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Valdymo koordinavimo centras Governance Coordination Centre

State Owned Enterprises

UAB Pieno tyrimai has been operating since 1993. UAB Pieno tyrimai is an impartial central laboratory in the country, providing competent research services and performing testing and calibration. 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 milk testing system in the country. The company focuses on quality of service and the application of the most advanced testing technologies. The company employs highly qualified staff with extensive wprk experience. Highly qualified specialists ensure that the company is able to increase the number of services it provides and implement the latest technological solutions in line with the most advanced global practices and to achieve competitive advantage. The company closely cooperates with laboratories, centers 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 2022-2024

  • Return on Assets ROA,%:
    • 2022 – 6,8
    • 2023 – 7,8
    • 2024 – 8,8
  • Income from commercial activities, per cent of total income:
    • 2022 – 20
    • 2023 – 20,2
    • 2024 – 20,7
  • The results of laboratory tests are presented in time,%:
    • 2022 – 90
    • 2023 – 95
    • 2024 – 99
  • Average turnover of one milk producer, EUR:
    • 2022 – 457
    • 2023 – 508
    • 2024 – 544
  • Average number of training hours per employee, hours:
    • 2022 – 10
    • 2023 – 10,5
    • 2024 – 11

        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

2018 2019 2020 2021
Revenue 4,015 5,312 6,323 5,889
Cost of goods sold 3,176 4,106 4,806 4,672
Gross profit (loss) 839 1,206 1,517 1,217
Gross profit margin 21% 23% 24% 21%
Operating expenses 780 974 1,158 948
Operating profit (loss) 59 232 360 269
Operating profit margin 1% 4% 6% 5%
EBITDA 623 884 853 652
EBITDA margin 16% 17% 13% 11%
Net profit (loss) 42 201 280 206
Net profit margin 1% 4% 4% 4%
2019-06 2020-06 2021-06 2022-06
Revenue 2,057 3,099 2,933 2,857
Cost of goods sold 1,601 2,372 2,418 2,244
Gross profit (loss) 457 727 514 613
Gross profit margin % % % %
Operating expenses 325 416 428 411
Operating profit (loss) 131 312 87 202
Operating profit margin % % % %
EBITDA 443 614 278 383
EBITDA margin 22% 20% 9% 13%
Net profit (loss) 95 230 82 155
Net profit margin 5% 7% 3% 5%

Balance sheet

2018 2019 2020 2021
Non-current assets 3,481 3,589 3,284 2,770
Intangible assets 50 64 84 65
Tangible assets 3,181 3,227 2,868 2,431
Financial assets
Other non-current assets 251 298 332 274
Current assets 832 1,587 2,104 2,173
Inventories and prepaid expenses 241 193 236 218
Accounts receivable in one year 320 579 469 559
Other current assets 72
Cash and cash equivalents 185 801 1,400 1,200
Total assets 4,332 5,187 5,396 4,958
Equity 3,293 3,985 4,133 4,117
Grants and subsidies
Liabilities 1,034 1,195 1,255 833
Financial liabilities 821 673 432 236
Long-term liabilities 504 432 236 106
Short-term liabilities 529 763 1,018 727
Equity and liabilities 4,332 5,187 5,396 4,958
2020-06 2021-06 2022-06
Non-current assets 3,381 3,156 2,598
Intangible assets 67 74 57
Tangible assets 3,015 2,750 2,266
Financial assets
Other non-current assets 298 332 274
Current assets 2,123 2,207 2,340
Inventories and prepaid expenses 231 235 240
Accounts receivable in one year 872 867 743
Other current assets
Cash and cash equivalents 1,020 1,104 1,358
Total assets 5,536 5,390 5,154
Equity 4,084 3,993 4,084
Grants and subsidies
Liabilities 1,449 1,393 1,065
Financial liabilities 538 328 150
Long-term liabilities 432 236 106
Short-term liabilities 1,016 1,157 959
Equity and liabilities 5,536 5,390 5,154

Financial ratios

2018 2019 2020 2021
Capital return ratios
Return on assets (ROA) 2% 4% 5% 4%
Return on equity (ROE) 3% 6% 7% 5%
Return on capital employed (ROCE) 3% 11% 16% 13%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.25 0.17 0.10 0.06
Current Ratio 1.57 2.08 2.07 2.99
Quick ratio 1.12 1.83 1.83 2.69
Turnover ratios
Asset turnover 0.79 1.12 1.20 1.14
Fixed asset turnover 0.96 1.50 1.84 1.95
Equity turnover 1.01 1.46 1.56 1.43
Profitability ratios
EBITDA margin 16% 17% 13% 11%
Operating profit margin 1% 4% 6% 5%
Net profit margin 1% 4% 4% 4%
Other ratios
Dividends to the State 192.70 131.60 222.00 188.70
Dividends paid / net profit 4.58 0.66 0.79 0.92
2019-06 2020-06 2021-06 2022-06
Capital return ratios
Return on assets (ROA) 4% % 3% 6%
Return on equity (ROE) 6% % 3% 8%
Return on capital employed (ROCE) 11% 14% 4% 10%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.17 0.08 0.06 0.04
Current Ratio 2.08 2.09 1.91 2.44
Quick ratio 1.83 1.86 1.70 2.19
Turnover ratios
Asset turnover 1.12 1.12 0.54 0.54
Fixed asset turnover 1.50 1.83 0.90 0.99
Equity turnover 1.46 1.52 0.73 0.71
Profitability ratios
EBITDA margin 17% 20% 9% 13%
Operating profit margin 4% % % %
Net profit margin 4% 7% 3% 5%
Other ratios
Dividends to the State 131.60
Dividends paid / net profit 0.66

Expectations of the state

Target return on equity undefined

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/
ROE

7.8%

Number of employees

236

Financial data provided as at end-December 2021

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

Management

  • Laima UrbšienėDirector General

Information as of: 2023/01/01

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
  • Neringa GujytėMinistry of Agriculture
  • Rolandas StankevičiusLithuanian University of Health Sciences; Independent member

Information as of: 2023/01/04