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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.

       2022/23 GOOD CORPORATE GOVERNANCE INDEX

             

       2021/22 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 2023-06
Revenue 8,062 9,824 12,203 13,449
Cost of goods sold 6,594 6,562 8,833 11,490
Gross profit (loss) 1,468 3,262 3,369 1,959
Gross profit margin 18% 33% 28% 15%
Operating expenses 1,542 1,872 3,317 6,934
Operating profit (loss) -74 1,390 52 -4,975
Operating profit margin -1% 14% 0% -37%
EBITDA 1,795 3,622 2,607 -2,264
EBITDA margin 22% 37% 21% -17%
Net profit (loss) 23 1,486 92 -4,929
Net profit margin 0% 15% 1% -37%

* 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
2020-06 2021-06 2022-06 2023-06
Non-current assets 0 336,665 353,150 365,671
Intangible assets 357 305 250
Tangible assets 333,680 350,301 365,414
Financial assets 2,545 2,539 1
Other non-current assets 83 5 7
Current assets 0 129,909 127,066 126,569
Inventories and prepaid expenses 62,475 55,461 68,658
Accounts receivable in one year 7,277 7,486 5,491
Other current assets 0
Cash and cash equivalents 60,157 64,119 52,421
Total assets 0 467,099 480,742 493,416
Equity 0 341,688 350,290 350,285
Grants and subsidies 3,586 11,061 11,610
Liabilities 0 120,932 119,073 131,170
Financial liabilities 0 935 2,348 7,348
Long-term liabilities 0 54,608 65,476 61,848
Short-term liabilities 0 66,324 53,597 69,323
Equity and liabilities 0 467,099 480,742 493,416

* 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

2020-06 2021-06 2022-06 2023-06
Capital return ratios
Return on assets (ROA) % 1% 0% -1%
Return on equity (ROE) % 1% 0% -1%
Return on capital employed (ROCE) % 0% 0% -1%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.00 0.01
Current Ratio 1.96 2.37 1.83
Quick ratio 1.02 1.34 0.84
Turnover ratios
Asset turnover 0.02 0.03 0.03
Fixed asset turnover 0.03 0.03 0.04
Equity turnover 0.03 0.03 0.04
Profitability ratios
EBITDA margin 22% 37% 21% -17%
Operating profit margin -1% 14% 0% -37%
Net profit margin 0% 15% 1% -37%
Other ratios
Dividends to the State
Dividends paid / net profit

Financial statments

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 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: 2024/04/02

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Laimonas BelickasIndependent member; UAB Orion Leasing; VĮ Ignalinos atominė elektrinė

MEMBERS OF THE BOARD OF DIRECTORS

  • Lina FrejutėMinistry of Finance
  • Marius Junda Independent member; UAB Girteka logistics
  • Aurimas Tomas StaškevičiusIndependent member; LTL Kredito unija
  • Justė ŽibūdienėVĮ Turto bankas

Information as of: 2024/04/02