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Valdymo koordinavimo centras Governance Coordination Centre

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.

KEY FINANCIAL PERFORMANCE INDICATORS FOR THE PERIOD 2022-2024

  • Average annual return on equity ROE:
    • 2022–2024 ≥ 5 percent.
  • Annual ratio of total liabilities to equity:
    • 2022–2024 limit 0,2–0,3 times
  • Average dividends for the calendar year:
    • 2022–2024, 70–75 % distributable profit

TARGETED SPECIFIC INDICATORS FOR THE PERIOD 2023-2025

  • Return on Assets ROA,%:
    • 2023 – 5,0
    • 2024 – 6,0
    • 2025 – 6,0
  • Cost-income ratio, %:
    • 2023 – 95
    • 2024-2025 – 94
  • Sales revenue per employee of the company (conditional average), thousand euros:
    • 2023 >31
    • 2024 >32
    • 2025 >33
  • Reduction of electricity consumption in kWh, percent:
    • 2023 – 10
    • 2024-2025 every year 5
  • Sales revenue from sales of additional activities, mln. euros:
    • 2023 >1,3
    • 2024 >1,4
    • 2025 >1,45
  • Submission of systematic milk test results within 24 hours, percent:
    • 2023 >90
    • 2024 >92
    • 2025 >95
  • Good Governance Index:
    • 2023-2025 A+
  • Change in employee engagement index, percent point:
    • 2023-2025 – every year 0,1

        2022/23 GOOD CORPORATE GOVERNANCE INDEX

            

        2021/22 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 5,312 6,323 5,889 5,915
Cost of goods sold 4,106 4,806 4,672 4,619
Gross profit (loss) 1,206 1,517 1,217 1,296
Gross profit margin 23% 24% 21% 22%
Operating expenses 974 1,158 948 924
Operating profit (loss) 232 360 269 372
Operating profit margin 4% 6% 5% 6%
EBITDA 884 853 652 735
EBITDA margin 17% 13% 11% 12%
Net profit (loss) 201 280 206 304
Net profit margin 4% 4% 4% 5%
2020-06 2021-06 2022-06 2023-06
Revenue 3,099 2,933 2,857 3,025
Cost of goods sold 2,372 2,418 2,244 2,347
Gross profit (loss) 727 514 613 679
Gross profit margin 23% 18% 21% 22%
Operating expenses 416 428 411 448
Operating profit (loss) 312 87 202 231
Operating profit margin 10% 3% 7% 8%
EBITDA 614 278 383 432
EBITDA margin 20% 9% 13% 14%
Net profit (loss) 230 82 155 191
Net profit margin 7% 3% 5% 6%

* Left axis

** Right axis

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

Balance sheet

2019 2020 2021 2022
Non-current assets 3,589 3,284 2,770 2,442
Intangible assets 64 84 65 49
Tangible assets 3,227 2,868 2,431 2,146
Financial assets 0 0 0 0
Other non-current assets 298 332 274 247
Current assets 1,587 2,104 2,173 2,773
Inventories and prepaid expenses 193 236 218 256
Accounts receivable in one year 579 469 559 540
Other current assets 0 0 0 0
Cash and cash equivalents 801 1,400 1,200 1,783
Total assets 5,187 5,396 4,958 5,230
Equity 3,985 4,133 4,117 4,233
Grants and subsidies 0 0 0
Liabilities 1,195 1,255 833 987
Financial liabilities 673 432 236 106
Long-term liabilities 432 236 106 24
Short-term liabilities 763 1,018 727 964
Equity and liabilities 5,187 5,396 4,958 5,230
2020-06 2021-06 2022-06 2023-06
Non-current assets 3,381 3,156 2,598 2,851
Intangible assets 67 74 57 46
Tangible assets 3,015 2,750 2,266 2,558
Financial assets 0 0 0 0
Other non-current assets 298 332 274 247
Current assets 2,123 2,207 2,340 2,315
Inventories and prepaid expenses 231 235 240 279
Accounts receivable in one year 872 867 743 782
Other current assets 0 0 0 400
Cash and cash equivalents 1,020 1,104 1,358 661
Total assets 5,536 5,390 5,154 5,206
Equity 4,084 3,993 4,084 4,146
Grants and subsidies 0 0 0 0
Liabilities 1,449 1,393 1,065 1,053
Financial liabilities 538 328 155 65
Long-term liabilities 432 236 106 24
Short-term liabilities 1,016 1,157 959 1,029
Equity and liabilities 5,536 5,390 5,154 5,206

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

Financial ratios

2019 2020 2021 2022
Capital return ratios
Return on assets (ROA) 4% 5% 4% 6%
Return on equity (ROE) 6% 7% 5% 7%
Return on capital employed (ROCE) 5% 8% 6% 9%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.13 0.08 0.05 0.02
Current Ratio 2.08 2.07 2.99 2.88
Quick ratio 1.83 1.83 2.69 2.61
Turnover ratios
Asset turnover 1.02 1.17 1.19 1.13
Fixed asset turnover 1.48 1.93 2.13 2.42
Equity turnover 1.33 1.53 1.43 1.40
Profitability ratios
EBITDA margin 17% 13% 11% 12%
Operating profit margin 4% 6% 5% 6%
Net profit margin 4% 4% 4% 5%
Other ratios
Dividends to the State 131.60 222.00 188.70 278.30
Dividends paid / net profit 0.66 0.79 0.92 0.92

* Left axis

** Right axis

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

2020-06 2021-06 2022-06 2023-06
Capital return ratios
Return on assets (ROA) 7% 2% 5% 7%
Return on equity (ROE) 9% 3% 7% 8%
Return on capital employed (ROCE) 7% 2% 5% 6%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.10 0.06 0.03 0.01
Current Ratio 2.09 1.91 2.44 2.25
Quick ratio 1.86 1.70 2.19 1.98
Turnover ratios
Asset turnover 0.56 0.54 0.55 0.58
Fixed asset turnover 0.92 0.93 1.10 1.06
Equity turnover 0.76 0.73 0.70 0.73
Profitability ratios
EBITDA margin 20% 9% 13% 14%
Operating profit margin 10% 3% 7% 8%
Net profit margin 7% 3% 5% 6%
Other ratios
Dividends to the State
Dividends paid / net profit

Financial statments

2022 m. 6 mėn. tarpinės ataskaitos 2022 m. metinės ataskaitos
2021 m. 6 mėn. tarpinės ataskaitos 2021 m. metinės 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

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

278 EUR thousand

ROE

7.3%

Number of employees

236

Financial data provided as at end-December 2022

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

Management

  • Laima UrbšienėChief Executive Officer

Information as of: 2023/11/03

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Artūras PalekasBI "Public Management Agency"; Independent member

MEMBERS OF THE BOARD OF DIRECTORS

  • Andrius BurlėgaMinistry of Agriculture; UAB „Lietuvos žirgynas“
  • Neringa GujytėMinistry of Agriculture
  • Rolandas StankevičiusLithuanian University of Health Sciences; Independent member
  • Vygantas SliesoraitisUAB Visi namai, UAB Vegta, VšĮ Panovis; Independent member; UAB „Genetiniai ištekliai“; AB „Kelių priežiūra“; UAB AL holdingas

Information as of: 2023/11/03