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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 2022-2024

  • Income received from horses sold, thousand EUR:
    • 2022 – 320
    • 2023-2024 – every year 330
  • Number of Lithuanian breed horses of the genetic resources program bred and bred in the company, units:
    • 2022-2024 ≥ 537
  • Number of organized equestrian events, units:
    • 2022-2024 ≥ 10
  • Revenue from organized entertainment events, thousand EUR:
    • 2022 > 68
    • 2023 > 69
    • 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 695 663 734 745
Cost of goods sold 477 406 630 512
Gross profit (loss) 218 257 104 232
Gross profit margin 31% 39% 14% 31%
Operating expenses 207 240 247 201
Operating profit (loss) 11 17 -143 31
Operating profit margin 2% 3% -19% 4%
EBITDA 106 112 -34 146
EBITDA margin 15% 17% -5% 20%
Net profit (loss) 3 8 -150 20
Net profit margin 0% 1% -20% 3%
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%

* 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 1,199 1,130 1,146 1,157
Intangible assets 0
Tangible assets 749 652 659 544
Financial assets
Other non-current assets 449 478 486 614
Current assets 901 886 1,268 1,193
Inventories and prepaid expenses 637 684 702 752
Accounts receivable in one year 126 103 105 120
Other current assets
Cash and cash equivalents 138 99 461 321
Total assets 2,109 2,020 2,418 2,352
Equity 1,546 1,548 1,391 1,411
Grants and subsidies 83 62 95 79
Liabilities 481 409 933 861
Financial liabilities 57 32 507 483
Long-term liabilities 51 10 274 151
Short-term liabilities 430 399 658 711
Equity and liabilities 2,109 2,020 2,418 2,352
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

* 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) 0% 0% -7% 1%
Return on equity (ROE) 0% 1% -10% 1%
Return on capital employed (ROCE) 1% 2% -16% 4%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.04 0.02 0.36 0.34
Current Ratio 2.09 2.22 1.93 1.68
Quick ratio 0.61 0.50 0.86 0.62
Turnover ratios
Asset turnover 0.33 0.32 0.33 0.31
Fixed asset turnover 0.56 0.57 0.65 0.65
Equity turnover 0.45 0.43 0.50 0.53
Profitability ratios
EBITDA margin 15% 17% -5% 20%
Operating profit margin 2% 3% -19% 4%
Net profit margin 0% 1% -20% 3%
Other ratios
Dividends to the State 4.66 6.63
Dividends paid / net profit 1.61 0.83

* Left axis

** Right axis

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

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

Financial statments

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 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

1.5%

Number of employees

81

Financial data provided as at end-December 2021

Management

  • Felicija KelmickaitėDirector General

Information as of: 2022/09/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Petras JurkuvėnasVšĮ Mutter Charity Foundation, UAB 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 RinkevičiusLithuanian Defense and Security Industry Association; Independent member

Information as of: 2022/09/01