Turto bankas

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
- 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
2021/22 GOOD CORPORATE GOVERNANCE INDEX
2020/21 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
2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|
Revenue | 8,062 | 11,538 | 24,176 | 30,939 |
Cost of goods sold | 6,594 | 9,514 | 15,264 | 19,957 |
Gross profit (loss) | 1,468 | 2,023 | 8,911 | 10,982 |
Gross profit margin | 18% | 18% | 37% | 35% |
Operating expenses | 1,542 | 2,152 | 5,737 | 10,530 |
Operating profit (loss) | -74 | -129 | 3,174 | 452 |
Operating profit margin | -1% | -1% | 13% | 1% |
EBITDA | 2,132 | 3,658 | 7,797 | 5,560 |
EBITDA margin | 26% | 32% | 32% | 18% |
Net profit (loss) | 24 | 25 | 2,740 | 84 |
Net profit margin | 0% | 0% | 11% | 0% |
2020-06 | 2021-06 | 2022-06 | |
---|---|---|---|
Revenue | 8,062 | 9,824 | 12,203 |
Cost of goods sold | 6,594 | 6,562 | 8,833 |
Gross profit (loss) | 1,468 | 3,262 | 3,369 |
Gross profit margin | % | % | % |
Operating expenses | 1,542 | 1,872 | 3,317 |
Operating profit (loss) | -74 | 1,390 | 52 |
Operating profit margin | % | % | % |
EBITDA | 1,795 | 3,622 | 2,555 |
EBITDA margin | 22% | 37% | 21% |
Net profit (loss) | 23 | 1,486 | 64 |
Net profit margin | 0% | 15% | 1% |
Balance sheet
2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|
Non-current assets | 265,594 | 299,840 | 349,366 | 352,698 |
Intangible assets | 251 | 322 | 396 | 334 |
Tangible assets | 261,139 | 296,911 | 346,348 | 350,989 |
Financial assets | 4,163 | 2,549 | 2,540 | 1,369 |
Other non-current assets | 41 | 57 | 82 | 7 |
Current assets | 128,602 | 145,301 | 137,657 | 138,803 |
Inventories and prepaid expenses | 81,085 | 76,437 | 56,457 | 62,114 |
Accounts receivable in one year | 4,268 | 4,683 | 6,686 | 9,187 |
Other current assets | ||||
Cash and cash equivalents | 43,249 | 64,182 | 74,513 | 67,502 |
Total assets | 394,766 | 445,775 | 487,467 | 492,554 |
Equity | 268,127 | 304,097 | 350,321 | 352,707 |
Grants and subsidies | 518 | 2,771 | 9,501 | 11,668 |
Liabilities | 126,073 | 138,830 | 127,509 | 128,072 |
Financial liabilities | 643 | 780 | 1,461 | 5,276 |
Long-term liabilities | 32,846 | 45,661 | 64,604 | 63,956 |
Short-term liabilities | 93,227 | 93,169 | 62,905 | 64,116 |
Equity and liabilities | 394,766 | 445,775 | 487,467 | 492,554 |
2021-06 | 2022-06 | |
---|---|---|
Non-current assets | 336,665 | 353,150 |
Intangible assets | 357 | 305 |
Tangible assets | 333,680 | 350,301 |
Financial assets | 2,545 | 2,539 |
Other non-current assets | 83 | 5 |
Current assets | 129,909 | 127,066 |
Inventories and prepaid expenses | 62,475 | 55,461 |
Accounts receivable in one year | 7,277 | 7,486 |
Other current assets | ||
Cash and cash equivalents | 60,157 | 64,119 |
Total assets | 467,099 | 480,742 |
Equity | 341,688 | 350,290 |
Grants and subsidies | 3,586 | 11,061 |
Liabilities | 120,971 | 119,106 |
Financial liabilities | 935 | 2,348 |
Long-term liabilities | 54,608 | 65,476 |
Short-term liabilities | 66,324 | 53,597 |
Equity and liabilities | 467,099 | 480,742 |
Financial ratios
2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|
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% | 0% |
Capital structure and liquidity ratios | ||||
Debt / asset ratio (D/A) | 0.00 | 0.00 | 0.00 | 0.01 |
Current Ratio | 1.38 | 1.56 | 2.19 | 2.16 |
Quick ratio | 0.51 | 0.74 | 1.29 | 1.20 |
Turnover ratios | ||||
Asset turnover | 0.02 | 0.03 | 0.05 | 0.06 |
Fixed asset turnover | 0.03 | 0.04 | 0.07 | 0.09 |
Equity turnover | 0.03 | 0.04 | 0.07 | 0.09 |
Profitability ratios | ||||
EBITDA margin | 26% | 32% | 32% | 18% |
Operating profit margin | -1% | -1% | 13% | 1% |
Net profit margin | 0% | 0% | 11% | 0% |
Other ratios | ||||
Dividends to the State | 20.30 | 21.20 | 2,329.30 | 438.90 |
Dividends paid / net profit | 0.85 | 0.85 | 0.85 | 5.20 |
2019-06 | 2020-06 | 2021-06 | 2022-06 | |
---|---|---|---|---|
Capital return ratios | ||||
Return on assets (ROA) | 0% | % | 0% | 0% |
Return on equity (ROE) | 0% | % | 0% | 0% |
Return on capital employed (ROCE) | -0% | % | 1% | 0% |
Capital structure and liquidity ratios | ||||
Debt / asset ratio (D/A) | 0.00 | 0.00 | 0.00 | 0.01 |
Current Ratio | 1.38 | 1.96 | 2.37 | |
Quick ratio | 0.51 | 1.02 | 1.34 | |
Turnover ratios | ||||
Asset turnover | 0.02 | 0.04 | 0.03 | |
Fixed asset turnover | 0.04 | 0.06 | 0.04 | |
Equity turnover | 0.04 | 0.06 | 0.04 | |
Profitability ratios | ||||
EBITDA margin | 26% | 22% | 37% | 21% |
Operating profit margin | -1% | % | % | % |
Net profit margin | 0% | 0% | 15% | 1% |
Other ratios | ||||
Dividends to the State | 20.30 | |||
Dividends paid / net profit | 0.85 |
Financial statments
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%
Return to the State
439 EUR thousand
ROE
0.0%
Number of employees
240
Financial data provided as at end-December 2022
Management
- L. e. p. Ernestas ČesokasActing Chief Executive officer
Information as of: 2023/09/02
Board of Directors
CHAIRMAN OF THE BOARD OF DIRECTORS
- Laimonas BelickasUAB Orion Leasing; Independent member
MEMBERS OF THE BOARD OF DIRECTORS
- Lina FrejutėMinistry of Finance
- Marius JundaUAB Girteka logistics; Independent member
- Aurimas Tomas StaškevičiusLTL Kredito unija; Independent member
- Justė ŽibūdienėVĮ Turto bankas
Information as of: 2023/09/02