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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.

KEY FINANCIAL PERFORMANCE INDICATORS FOR THE PERIOD 2022-2024

  • Average annual EBITDA:
    • 2022–2024 ≥ 4,5 ml. Eur
  • Annual ratio of financial debt to equity:
    • 2022–2024 limit 0,1–0,2 times

TARGETED SPECIFIC INDICATORS FOR THE PERIOD 2022-2024

  • Consumer satisfaction, eNPS index percent:
    • 2022 – 40
    • 2023 – 45
    • 2024 – 50
  • Achieve the efficiency of real estate transferred to centralized lease by reducing the number of sq.m. meters,%:
    • 2022-2024 1,5 per year
  • Good governance index:
    • 2022-2023 – A,
    • 2024  – A+
  • Employee involvement,%:
    • 2022-2024 ≥ 60

       2020 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 5,449 8,062 11,538 24,176
Cost of goods sold 4,443 6,594 9,514 15,264
Gross profit (loss) 1,007 1,468 2,023 8,911
Gross profit margin 18% 18% 18% 37%
Operating expenses 899 1,542 2,152 5,737
Operating profit (loss) 108 -74 -129 3,174
Operating profit margin 2% -1% -1% 13%
EBITDA 1,489 2,132 3,658 7,797
EBITDA margin 27% 26% 32% 32%
Net profit (loss) 151 24 25 2,740
Net profit margin 3% 0% 0% 11%
2020-06 2021-06
Revenue 8,062 9,822
Cost of goods sold 6,594 6,562
Gross profit (loss) 1,468 3,260
Gross profit margin % 33%
Operating expenses 1,542 1,872
Operating profit (loss) -74 1,388
Operating profit margin % 14%
EBITDA 3,620
EBITDA margin % 37%
Net profit (loss) 23 1,486
Net profit margin % 15%

* Left axis

** Right axis

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

Balance sheet

2018 2019 2020 2021
Non-current assets 174,445 265,594 299,840 349,366
Intangible assets 53 251 322 396
Tangible assets 167,931 261,139 296,911 346,348
Financial assets 6,428 4,163 2,549 2,540
Other non-current assets 34 41 57 82
Current assets 107,954 128,602 145,301 137,657
Inventories and prepaid expenses 69,240 81,085 76,437 56,457
Accounts receivable in one year 3,053 4,268 4,683 6,686
Other current assets
Cash and cash equivalents 35,662 43,249 64,182 74,513
Total assets 283,675 394,766 445,775 487,467
Equity 173,769 268,127 304,097 350,321
Grants and subsidies 193 518 2,771 9,501
Liabilities 109,701 126,105 138,879 127,616
Financial liabilities 76,648 643 780 1,461
Long-term liabilities 28,646 32,846 45,661 64,604
Short-term liabilities 81,033 93,227 93,169 62,905
Equity and liabilities 283,675 394,766 445,775 487,467
2021-06
Non-current assets 336,665
Intangible assets 357
Tangible assets 333,680
Financial assets 2,545
Other non-current assets 83
Current assets 129,909
Inventories and prepaid expenses 62,475
Accounts receivable in one year 7,277
Other current assets
Cash and cash equivalents 60,157
Total assets 467,099
Equity 341,688
Grants and subsidies 3,586
Liabilities 120,971
Financial liabilities 911
Long-term liabilities 54,608
Short-term liabilities 24
Equity and liabilities 467,099

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

Financial ratios

2018 2019 2020 2021
Capital return ratios
Return on assets (ROA) 0% 0% 0% 1%
Return on equity (ROE) 0% 0% 0% 1%
Return on capital employed (ROCE) 0% -0% -0% 1%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.44 0.00 0.00 0.00
Current Ratio 1.33 1.38 1.56 2.19
Quick ratio 0.48 0.51 0.74 1.29
Turnover ratios
Asset turnover 0.02 0.02 0.03 0.05
Fixed asset turnover 0.04 0.04 0.04 0.07
Equity turnover 0.05 0.04 0.04 0.07
Profitability ratios
EBITDA margin 27% 26% 32% 32%
Operating profit margin 2% -1% -1% 13%
Net profit margin 3% 0% 0% 11%
Other ratios
Dividends to the State 128.60 20.30 21.20 2,329.30
Dividends paid / net profit 0.85 0.85 0.85 0.85

* Left axis

** Right axis

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

2021-06
Capital return ratios
Return on assets (ROA) 1%
Return on equity (ROE) 1%
Return on capital employed (ROCE) 1%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00
Current Ratio 5,412.88
Quick ratio 2,809.75
Turnover ratios
Asset turnover 0.04
Fixed asset turnover 0.06
Equity turnover 0.06
Profitability ratios
EBITDA margin 37%
Operating profit margin 14%
Net profit margin 15%
Other ratios
Dividends to the State
Dividends paid / net profit

Financial statments

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

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 obligationsPerformes non-commercial special obligations
  • Share belonging to the State100%
http://www.turtas.lt
Return to the State

2.4 EUR milion

ROE

0.9%

Number of employees

221

Financial data provided as at end-December 2021

Management

  • Mindaugas SinkevičiusDirector General

Information as of: 2022/09/01