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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.


        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%

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

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
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

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%
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: 2024/05/02

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Artūras PalekasIndependent member

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
  • Vygantas SliesoraitisIndependent member; UAB Visi namai; UAB Vegta; VšĮ Panovis; UAB Genetiniai ištekliai; AB Kelių priežiūra; UAB AL holdingas

Information as of: 2024/05/02