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.

       2024/25 GOOD CORPORATE GOVERNANCE INDEX

Turto_bankas_2025

SK – Transparency Dimension
SV – Strategic Management Dimension
TV – Sustainability Dimension
AV – Shareholder Actions Dimension
GI – Good Governance Indicator

Financial results

P/L Statment

2022 2023 2024 2025
Revenue 30,939 33,353 41,350 41,552
Cost of goods sold 19,957 23,081 22,676 21,569
Gross profit (loss) 10,982 10,272 18,674 19,983
Gross profit margin 35% 31% 45% 48%
Operating expenses 10,530 8,938 12,298 16,004
Operating profit (loss) 452 1,335 6,376 3,979
Operating profit margin 1% 4% 15% 10%
EBITDA 5,560 7,055 15,763 13,329
EBITDA margin 18% 21% 38% 32%
Net profit (loss) 156 429 5,315 1,136
Net profit margin 1% 1% 13% 3%
* The net profit figure is presented taking into account the atypical (asset) taxes paid by the company.
2022-06 2023-06 2024-06 2025-06
Revenue 12,203 13,449 14,765 17,424
Cost of goods sold 8,833 11,490 13,153 9,990
Gross profit (loss) 3,369 1,959 1,612 7,434
Gross profit margin 28% 15% 11% 43%
Operating expenses 3,317 6,934 0 0
Operating profit (loss) 52 -4,975 -3,280 770
Operating profit margin 0% -37% -22% 4%
EBITDA 2,607 -2,291 2,099 5,677
EBITDA margin 21% -17% 14% 33%
Net profit (loss) 133 -4,888 -3,701 445
Net profit margin 1% -36% -25% 3%

* Left axis

** Right axis

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

Balance sheet

2022 2023 2024 2025
Non-current assets 352,698 390,521 618,737 634,716
Intangible assets 334 167 63 17
Tangible assets 350,989 390,348 618,674 634,699
Financial assets 1,369
Other non-current assets 352,698 390,521 618,737 634,716
Current assets 138,803 152,021 86,955 92,939
Inventories and prepaid expenses 62,114 68,812 5,851 4,546
Accounts receivable in one year 9,187 3,369 4,198 3,518
Other current assets 0 0 53,822
Cash and cash equivalents 67,502 79,841 76,906 31,053
Total assets 492,554 543,486 706,463 728,131
Equity 352,707 361,740 561,468 561,478
Grants and subsidies 11,668 13,198 22,810 23,708
Liabilities 128,072 167,534 84,043 102,670
Financial liabilities 5,276 29,914 30,165 52,377
Long-term liabilities 63,956 104,638 62,262 77,823
Short-term liabilities 64,116 62,897 21,781 24,847
Equity and liabilities 492,554 543,486 706,463 728,131
2022-06 2023-06 2024-06 2025-06
Non-current assets 353,150 365,671 399,005 665,017
Intangible assets 305 250 94 38
Tangible assets 350,301 365,414 398,904 664,979
Financial assets 2,539 1 0 0
Other non-current assets 5 7 7 0
Current assets 127,066 126,569 140,611 75,679
Inventories and prepaid expenses 55,461 68,658 65,792 201
Accounts receivable in one year 7,486 5,491 6,213 6,394
Other current assets 0 0 38,322
Cash and cash equivalents 64,119 52,421 68,606 30,762
Total assets 480,742 493,416 546,957 741,839
Equity 350,290 350,285 364,620 633,011
Grants and subsidies 11,061 11,610 15,695 17,376
Liabilities 119,073 131,170 164,034 87,458
Financial liabilities 2,348 7,348 35,573 31,920
Long-term liabilities 65,476 61,848 107,898 66,990
Short-term liabilities 53,597 69,323 56,136 20,468
Equity and liabilities 480,742 493,416 546,957 741,839

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

Financial ratios

2022 2023 2024 2025
Capital return ratios
Return on assets (ROA) 0% 0% 1% 0%
Return on equity (ROE) 0% 0% 1% 0%
Return on capital employed (ROCE) 0% 0% 1% 1%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.01 0.06 0.04 0.07
Current Ratio 2.16 2.42 3.99 3.74
Quick ratio 1.20 1.32 3.72 3.56
Turnover ratios
Asset turnover 0.06 0.06 0.06 0.06
Fixed asset turnover 0.09 0.09 0.07 0.07
Equity turnover 0.09 0.09 0.07 0.07
Profitability ratios
EBITDA margin 18% 21% 38% 32%
Operating profit margin 1% 4% 15% 10%
Net profit margin 0% 1% 13% 3%
Other ratios
Dividends to the State 438.90 329.00 4,733.00 710.00
Dividends paid / net profit 2.81 0.77 0.89 0.63

* Left axis

** Right axis

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

2022-06 2023-06 2024-06 2025-06
Capital return ratios
Return on assets (ROA) 0% -1% 0% 2%
Return on equity (ROE) 0% -1% 0% 2%
Return on capital employed (ROCE) 0% -1% -1% 0%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.01 0.07 0.05
Current Ratio 2.37 1.83 2.50 3.70
Quick ratio 1.34 0.84 1.33 3.69
Turnover ratios
Asset turnover 0.03 0.03 0.03 0.02
Fixed asset turnover 0.03 0.04 0.04 0.03
Equity turnover 0.03 0.04 0.04 0.03
Profitability ratios
EBITDA margin 21% -17% 14% 33%
Operating profit margin 0% -37% -22% 4%
Net profit margin 1% -36% -25% 3%
Other ratios
Dividends to the State
Dividends paid / net profit

Financial statments

2024 m. 6 mėn. tarpinės ataskaitos 2024 m. metinės ataskaitos
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 formPublic limited liability company (AB)
  • 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%
  • Contacts http://www.turtas.lt
Return to the State

710 EUR thousand

ROE

0.2%

Number of employees

249

Financial data provided as at end-December 2024

Management

  • L.e.p. Gintaras MakšimasActing Chief Executive officer

The information is relevant

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • -

MEMBERS OF THE BOARD OF DIRECTORS

  • Ginataras MakšimasAB Turto bankas Acting Chief Executive officer
  • Lina FrejutėMinistry of Finance
  • Laima KalinauskienėMinistry of Finance
  • Ramūnas NarbutasAB Turto bankas

The information is relevant

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