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State Owned Enterprises

UAB Pieno tyrimai has been operating since 1993. Pieno tyrimai Laboratory is an impartial central laboratory in the country, which provides competent testing services and performs calibration and testing of measuring instruments. The laboratory carries out tests on the composition and quality of all milk purchased in the country for the purpose of settling accounts with milk producers, monitoring and controlling raw milk, ensuring animal productivity needs, improving the health of cattle herds and maintaining a unified system of milk testing in the country. Since 1 July, 2019, with the incorporation of UAB “Gyvulių produktyvumo kontrolė”, the company’s activities have expanded to include the provision of performance testing services for dairy breeds. Animal performance tests are the main tool of purposeful and consistent breeding work, which determines the successful selection process of animals, rational and profitable breeding of animals, increasing the efficiency of milk production, competitiveness and sustainability of dairy farms. The company focuses on the quality of its services and the application of the most advanced research technologies. The company employs highly qualified and experienced staff. Highly qualified specialists ensure the company’s ability to increase the number of services provided and to implement the latest technological solutions in line with the best global practices and to achieve competitive advantage. The company cooperates closely with laboratories, centres and other state and scientific institutions in the country, the European Union and other countries, and participates in the activities of international organisations in the dairy sector.


        2023/24 GOOD CORPORATE GOVERNANCE INDEX

                        


        2022/23 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

2020 2021 2022 2023
Revenue 6,323 5,889 5,915 6,163
Cost of goods sold 4,806 4,672 4,619 4,774
Gross profit (loss) 1,517 1,217 1,296 1,389
Gross profit margin 24% 21% 22% 23%
Operating expenses 1,158 948 924 1,075
Operating profit (loss) 360 269 372 315
Operating profit margin 6% 5% 6% 5%
EBITDA 853 652 735 727
EBITDA margin 13% 11% 12% 12%
Net profit (loss) 280 206 304 284
Net profit margin 4% 4% 5% 5%
2021-06 2022-06 2023-06 2024-06
Revenue 2,933 2,857 3,025 3,288
Cost of goods sold 2,418 2,244 2,347 2,422
Gross profit (loss) 514 613 679 867
Gross profit margin 18% 21% 22% 26%
Operating expenses 428 411 448 511
Operating profit (loss) 87 202 231 355
Operating profit margin 3% 7% 8% 11%
EBITDA 278 383 432 577
EBITDA margin 9% 13% 14% 18%
Net profit (loss) 82 155 191 322
Net profit margin 3% 5% 6% 10%

Balance sheet

2020 2021 2022 2023
Non-current assets 3,284 2,770 2,442 2,768
Intangible assets 84 65 49 43
Tangible assets 2,868 2,431 2,146 2,486
Financial assets 0 0 0 0
Other non-current assets 332 274 247 240
Current assets 2,104 2,173 2,788 2,418
Inventories and prepaid expenses 236 218 271 270
Accounts receivable in one year 469 559 540 585
Other current assets 0 0 0 925
Cash and cash equivalents 1,400 1,200 1,783 446
Total assets 5,396 4,958 5,230 5,186
Equity 4,133 4,117 4,233 4,248
Grants and subsidies 0 0 0 0
Liabilities 1,255 833 997 938
Financial liabilities 432 236 106 24
Long-term liabilities 236 106 24 5
Short-term liabilities 1,018 727 973 933
Equity and liabilities 5,396 4,958 5,230 5,186
2021-06 2022-06 2023-06 2024-06
Non-current assets 3,156 2,598 2,851 2,642
Intangible assets 74 57 46 41
Tangible assets 2,750 2,266 2,558 2,361
Financial assets 0 0 0 0
Other non-current assets 332 274 247 240
Current assets 20 23 40 0
Inventories and prepaid expenses 235 240 279 296
Accounts receivable in one year 867 743 782 830
Other current assets 0 0 400 1,056
Cash and cash equivalents 1,104 1,358 661 396
Total assets 5,390 5,154 5,206 5,222
Equity 3,993 4,084 4,146 4,265
Grants and subsidies 0 0 0 0
Liabilities 1,393 1,065 1,053 957
Financial liabilities 328 154 65 5
Long-term liabilities 236 106 24 5
Short-term liabilities 1,157 959 1,029 953
Equity and liabilities 5,390 5,154 5,206 5,222

Financial ratios

2020 2021 2022 2023
Capital return ratios
Return on assets (ROA) 5% 4% 6% 5%
Return on equity (ROE) 7% 5% 7% 7%
Return on capital employed (ROCE) 8% 6% 9% 7%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.08 0.05 0.02 0.00
Current Ratio 2.07 2.99 2.87 2.59
Quick ratio 1.83 2.69 2.59 2.30
Turnover ratios
Asset turnover 1.17 1.19 1.13 1.19
Fixed asset turnover 1.93 2.13 2.42 2.23
Equity turnover 1.53 1.43 1.40 1.45
Profitability ratios
EBITDA margin 13% 11% 12% 12%
Operating profit margin 6% 5% 6% 5%
Net profit margin 4% 4% 5% 5%
Other ratios
Dividends to the State 222.00 188.70 278.30 306.00
Dividends paid / net profit 0.79 0.92 0.92 1.08
2021-06 2022-06 2023-06 2024-06
Capital return ratios
Return on assets (ROA) 2% 5% 7% 8%
Return on equity (ROE) 3% 7% 8% 10%
Return on capital employed (ROCE) 2% 5% 6% 8%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.06 0.03 0.01 0.00
Current Ratio 1.91 2.44 2.25 2.71
Quick ratio 1.70 2.19 1.98 2.40
Turnover ratios
Asset turnover 0.54 0.55 0.58 0.63
Fixed asset turnover 0.93 1.10 1.06 1.24
Equity turnover 0.73 0.70 0.73 0.77
Profitability ratios
EBITDA margin 9% 13% 14% 18%
Operating profit margin 3% 7% 8% 11%
Net profit margin 3% 5% 6% 10%
Other ratios
Dividends to the State
Dividends paid / net profit

Expectations of the state

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%
  • Contacts http://tau.pieno-tyrimai.lt/
Return to the State

306 EUR thousand

ROE

6.7%

Number of employees

225

Financial data provided as at end-December 2023

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

Management

  • Laima UrbšienėChief Executive Officer

Information as of: 2024/11/04

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • -

MEMBERS OF THE BOARD OF DIRECTORS

  • Andrius BurlėgaMinistry of Agriculture; UAB Lietuvos žirgynas
  • Neringa GujytėMinistry of Agriculture
  • Rolandas StankevičiusIndependent member; Lithuanian University of Health Sciences
  • Vilma SkrypnikovaitėIndependent member
  • Anatolijus JadovasIndependent member; UAB Viamatika

Information as of: 2024/11/04