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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.

Financial results

P/L Statment

2016 2017 2018 2019
Revenue 3,127 3,491 5,449 8,062
Cost of goods sold 2,469 2,822 4,443 6,594
Gross profit (loss) 659 669 1,007 1,468
Gross profit margin 21% 19% 18% 18%
Operating expenses 915 731 899 1,542
Operating profit (loss) -256 -62 108 -74
Operating profit margin -8% -2% 2% -1%
EBITDA 242 444 1,489 2,132
EBITDA margin 8% 13% 27% 26%
Net profit (loss) -188 31 151 24
Net profit margin -6% 1% 3% 0%
2017-06-30 2018-06-30 2019-06-30 2020-06-30
Revenue 1,606 2,271 4,580 5,290
Cost of goods sold 1,396 1,930 -3,017 -4,396
Gross profit (loss) 210 341 1,563 893
Gross profit margin 13% 15% 34% 17%
Operating expenses 384 428 708 1,058
Operating profit (loss) -173 -87 855 -165
Operating profit margin -11% -4% 19% -3%
EBITDA 119 471 189 198
EBITDA margin 7% 21% 4% 4%
Net profit (loss) -1 -6 892 102
Net profit margin -8% -2% 19% 2%

* Left axis

** Right axis

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

Balance sheet

2016 2017 2018 2019
Non-current assets 66,032 69,803 174,445 265,594
Intangible assets 237 113 53 251
Tangible assets 35,854 61,146 167,931 261,139
Financial assets 29,912 8,516 6,428 4,163
Other non-current assets 28 27 34 41
Biological assets
Current assets 92,633 124,331 107,954 128,602
Inventories and prepaid expenses 62,372 71,664 69,240 81,085
Accounts receivable in one year 1,789 24,318 3,053 4,268
Other current assets
Cash and cash equivalents 28,472 28,349 35,662 43,249
Total assets 159,450 194,771 283,675 394,766
Equity 40,654 66,316 173,769 268,127
Minority share of capital
Grants and subsidies 43 41 193 518
Liabilities 118,747 128,404 109,701 126,105
Financial liabilities 30,037 20,101 76,648 90,257
Long-term liabilities 43,021 38,297 28,646 32,846
Short-term liabilities 75,682 90,088 81,033 93,227
Equity and liabilities 159,450 194,771 283,675 394,766
2017-06-30 2018-06-30 2019-06-30 2020-06-30
Non-current assets 68,257 118,776 265,594 267,144
Intangible assets 178 55 251 207
Tangible assets 38,189 112,711 261,139 263,447
Financial assets 29,861 5,977 4,163 3,434
Other non-current assets 29 32 41 56
Biological assets
Current assets 99,415 115,020 128,602 141,402
Inventories and prepaid expenses 65,850 80,775 81,085 79,534
Accounts receivable in one year 1,662 2,997 4,268 7,240
Other current assets 639 517
Cash and cash equivalents 31,263 30,732 43,249 54,628
Total assets 167,671 233,796 394,766 409,416
Equity 43,063 117,851 268,127 271,676
Minority share of capital
Grants and subsidies 43 75 518 504
Liabilities 124,565 115,870 122,899 140,426
Financial liabilities 63,996
Long-term liabilities 47,587 35,306 32,846 47,174
Short-term liabilities 76,979 80,564 90,021 93,227
Equity and liabilities 167,671 233,796 394,766 409,416

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

Financial ratios

2016 2017 2018 2019
Capital return ratios
Return on assets (ROA) -0% 0% 0% 0%
Return on equity (ROE) -0% 0% 0% 0%
Return on capital employed (ROCE) -1% -0% 0% -0%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.74 0.30 0.44 0.34
Current Ratio 1.22 1.38 1.33 1.38
Quick ratio 0.40 0.58 0.48 0.51
Turnover ratios
Asset turnover 0.02 0.02 0.02 0.02
Fixed asset turnover 0.04 0.05 0.04 0.04
Equity turnover 0.07 0.07 0.05 0.04
Profitability ratios
EBITDA margin 8% 13% 27% 26%
Operating profit margin -8% -2% 2% -1%
Net profit margin -6% 1% 3% 0%
Other ratios
Dividends to the State 440.77 128.60 19.10
Dividends paid / net profit 14.40 0.85 0.80

* Left axis

** Right axis

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

2017-06-30 2018-06-30 2019-06-30 2020-06-30
Capital return ratios
Return on assets (ROA) 0% 0% % %
Return on equity (ROE) 0% 0% % %
Return on capital employed (ROCE) -0% -0% -1% -1%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.30 0.98 0.46 0.52
Current Ratio 1.38 1.43 1.43 1.52
Quick ratio 0.58 0.43 0.53 0.66
Turnover ratios
Asset turnover 0.02 0.01 0.01 0.01
Fixed asset turnover 0.05 0.02 0.02 0.02
Equity turnover 0.07 0.03 0.02 0.02
Profitability ratios
EBITDA margin 13% 21% 4% 4%
Operating profit margin -2% -4% 19% -3%
Net profit margin 1% -2% 19% 2%
Other ratios
Dividends to the State 440.77
Dividends paid / net profit 14.40

Financial statments

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

Target return on equity undefined

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 obligationsVykdo nekomercinius specialiuosius įpareigojimus
  • Share belonging to the State100%
http://www.turtas.lt
Return to the State

99 EUR thousand

ROE

0.0%

Number of employees

201

Financial data provided as at end-December 2019