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Valdymo koordinavimo centras Governance Coordination Centre

State Owned Enterprises

The State Enterprise Valstybinių miškų urėdija (VMU) was created following the reorganisation on the January 8, 2018.The reorganisation was carried out through a merger of the 42 State Forest Enterprises, that were merged into the SE State Forest Management Institute, which is participating in the reorganisation. Following the reorganisation, the newly created VĮ VMU took over all the state-owned assets, as well as the rights and obligations held in trust by the reorganised dorest enterprises. The area of forests held in trust by the State Enterprise VMU amounts to approximately 1.1 million ha, of which 0.3 million ha are forests located in the territory of nature reserves and other protected areas of Lithuanian forests. The VMU carries out complex forestry activities and is an important player in the development of the country’s forestry sector. The company takes care of the country’s forest cover, introduces advanced technologies for afforestation, restoration, protection, management and use of resources, maintains roads in state and private forests and protects forests from fires. The activities of the VMU can be divided into the following groups: forest management; timber harvesting and marketing; afforestation, reforestation and maintenance; tree nursery activities; maintenance of forest infrastructure and implementation of social functions; nature conservation activities and development of other commercial activities.


         2023/24 GOOD CORPORATE GOVERNANCE INDEX

                      


         2022/23 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

2020 2021 2022 2023
Revenue 147,956 205,879 319,866 288,584
Cost of goods sold 65,974 61,217 69,966 81,932
Gross profit (loss) 81,982 144,662 249,899 206,652
Gross profit margin 55% 70% 78% 72%
Operating expenses 85,080 96,907 120,397 128,103
Operating profit (loss) -6,017 43,445 125,076 73,244
Operating profit margin -4% 21% 39% 25%
EBITDA 4,023 54,034 137,709 86,003
EBITDA margin 3% 26% 43% 30%
Net profit (loss) -4,768 37,676 108,171 66,181
Net profit margin -3% 18% 34% 23%
2021-06 2022-06 2023-06 2024-06
Revenue 88,684 142,380 157,944 131,827
Cost of goods sold 32,185 36,531 38,385 49,850
Gross profit (loss) 56,499 105,849 119,559 81,977
Gross profit margin 64% 74% 76% 62%
Operating expenses 45,920 56,023 64,825 65,257
Operating profit (loss) 8,512 47,896 52,391 14,070
Operating profit margin 10% 34% 33% 11%
EBITDA 11,647 52,876 59,023 21,709
EBITDA margin 13% 37% 37% 16%
Net profit (loss) 7,438 42,372 46,549 14,780
Net profit margin 8% 30% 29% 11%

Balance sheet

2020 2021 2022 2023
Non-current assets 94,723 96,639 97,737 119,814
Intangible assets 3,231 2,576 2,619 2,584
Tangible assets 87,941 92,784 94,112 101,816
Financial assets 2,148 1,014 1,006 15,030
Other non-current assets 1,403 265 385
Current assets 89,408 121,418 214,219 172,457
Inventories and prepaid expenses 21,438 20,609 25,185 30,362
Accounts receivable in one year 10,664 10,841 17,395 12,340
Other current assets 1,142 1,099 60,000 81,699
Cash and cash equivalents 54,995 87,649 111,122 47,542
Total assets 191,361 233,879 340,998 311,587
Equity 146,152 179,812 266,648 238,859
Grants and subsidies 17,212 17,729 21,784 22,704
Liabilities 18,964 18,063 35,793 31,813
Financial liabilities 61 36 0 0
Long-term liabilities 36 10 1,456
Short-term liabilities 18,928 18,052 34,336 31,813
Equity and liabilities 191,361 233,879 340,998 311,587
2021-06 2022-06 2023-06 2024-06
Non-current assets 95,034 95,087 99,352 133,885
Intangible assets 188 2,502 2,604 2,606
Tangible assets 92,028 91,312 95,742 103,713
Financial assets 2,122 1,014 1,006 25,798
Other non-current assets 695 259 0 1,768
Current assets 3,932 27,581 10,826
Inventories and prepaid expenses 16,896 16,962 27,874 20,261
Accounts receivable in one year 16,609 37,708 18,071 17,697
Other current assets 1,124 550 80,000 71,535
Cash and cash equivalents 59,628 117,301 43,069 14,232
Total assets 193,222 268,432 296,505 269,276
Equity 154,554 201,400 219,359 194,793
Grants and subsidies 18,793 18,243 24,968 26,563
Liabilities 16,805 38,410 34,966 29,021
Financial liabilities 0 23 1 0
Long-term liabilities 10 1,104
Short-term liabilities 16,805 38,400 33,862 29,021
Equity and liabilities 193,222 268,432 296,505 269,276

Financial ratios

2020 2021 2022 2023
Capital return ratios
Return on assets (ROA) -3% 18% 38% 20%
Return on equity (ROE) -3% 23% 48% 26%
Return on capital employed (ROCE) -4% 24% 47% 31%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.00 0.00 0.00
Current Ratio 4.72 6.73 6.24 5.42
Quick ratio 3.59 5.58 5.51 4.47
Turnover ratios
Asset turnover 0.77 0.88 0.94 0.93
Fixed asset turnover 1.56 2.13 3.27 2.41
Equity turnover 1.01 1.14 1.20 1.21
Profitability ratios
EBITDA margin 3% 26% 43% 30%
Operating profit margin -4% 21% 39% 25%
Net profit margin -3% 18% 34% 23%
Other ratios
Dividends to the State 3,714.00 20,744.20 93,483.80 58,845.30
Dividends paid / net profit -0.78 0.55 0.86 0.89
2021-06 2022-06 2023-06 2024-06
Capital return ratios
Return on assets (ROA) 3% 31% 40% 12%
Return on equity (ROE) 4% 41% 53% 17%
Return on capital employed (ROCE) 6% 24% 24% 7%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.00 0.00 0.00
Current Ratio 5.61 4.49 5.01 4.29
Quick ratio 4.60 4.05 4.18 3.59
Turnover ratios
Asset turnover 0.46 0.53 0.53 0.49
Fixed asset turnover 0.93 1.50 1.59 0.98
Equity turnover 0.57 0.71 0.72 0.68
Profitability ratios
EBITDA margin 13% 37% 37% 16%
Operating profit margin 10% 34% 33% 11%
Net profit margin 8% 30% 29% 11%
Other ratios
Dividends to the State
Dividends paid / net profit

Expectations of the state

About the company

  • Official nameVĮ „Valstybinių miškų urėdija“
  • Legal formState enterprise (VĮ)
  • Company code132340880
  • SectorForestry
  • Line of businessAdministration of State forests
  • Institution representing the StateMinistry of Environment
  • Special obligationsPerformes non-commercial special obligations
  • Share belonging to the State100%
https://vmu.lt/
Return to the State

58.8 EUR milion

ROE

41.2%

Number of employees

2,360

Financial data provided as at end-December 2023

Forestry enterprises were merged on 8 January 2018.

Management

  • Valdas KaubrėChief Executive Officer

Information as of: 2024/11/04

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Paulius MartinkusIndependent Member; BĮ Valstybinė maisto ir veterinarijos tarnyba; AB Vilniaus šilumos tinklai; VĮ Žemės ūkio duomenų centras

MEMBERS OF THE BOARD OF DIRECTORS

  • Normantas Marius DvareckasIndependent member; AB Vilniaus šilumos tinklai; UAB Ad ventum; UAB Toksika
  • Ina BikuvienėVĮ Valstybinių miškų urėdija
  • Marius AleinikovasIndependent Member; Lithuanian research centre for agriculture and forestry

Information as of: 2024/11/04