Pieno tyrimai
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
- 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 |
Financial statments
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%
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
