Pieno tyrimai

State-owned company “Pieno tyrimai” has been registered in 1993. The main purpose and nature of the company is to ensure an unbiased, accurate and rapid examination of raw milk samples. Milk purchasers, processors, dairy producers, the Ministry of Agriculture of the Republic of Lithuania, the State Enterprise “Livestock Productivity Control”, the National Paying Agency, the State Food and Veterinary Service, the Public Institution “Ekoagros” and other institutions as well as science and training institutions use the milk sample research services of the company.

Financial results

	2017	2018	2019	2020
Revenue	4,160	4,015	5,312	6,323
Cost of goods sold	3,151	3,176	4,106	4,806
Gross profit (loss)	1,009	839	1,206	1,517
Gross profit margin	24%	21%	23%	24%
Operating expenses	867	780	974	1,158
Operating profit (loss)	142	59	232	360
Operating profit margin	3%	1%	4%	6%
EBITDA	651	623	884	853
EBITDA margin	16%	16%	17%	13%
Net profit (loss)	116	42	201	280
Net profit margin	3%	1%	4%	4%

	2018-06	2019-06	2020-06	2021-06
Revenue	2,027	2,057	3,099	2,933
Cost of goods sold	1,609	1,601	2,372	2,418
Gross profit (loss)	418	457	727	514
Gross profit margin	%	%	22%	18%
Operating expenses	390	325	416	428
Operating profit (loss)	28	131	312	87
Operating profit margin	%	%	6%	3%
EBITDA			443	278
EBITDA margin	%	%	22%	9%
Net profit (loss)	23	95	230	82
Net profit margin	%	%	5%	3%

* Left axis

** Right axis

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

Balance sheet

Annual
Semi-annual

	2017	2018	2019	2020
Non-current assets	4,901	3,481	3,589	3,284
Intangible assets	13	50	64	84
Tangible assets	4,861	3,181	3,227	2,868
Financial assets
Other non-current assets	27	251	298	332
Current assets	905	832	1,587	2,104
Inventories and prepaid expenses	206	241	193	236
Accounts receivable in one year	346	320	579	469
Other current assets		72
Cash and cash equivalents	353	185	801	1,400
Total assets	5,821	4,332	5,187	5,396
Equity	4,665	3,293	3,985	4,133
Grants and subsidies
Liabilities	1,153	1,034	1,195	1,255
Financial liabilities	753	821	673	420
Long-term liabilities	501	504	432	236
Short-term liabilities	624	529	763	1,018
Equity and liabilities	5,821	4,332	5,187	5,396

	2019-06	2020-06	2021-06
Non-current assets	3,559	3,381	3,156
Intangible assets	53	67	74
Tangible assets	3,253	3,015	2,750
Financial assets
Other non-current assets	253	298	332
Current assets	1,048	2,123	2,207
Inventories and prepaid expenses	213	231	235
Accounts receivable in one year	560	872	867
Other current assets
Cash and cash equivalents	275	1,020	1,104
Total assets	4,667	5,536	5,390
Equity	3,195	4,084	3,993
Grants and subsidies
Liabilities	1,470	1,449	1,393
Financial liabilities	673	420	236
Long-term liabilities	690	432	236
Short-term liabilities	207	118	91
Equity and liabilities	4,667	5,536	5,390

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

Financial ratios

Annual
Semi-annual

	2017	2018	2019	2020
Capital return ratios
Return on assets (ROA)	3%	2%	4%	5%
Return on equity (ROE)	4%	3%	6%	7%
Return on capital employed (ROCE)	6%	3%	11%	16%
Capital structure and liquidity ratios
Debt / asset ratio (D/A)	0.16	0.25	0.17	0.10
Current Ratio	1.45	1.57	2.08	2.07
Quick ratio	1.12	1.12	1.83	1.83
Turnover ratios
Asset turnover	0.74	0.79	1.12	1.20
Fixed asset turnover	0.88	0.96	1.50	1.84
Equity turnover	0.90	1.01	1.46	1.56
Profitability ratios
EBITDA margin	16%	16%	17%	13%
Operating profit margin	3%	1%	4%	6%
Net profit margin	3%	1%	4%	4%
Other ratios
Dividends to the State	138.20	192.70	131.60	222.00
Dividends paid / net profit	1.19	4.58	0.66	0.79

* 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)	3%	%	%	2%
Return on equity (ROE)	4%	%	%	3%
Return on capital employed (ROCE)	6%	-14%	5%	3%
Capital structure and liquidity ratios
Debt / asset ratio (D/A)	0.16		0.13	0.08
Current Ratio	1.45	5.06	17.92	24.17
Quick ratio	1.12	4.03	15.97	21.59
Turnover ratios
Asset turnover	0.74	0.88	0.61	0.54
Fixed asset turnover	0.88	1.16	0.89	0.90
Equity turnover	0.90	1.29	0.85	0.73
Profitability ratios
EBITDA margin	16%	%	22%	9%
Operating profit margin	3%	%	6%	3%
Net profit margin	3%	%	5%	3%
Other ratios
Dividends to the State	138.20
Dividends paid / net profit	1.19

Financial statments

2021 m. 6 mėn. tarpinės 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. 3 mėn. tarpinės ataskaitos 2014 m. 9 mėn. tarpinės ataskaitos 2014 m. 6 mėn. tarpinės ataskaitos

2012 m. metinės ataskaitos 2012 m. 9 mėn. tarpinės ataskaitos 2012 m. 3 mėn. tarpinės ataskaitos

2013 m. 3 mėn. tarpinės ataskaitos 2013 m. 6 mėn. tarpinės ataskaitos 2013 m. 9 mėn. tarpinės ataskaitos 2013 m. metinės ataskaitos 2013 m. 12 mėn. tarpinės ataskaitos

2010 m. metinės ataskaitos

2011 m. 6 mėn. tarpinės ataskaitos 2011 m. metinės ataskaitos

Expectations of the state

Target return on equity

4.7%

Letter of Expectations

About the company

Official nameUAB „Pieno tyrimai“
Legal formPrivate limited liability company (UAB)
Company code233816290
SectorOther
Line of businessRaw milk analysis
Institution representing the StateMinistry of Agriculture
Share belonging to the State100%

http://tau.pieno-tyrimai.lt/

Return to the State

222 EUR thousand

ROE

6.9%

Number of employees

280

Financial data provided as at end-December 2020

UAB „Gyvulių produktyvumo kontrolė“ were merged with UAB „Pieno tyrimai“ on 1 July 2019.

Management

Laima UrbšienėDirector General

Information as of: 2021/10/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

MEMBERS OF THE BOARD OF DIRECTORS

Andrius BurlėgaMinistry of Agriculture

Artūras PalekasAB „Viamatika“; Independent member

Rūta Pupkaitė-JurgutienėMinistry of Agriculture

Rolandas StankevičiusLithuanian University of Health Sciences; Independent member