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.


         2024/25 GOOD CORPORATE GOVERNANCE INDEX

VMU_2025 

SK – Transparency Dimension
SV – Strategic Management Dimension
TV – Sustainability Dimension
AV – Shareholder Actions Dimension
GI – Good Governance Indicator

Financial results

P/L Statment

2021 2022 2023 2024
Revenue 205,879 319,866 288,584 272,851
Cost of goods sold 61,217 69,966 81,931 90,739
Gross profit (loss) 144,662 249,899 206,652 182,112
Gross profit margin 70% 78% 72% 67%
Operating expenses 96,907 120,397 128,122 134,790
Operating profit (loss) 141 181 0 0
Operating profit margin 21% 39% 25% 15%
EBITDA 54,034 137,709 88,884 61,049
EBITDA margin 26% 43% 31% 22%
Net profit (loss) * 64,757 147,047 104,004 75,076
Net profit margin 31% 46% 36% 28%
* The net profit figure is presented taking into account the atypical (asset and raw material) taxes paid by the company.
2022-06 2023-06 2024-06 2025-06
Revenue 142,380 157,944 131,827 140,512
Cost of goods sold 36,531 38,385 49,850 49,099
Gross profit (loss) 105,849 119,559 81,977 91,413
Gross profit margin 74% 76% 62% 65%
Operating expenses 56,023 64,825 65,257 70,915
Operating profit (loss) 47,896 52,391 14,070 16,975
Operating profit margin 34% 33% 11% 12%
EBITDA 52,876 59,023 24,152 26,828
EBITDA margin 37% 37% 18% 19%
Net profit (loss) 62,794 66,693 32,949 35,325
Net profit margin 44% 42% 25% 25%

Balance sheet

2021 2022 2023 2024
Non-current assets 96,639 97,737 119,751 142,855
Intangible assets 2,576 2,619 2,584 2,754
Tangible assets 92,784 94,112 101,816 114,266
Financial assets 1,014 1,006 15,030 25,336
Other non-current assets 265 322 498
Current assets 121,418 214,219 172,872 136,765
Inventories and prepaid expenses 20,609 25,185 30,362 25,964
Accounts receivable in one year 10,841 17,395 12,755 11,311
Other current assets 1,099 60,000 81,699 84,449
Cash and cash equivalents 87,649 111,122 47,542 14,047
Total assets 233,879 340,998 311,940 300,960
Equity 179,812 266,648 239,212 220,765
Grants and subsidies 17,729 21,784 22,704 24,306
Liabilities 18,063 35,793 31,813 34,869
Financial liabilities 36 0 0 0
Long-term liabilities 10 1,456
Short-term liabilities 18,052 34,336 31,813 34,869
Equity and liabilities 233,879 340,998 311,940 300,960
2022-06 2023-06 2024-06 2025-06
Non-current assets 95,087 99,352 133,885 148,678
Intangible assets 2,502 2,604 2,606 3,126
Tangible assets 91,312 95,742 103,713 117,581
Financial assets 1,014 1,006 25,798 25,797
Other non-current assets 259 0 1,768 2,174
Current assets 172,521 169,572 124,565 132,016
Inventories and prepaid expenses 16,962 27,874 20,261 23,871
Accounts receivable in one year 37,708 18,071 17,697 21,060
Other current assets 550 80,000 71,535 17,239
Cash and cash equivalents 117,301 43,069 14,232 69,370
Total assets 268,432 296,505 269,276 293,402
Equity 201,400 219,359 194,793 210,464
Grants and subsidies 18,243 24,968 26,563 25,841
Liabilities 38,410 34,966 29,021 34,686
Financial liabilities 23 1 0 36
Long-term liabilities 10 1,104 25
Short-term liabilities 38,400 33,862 29,021 34,661
Equity and liabilities 268,432 296,505 269,276 293,402

Financial ratios

2021 2022 2023 2024
Capital return ratios
Return on assets (ROA) 30% 51% 32% 24%
Return on equity (ROE) 40% 66% 41% 33%
Return on capital employed (ROCE) 24% 47% 31% 19%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.00 0.00 0.00
Current Ratio 6.73 6.24 5.43 3.92
Quick ratio 5.58 5.51 4.48 3.18
Turnover ratios
Asset turnover 0.88 0.94 0.93 0.91
Fixed asset turnover 2.13 3.27 2.41 1.91
Equity turnover 1.14 1.20 1.21 1.24
Profitability ratios
EBITDA margin 26% 43% 31% 22%
Operating profit margin 21% 39% 25% 15%
Net profit margin 18% 34% 23% 15%
Other ratios
Dividends to the State 20,744.20 93,483.80 58,845.30 26,278.80
Dividends paid / net profit 0.32 0.64 0.57 0.35
2022-06 2023-06 2024-06 2025-06
Capital return ratios
Return on assets (ROA) 47% 53% 25% 28%
Return on equity (ROE) 61% 72% 34% 38%
Return on capital employed (ROCE) 24% 24% 7% 8%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.00 0.00 0.00
Current Ratio 4.49 5.01 4.29 3.81
Quick ratio 4.05 4.18 3.59 3.12
Turnover ratios
Asset turnover 0.53 0.53 0.49 0.48
Fixed asset turnover 1.50 1.59 0.98 0.95
Equity turnover 0.71 0.72 0.68 0.67
Profitability ratios
EBITDA margin 37% 37% 18% 19%
Operating profit margin 34% 33% 11% 12%
Net profit margin 44% 42% 25% 25%
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%
  • Contacts https://vmu.lt/
Return to the State

26.3 EUR milion

ROE

32.6%

Number of employees

2,311

Financial data provided as at end-December 2024

Forestry enterprises were merged on 8 January 2018.

Management

  • Valdas KaubrėChief Executive Officer

Information as of: 2025/10/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • -

Information as of: 2025/10/01