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Valdymo koordinavimo centras Governance Coordination Centre

State Owned Enterprises

The foundation was set up in 1961, which was called “Žemėtvarkos projektavimo institutas”, in 2010 “Valstybės žemės fondas” was established after the reorganization of the former National Institute of Land Management. VĮ “Valstybės žemės fondas” is the largest Lithuanian company performing work on land use, spatial planning, geodesy, GIS, soil research and evaluation, and cadastral works of reclamation.

Financial results

P/L Statment

2017 2018 2019 2020
Revenue 3,030 2,787 2,653 2,556
Cost of goods sold 2,902 2,487 2,353 2,224
Gross profit (loss) 128 300 300 333
Gross profit margin 4% 11% 11% 13%
Operating expenses 445 332 321 305
Operating profit (loss) -318 -32 -21 28
Operating profit margin -10% -1% -1% 1%
EBITDA -71 124 73 97
EBITDA margin -2% 4% 3% 4%
Net profit (loss) -438 39 37 33
Net profit margin -14% 1% 1% 1%
2018-06 2019-06 2020-06 2021-06
Revenue 1,465 1,318 1,164 1,158
Cost of goods sold 1,273 1,118 1,062 1,023
Gross profit (loss) 193 200 102 135
Gross profit margin % % 15% 12%
Operating expenses 134 181 163 160
Operating profit (loss) 59 19 -61 -25
Operating profit margin % % 1% -2%
EBITDA 66 18
EBITDA margin % % 5% 2%
Net profit (loss) 123 64 -58 -17
Net profit margin % % 5% -1%

Balance sheet

2017 2018 2019 2020
Non-current assets 3,076 2,551 1,304 1,320
Intangible assets 28 12 20 25
Tangible assets 1,837 1,328 1,284 1,295
Financial assets 1,211 1,211
Other non-current assets
Current assets 2,780 2,044 1,483 1,394
Inventories and prepaid expenses 8 12 15 5
Accounts receivable in one year 139 92 254 110
Other current assets 23 24
Cash and cash equivalents 2,610 1,916 1,214 1,279
Total assets 5,856 4,595 2,797 2,731
Equity 2,104 2,082 2,089 2,088
Grants and subsidies 3,464 2,318 407 407
Liabilities 288 195 223 179
Financial liabilities
Long-term liabilities 19 1 2 1
Short-term liabilities 270 194 221 178
Equity and liabilities 5,856 4,595 2,797 2,731
2019-06 2020-06 2021-06
Non-current assets 1,878 1,350 1,298
Intangible assets 11 31 18
Tangible assets 1,298 1,319 1,280
Financial assets 569
Other non-current assets
Current assets 2,798 1,897 2,089
Inventories and prepaid expenses 1 0 1
Accounts receivable in one year 922 673 677
Other current assets
Cash and cash equivalents 1,876 1,224 1,411
Total assets 4,676 3,247 3,391
Equity 2,116 1,998 2,040
Grants and subsidies 2,133 831 854
Liabilities 427 419 440
Financial liabilities
Long-term liabilities 1 1 1
Short-term liabilities
Equity and liabilities 4,676 3,247 3,391

Financial ratios

2018 2019 2020
Capital return ratios
Return on assets (ROA) 1% 2% 2%
Return on equity (ROE) 3% 3% 3%
Return on capital employed (ROCE) -1% 1% 3%
Capital structure and liquidity ratios
Debt / asset ratio (D/A)
Current Ratio 10.54 6.72 7.85
Quick ratio 10.48 6.65 7.82
Turnover ratios
Asset turnover 0.53 0.72 0.92
Fixed asset turnover 0.99 1.38 1.95
Equity turnover 1.33 1.27 1.22
Profitability ratios
EBITDA margin 4% 3% 4%
Operating profit margin -1% -1% 1%
Net profit margin 1% 1% 1%
Other ratios
Dividends to the State 29.40 33.60 31.10
Dividends paid / net profit 0.75 0.91 0.96
2019-06 2020-06 2021-06
Capital return ratios
Return on assets (ROA) % % 2%
Return on equity (ROE) % % 4%
Return on capital employed (ROCE) -2% 3% -1%
Capital structure and liquidity ratios
Debt / asset ratio (D/A)
Current Ratio
Quick ratio
Turnover ratios
Asset turnover 0.56 0.29 0.35
Fixed asset turnover 1.40 0.72 0.87
Equity turnover 1.25 0.57 0.57
Profitability ratios
EBITDA margin % 5% 2%
Operating profit margin % 1% -2%
Net profit margin % 5% -1%
Other ratios
Dividends to the State
Dividends paid / net profit

Expectations of the state

Target return on equity

4.8%

About the company

  • Official nameVĮ Valstybės žemės fondas
  • Legal formState enterprise (VĮ)
  • Company code120093212
  • SectorOther
  • Line of businessProjects of land reform, land plot division and related services
  • Institution representing the StateMinistry of Agriculture
  • Share belonging to the State100%
http://www.vzf.lt/
Return to the State

70 EUR thousand

ROE

3.1%

Number of employees

207

Financial data provided as at end-December 2020

Management

  • Lina ZinkevičienėDirector General

Information as of: 2021/10/01