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Valdymo koordinavimo centras Governance Coordination Centre

State Owned Enterprises

In 1961, the Land Management Design Institute was established, which was reorganised in 2010 with the creation of the VĮ Valstybės žemės fondas.
The State Enterprise Valstybės žemės fondas is a progressive, cohesive, responsible enterprise with a team of professionals in its field of expertise, which for more than 60 years has been providing high quality services to natural and legal persons in the field of restoration of property rights to land, land reform, land management, spatial planning, establishment of cadastral data of land and other immovable property, geodesy, topography, soil survey and assessment, establishment of data of derelict land, cadastre of land reclamation, conducting of auctions for the sale and lease of state land plots, and others throughout the country.

KEY FINANCIAL PERFORMANCE INDICATORS FOR THE PERIOD 2022-2024

  • Average annual net profit:
    • 2022–2024 ≥ 31 thousand Eur.
  • Ratio of cash and cash equivalents to total assets:
    • 2022–2024 ≤ 35 percent.

TARGETED SPECIFIC INDICATORS FOR THE PERIOD 2022-2024

  • Volume of sales and services in euros per year per employee of the enterprise, thous. EUR:
    • 2022 – 10
    • 2023 – 10,1
    • 2024 – 10,3
  • Profitability of land reclamation works (before taxes),%:
    • 2022-2024 ≥ 3,5
  • Auctions of sale and lease of state land plots per year (number of land plots):
    • 2022 – 250
    • 2023 – 280
    • 2024 – 300
  • Provision of technical and methodological assistance in the course of digitization of planned material for land reclamation structures, hours:
    • 2022 – 2 500
    • 2023 – 3 000
    • 2024 – 3 800
  • Provision of technical and methodological assistance in the course of digitization of planned material for land reclamation structures, units:
    • 2022 – 112
    • 2023 – 113
    • 2024 – 114

         2020 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

2018 2019 2020 2021
Revenue 2,787 2,653 2,556 2,747
Cost of goods sold 2,487 2,353 2,224 2,334
Gross profit (loss) 300 300 333 413
Gross profit margin 11% 11% 13% 15%
Operating expenses 332 321 305 368
Operating profit (loss) -32 -21 28 45
Operating profit margin -1% -1% 1% 2%
EBITDA 124 73 97 129
EBITDA margin 4% 3% 4% 5%
Net profit (loss) 39 37 33 55
Net profit margin 1% 1% 1% 2%
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

2018 2019 2020 2021
Non-current assets 2,551 1,304 1,320 1,316
Intangible assets 12 20 25 12
Tangible assets 1,328 1,284 1,295 1,304
Financial assets 1,211
Other non-current assets
Current assets 2,044 1,483 1,394 1,386
Inventories and prepaid expenses 12 15 5 13
Accounts receivable in one year 92 254 110 131
Other current assets 24
Cash and cash equivalents 1,916 1,214 1,279 1,241
Total assets 4,595 2,797 2,731 2,812
Equity 2,082 2,089 2,088 2,112
Grants and subsidies 2,318 407 407 398
Liabilities 195 223 179 230
Financial liabilities
Long-term liabilities 1 2 1 1
Short-term liabilities 194 221 178 229
Equity and liabilities 4,595 2,797 2,731 2,812
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 2021
Capital return ratios
Return on assets (ROA) 1% 2% 2% 3%
Return on equity (ROE) 3% 3% 3% 4%
Return on capital employed (ROCE) -1% 1% 3% 5%
Capital structure and liquidity ratios
Debt / asset ratio (D/A)
Current Ratio 10.54 6.72 7.85 6.06
Quick ratio 10.48 6.65 7.82 6.00
Turnover ratios
Asset turnover 0.53 0.72 0.92 0.99
Fixed asset turnover 0.99 1.38 1.95 2.08
Equity turnover 1.33 1.27 1.22 1.31
Profitability ratios
EBITDA margin 4% 3% 4% 5%
Operating profit margin -1% -1% 1% 2%
Net profit margin 1% 1% 1% 2%
Other ratios
Dividends to the State 29.40 33.60 31.10 47.60
Dividends paid / net profit 0.75 0.91 0.96 0.86
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 undefined

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

86 EUR thousand

ROE

4.2%

Number of employees

185

Financial data provided as at end-December 2021

Management

  • Lina ZinkevičienėDirector General

Information as of: 2022/09/01