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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

2017 2018 2019 2020
Revenue 3,491 5,449 8,062 11,538
Cost of goods sold 2,822 4,443 6,594 9,514
Gross profit (loss) 669 1,007 1,468 2,023
Gross profit margin 19% 18% 18% 18%
Operating expenses 731 899 1,542 2,152
Operating profit (loss) -62 108 -74 -129
Operating profit margin -2% 2% -1% -1%
EBITDA 444 1,489 2,132 3,658
EBITDA margin 13% 27% 26% 32%
Net profit (loss) 31 151 24 25
Net profit margin 1% 3% 0% 0%
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%

Balance sheet

2017 2018 2019 2020
Non-current assets 69,803 174,445 265,594 299,840
Intangible assets 113 53 251 322
Tangible assets 61,146 167,931 261,139 296,911
Financial assets 8,516 6,428 4,163 2,549
Other non-current assets 27 34 41 57
Current assets 124,331 107,954 128,602 145,301
Inventories and prepaid expenses 71,664 69,240 81,085 76,437
Accounts receivable in one year 24,318 3,053 4,268 4,683
Other current assets
Cash and cash equivalents 28,349 35,662 43,249 64,182
Total assets 194,771 283,675 394,766 445,775
Equity 66,316 173,769 268,127 304,097
Grants and subsidies 41 193 518 2,771
Liabilities 128,404 109,701 126,105 138,879
Financial liabilities 20,101 76,648 643 780
Long-term liabilities 38,297 28,646 32,846 45,661
Short-term liabilities 90,088 81,033 93,227 93,169
Equity and liabilities 194,771 283,675 394,766 445,775
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

Financial ratios

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

Expectations of the state

Target return on equity undefined

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

101 EUR thousand

ROE

0.0%

Number of employees

220

Financial data provided as at end-December 2020

Management

  • Mindaugas SinkevičiusDirector General

Information as of: 2021/10/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Darius IndriūnasUAB Auroch investments; UAB „Vilniaus viešasis transportas“; Independent member

MEMBERS OF THE BOARD OF DIRECTORS

  • Viktorija TrimbelUAB Quantum capital; Independent member
  • Vidmantas ŠiugždinisUAB Impuls LTU, UAB „Vigara“, Gym LT, Gym LT, UAB „Emocinis balansas“, UAB „Mintin“, UAB „Impuls“ ; Independent member
  • Lina FrejutėMinistry of Finance
  • Algirdas StumbrysVĮ Turto bankas

Information as of: 2021/10/01