• English
  • Lithuanian
Valdymo koordinavimo centras

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

2016 2017 2018 2019
Revenue 4,412 3,030 2,787 2,653
Cost of goods sold 3,536 2,902 2,487 2,353
Gross profit (loss) 876 128 300 300
Gross profit margin 20% 4% 11% 11%
Operating expenses 664 445 332 321
Operating profit (loss) 212 -318 -32 -21
Operating profit margin 5% -10% -1% -1%
EBITDA 467 -71 124 73
EBITDA margin 11% -2% 4% 3%
Net profit (loss) 194 -438 39 37
Net profit margin 4% -14% 1% 1%
2017-06-30 2018-06-30 2019-06-30 2020-06-30
Revenue 1,439 1,465 1,318 1,164
Cost of goods sold 1,555 1,273 1,118 1,062
Gross profit (loss) -116 192 200 102
Gross profit margin -8% 13% 15% 9%
Operating expenses 280 134 181 163
Operating profit (loss) -396 58 19 -61
Operating profit margin -28% 4% 1% -5%
EBITDA -237 141 66 -29
EBITDA margin -16% 10% 5% -2%
Net profit (loss) 5 64 -58
Net profit margin -27% 8% 5% -5%

Balance sheet

2016 2017 2018 2019
Non-current assets 5,200 3,076 2,551 1,304
Intangible assets 130 28 12 20
Tangible assets 1,871 1,837 1,328 1,284
Financial assets 3,199 1,211 1,211
Other non-current assets
Biological assets
Current assets 1,614 2,780 2,044 1,493
Inventories and prepaid expenses 12 8 12 15
Accounts receivable in one year 182 139 92 260
Other current assets 23 24
Cash and cash equivalents 1,420 2,610 1,916 1,217
Total assets 6,821 5,856 4,595 2,797
Equity 2,661 2,104 2,082 2,089
Minority share of capital
Grants and subsidies 3,703 3,464 2,318 407
Liabilities 457 288 195 301
Financial liabilities
Long-term liabilities 0 19 1 2
Short-term liabilities 457 270 194 299
Equity and liabilities 6,821 5,856 4,595 2,797
2017-06-30 2018-06-30 2019-06-30 2020-06-30
Non-current assets 3,560 3,044 1,878 1,350
Intangible assets 71 43 11 31
Tangible assets 1,890 1,790 1,298 1,319
Financial assets 1,599 1,211 569
Other non-current assets
Biological assets
Current assets 3,269 3,011 2,798 1,897
Inventories and prepaid expenses 6 6 1 0
Accounts receivable in one year 888 709 922 673
Other current assets 23 24
Cash and cash equivalents 2,352 2,272 1,876 1,224
Total assets 6,829 6,055 4,676 3,247
Equity 2,179 2,226 2,116 1,998
Minority share of capital
Grants and subsidies 4,052 3,361 2,133 831
Liabilities 598 468 427 419
Financial liabilities
Long-term liabilities 18 1 1
Short-term liabilities 598 450 426 417
Equity and liabilities 6,829 6,055 4,676 3,247

Financial ratios

2016 2017 2018 2019
Capital return ratios
Return on assets (ROA) 4% -6% 1% 2%
Return on equity (ROE) 9% -17% 3% 3%
Return on capital employed (ROCE) 7% -11% -1% 1%
Capital structure and liquidity ratios
Debt / asset ratio (D/A)
Current Ratio 3.53 10.30 10.54 4.99
Quick ratio 3.50 10.27 10.48 4.94
Turnover ratios
Asset turnover 0.77 0.48 0.53 0.72
Fixed asset turnover 1.22 0.73 0.99 1.38
Equity turnover 1.70 1.27 1.33 1.27
Profitability ratios
EBITDA margin 11% -2% 4% 3%
Operating profit margin 5% -10% -1% -1%
Net profit margin 4% -14% 1% 1%
Other ratios
Dividends to the State 97.00 29.40 33.60
Dividends paid / net profit 0.50 0.75 0.91
2017-06-30 2018-06-30 2019-06-30 2020-06-30
Capital return ratios
Return on assets (ROA) -6% 2% 0% -1%
Return on equity (ROE) -17% 4% 1% -3%
Return on capital employed (ROCE) -11% 2% 1% -4%
Capital structure and liquidity ratios
Debt / asset ratio (D/A)
Current Ratio 10.30 6.69 6.56 4.55
Quick ratio 10.27 6.68 6.56 4.55
Turnover ratios
Asset turnover 0.48 0.23 0.25 0.29
Fixed asset turnover 0.73 0.44 0.54 0.72
Equity turnover 1.27 0.67 0.61 0.57
Profitability ratios
EBITDA margin -2% 10% 5% -2%
Operating profit margin -10% 4% 1% -5%
Net profit margin -14% 8% 5% -5%
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

72 EUR thousand

ROE

3.3%

Number of employees

216

Financial data provided as at end-December 2019

Management

  • Lina ZinkevičienėDirector General

Information as of: 2020/10/01