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Valdymo koordinavimo centras Governance Coordination Centre

State Owned Enterprises

In 1996, Aurabank was reorganised into a non-performing asset management company AB Turto bankas, which was transformed into a state-owned enterprise in February 2011. On 1 October 2014, the state enterprise Turto bankas was reorganised by attaching the state’s company Valstybės turto fondas. The main areas of activity of the bank are: centralised state property management, privatization of shares owned by the state and municipalities, recovery of debts and loans to the state , state guarantees and other liabilities execution.

       2023/24 GOOD CORPORATE GOVERNANCE INDEX

                       

       2022/23 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

2020 2021 2022 2023
Revenue 11,538 24,176 30,939 33,353
Cost of goods sold 9,514 15,264 19,957 23,081
Gross profit (loss) 2,023 8,911 10,982 10,272
Gross profit margin 18% 37% 35% 31%
Operating expenses 2,152 5,737 10,530 8,938
Operating profit (loss) -129 3,174 452 1,335
Operating profit margin -1% 13% 1% 4%
EBITDA 3,658 7,797 5,560 6,779
EBITDA margin 32% 32% 18% 20%
Net profit (loss) 25 2,740 84 357
Net profit margin 0% 11% 0% 1%
2021-06 2022-06 2023-06 2024-06
Revenue 9,824 12,203 13,449 14,765
Cost of goods sold 6,562 8,833 11,490 9,645
Gross profit (loss) 3,262 3,369 1,959 5,120
Gross profit margin 33% 28% 15% 35%
Operating expenses 1,872 3,317 6,934 4,892
Operating profit (loss) 1,390 52 -4,975 228
Operating profit margin 14% 0% -37% 2%
EBITDA 3,622 2,607 -2,291 3,089
EBITDA margin 37% 21% -17% 21%
Net profit (loss) 1,486 92 -4,929 -32
Net profit margin 15% 1% -37% -0%

* Left axis

** Right axis

*** All data in Profit and Loss Statement table and corresponding chart is in EUR thousand, unless otherwise noted

Balance sheet

2020 2021 2022 2023
Non-current assets 299,840 349,366 352,698 390,521
Intangible assets 322 396 334 167
Tangible assets 296,911 346,348 350,989 390,348
Financial assets 2,549 2,540 1,369
Other non-current assets 57 82 7 7
Current assets 145,301 137,657 138,803 152,021
Inventories and prepaid expenses 76,437 56,457 62,114 68,812
Accounts receivable in one year 4,683 6,686 9,187 3,369
Other current assets
Cash and cash equivalents 64,182 74,513 67,502 79,841
Total assets 445,775 487,467 492,554 543,486
Equity 304,097 350,321 352,707 361,740
Grants and subsidies 2,771 9,501 11,668 13,198
Liabilities 138,830 127,509 128,072 167,534
Financial liabilities 780 1,461 5,276 29,914
Long-term liabilities 45,661 64,604 63,956 104,638
Short-term liabilities 93,169 62,905 64,116 62,896
Equity and liabilities 445,775 487,467 492,554 543,486
2021-06 2022-06 2023-06 2024-06
Non-current assets 336,665 353,150 365,671 399,005
Intangible assets 357 305 250 94
Tangible assets 333,680 350,301 365,414 398,904
Financial assets 2,545 2,539 1 0
Other non-current assets 83 5 7 7
Current assets 525 525 1,175 7,341
Inventories and prepaid expenses 62,475 55,461 68,658 65,792
Accounts receivable in one year 7,277 7,486 5,491 6,213
Other current assets 0 0
Cash and cash equivalents 60,157 64,119 52,421 68,606
Total assets 467,099 480,742 493,416 546,957
Equity 341,688 350,290 350,285 364,620
Grants and subsidies 3,586 11,061 11,610 15,695
Liabilities 120,932 119,073 131,170 164,034
Financial liabilities 935 2,348 7,348 35,573
Long-term liabilities 54,608 65,476 61,848 107,898
Short-term liabilities 66,324 53,597 69,323 56,136
Equity and liabilities 467,099 480,742 493,416 546,957

* All data in Balance Sheet table and corresponding chart is in EUR thousand, unless otherwise noted

Financial ratios

2020 2021 2022 2023
Capital return ratios
Return on assets (ROA) 0% 1% 0% 0%
Return on equity (ROE) 0% 1% 0% 0%
Return on capital employed (ROCE) -0% 1% 0% 0%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.00 0.01 0.06
Current Ratio 1.56 2.19 2.16 2.42
Quick ratio 0.74 1.29 1.20 1.32
Turnover ratios
Asset turnover 0.03 0.05 0.06 0.06
Fixed asset turnover 0.04 0.07 0.09 0.09
Equity turnover 0.04 0.07 0.09 0.09
Profitability ratios
EBITDA margin 32% 32% 18% 20%
Operating profit margin -1% 13% 1% 4%
Net profit margin 0% 11% 0% 1%
Other ratios
Dividends to the State 21.20 2,329.30 438.90 329.00
Dividends paid / net profit 0.85 0.85 5.20 0.92

* Left axis

** Right axis

*** Dividends to the state in Financial Ratios table is in EUR thousand

2021-06 2022-06 2023-06 2024-06
Capital return ratios
Return on assets (ROA) 1% 0% -1% 1%
Return on equity (ROE) 1% 0% -1% 1%
Return on capital employed (ROCE) 0% 0% -1% 0%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.00 0.01 0.07
Current Ratio 1.96 2.37 1.83 2.50
Quick ratio 1.02 1.34 0.84 1.33
Turnover ratios
Asset turnover 0.02 0.03 0.03 0.03
Fixed asset turnover 0.03 0.03 0.04 0.04
Equity turnover 0.03 0.03 0.04 0.04
Profitability ratios
EBITDA margin 37% 21% -17% 21%
Operating profit margin 14% 0% -37% 2%
Net profit margin 15% 1% -37% -0%
Other ratios
Dividends to the State
Dividends paid / net profit

Financial statments

2023 m. 6 mėn. tarpinės ataskaitos 2023 m. metinės ataskaitos
2022 m. 6 mėn. tarpinės ataskaitos 2022 m. metinės ataskaitos
2021 m. 6 mėn. tarpinės ataskaitos 2021 m. metinės ataskaitos
2020 m. metinės ataskaitos
2019 m. metinės ataskaitos
2018 m. metinės ataskaitos 2018 m. 6 mėn. tarpinės ataskaitos
2017 m. 6 mėn. tarpinės ataskaitos 2017 m. metinės ataskaitos
2016 m. metinės ataskaitos 2016 m. 6 mėn. tarpinės ataskaitos 2016 m. 3 mėn. tarpinės ataskaitos
2015 m. 12 mėn. tarpinės ataskaitos 2015 m. 9 mėn. tarpinės ataskaitos 2015 m. 6 mėn. tarpinės ataskaitos 2015 m. 3 mėn. tarpinės ataskaitos
2014 m. metinės ataskaitos 2014 m. 6 mėn. tarpinės ataskaitos 2014 m. 9 mėn. tarpinės ataskaitos 2014 m. 3 mėn. tarpinės ataskaitos
2012 m. metinės ataskaitos 2012 m. 6 mėn. tarpinės ataskaitos
2013 m. 3 mėn. tarpinės ataskaitos 2013 m. 6 mėn. tarpinės ataskaitos 2013 m. metinės ataskaitos 2013 m. 9 mėn. tarpinės ataskaitos 2013 m. 12 mėn. tarpinės ataskaitos
2011 m. metinės ataskaitos 2011 m. 6 mėn. tarpinės ataskaitos
2010 m. metinės ataskaitos

Expectations of the state

Key performance indicator
Letter of Expectations

About the company

  • Official nameVĮ Turto bankas
  • Legal formState enterprise (VĮ)
  • Company code112021042
  • SectorOther
  • Line of businessManagement of State-owned real estate and recovery of debts to the State
  • Institution representing the StateMinistry of Finance
  • Special obligationsPerformes non-commercial special obligations
  • Share belonging to the State100%
http://www.turtas.lt
Return to the State

329 EUR thousand

ROE

0.1%

Number of employees

251

Financial data provided as at end-December 2023

Management

  • Gintaras MakšimasChief Executive officer

Information as of: 2024/11/04

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Laimonas BelickasIndependent member; UAB Orion Leasing; VĮ Ignalinos atominė elektrinė

MEMBERS OF THE BOARD OF DIRECTORS

  • Lina FrejutėMinistry of Finance
  • Marius Junda Independent member; UAB Girteka logistics
  • Aurimas Tomas StaškevičiusIndependent member; LTL Kredito unija; VšĮ Centrinė projektų valdymo agentūra
  • Justė ŽibūdienėVĮ Turto bankas

Information as of: 2024/11/04

VMU
ltg
RC
LP
TB
IGN
KN
IAE
EPSO