Pieno tyrimai
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
- 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
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%
Return to the State
189 EUR thousand
ROE
5.0%
Number of employees
262
Financial data provided as at end-December 2021
UAB „Gyvulių produktyvumo kontrolė“ were merged with UAB „Pieno tyrimai“ on 1 July 2019.
Management
- Laima UrbšienėChief Executive Officer
Information as of: 2023/05/01
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
- Vygantas SliesoraitisPublic LLC "Keliu prieziura", Baltic Institute of Corporate Governance; Independent member
Information as of: 2023/05/01
