignas KišvinasMinistry of Agriculture
  • Juozas RinkevičiusChief specialist of the Special Training Department of the Customs Training Center; Independent member

Information as of: 2023/09/01