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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

       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%

* Left axis

** Right axis

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

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

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

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

* Left axis

** Right axis

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

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

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

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

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