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Valdymo koordinavimo centras Governance Coordination Centre

State Owned Enterprises

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

P/L Statment

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%

Balance sheet

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

Financial ratios

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
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

Expectations of the state

Target return on equity

4.7%

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

Information as of: 2021/10/01