Valstybinių miškų urėdija
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.
KEY FINANCIAL PERFORMANCE INDICATORS FOR THE PERIOD 2022-2024
- Average annual adjusted EBITDA margin:
- 2022–2024 ≥ 36,8 percent.
- Ratio of cash and cash equivalents to total assets:
- 2022–2024 ≤ 25 percent.
- Average annual income tax with atypical taxes:
- 2022–2024 = 40,5 ml. Eur
- 2022–2024 = 40,5 ml. Eur
TARGETED SPECIFIC INDICATORS FOR THE PERIOD 2022-2024
- Investments, ml. EUR:
- 2022 ≥ 47,4
- 2023 ≥ 36
- 2024 ≥ 12
- Turnover of finished wood stocks (days):
- 2022-2024 on average 70
- Increase in the intensity of the use of forestry machinery compared to the initial estimate, per cent item:
- 2022-2024 after 10
- Yield volume of liquid timber in mature stands clearings compared to the total volume of stems,%:
- 2022 – 75,7
- 2023 – 75,8
- 2024 – 75,9
- Annual timber growth in SE SFE III-IV gr. in forests, ml. m3:
- 2022 – 7,5
- 2023 – 7,6
- 2024 – 7,65
- Employee engagement index,%:
- 2022 – 61,4
- 2023 – 62,4
- 2024 – 63,4
2021/22 GOOD CORPORATE GOVERNANCE INDEX
2020/21 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 | 180,353 | 157,726 | 147,956 | 205,879 |
| Cost of goods sold | 60,793 | 56,787 | 65,974 | 61,217 |
| Gross profit (loss) | 119,560 | 100,939 | 81,982 | 144,662 |
| Gross profit margin | 66% | 64% | 55% | 70% |
| Operating expenses | 91,024 | 95,435 | 87,999 | 101,217 |
| Operating profit (loss) | 28,536 | 5,504 | -6,017 | 43,445 |
| Operating profit margin | 16% | 3% | -4% | 21% |
| EBITDA | 39,448 | 16,939 | 4,023 | 54,034 |
| EBITDA margin | 22% | 11% | 3% | 26% |
| Net profit (loss) | 24,823 | 5,399 | -4,768 | 37,676 |
| Net profit margin | 14% | 3% | -3% | 18% |
| 2019-06 | 2020-06 | 2021-06 | 2022-06 | |
|---|---|---|---|---|
| Revenue | 82,974 | 78,632 | 88,684 | 142,380 |
| Cost of goods sold | 27,035 | 36,091 | 32,185 | 36,531 |
| Gross profit (loss) | 55,939 | 42,541 | 56,499 | 105,849 |
| Gross profit margin | % | % | % | % |
| Operating expenses | 46,888 | 47,381 | 47,987 | 57,953 |
| Operating profit (loss) | 9,051 | -4,840 | 8,512 | 47,896 |
| Operating profit margin | % | % | % | % |
| EBITDA | 14,689 | 659 | 11,647 | 52,876 |
| EBITDA margin | 18% | 1% | 13% | 37% |
| Net profit (loss) | 7,915 | -3,732 | 7,438 | 42,372 |
| Net profit margin | 10% | -5% | 8% | 30% |
Balance sheet
| 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|
| Non-current assets | 98,257 | 87,607 | 94,723 | 96,639 |
| Intangible assets | 1,382 | 907 | 3,231 | 2,576 |
| Tangible assets | 91,781 | 83,228 | 87,941 | 92,784 |
| Financial assets | 5,052 | 3,345 | 2,148 | 1,014 |
| Other non-current assets | 42 | 127 | 1,403 | 265 |
| Current assets | 109,704 | 97,951 | 96,637 | 137,241 |
| Inventories and prepaid expenses | 26,985 | 28,333 | 21,438 | 20,609 |
| Accounts receivable in one year | 5,384 | 5,731 | 17,893 | 26,664 |
| Other current assets | 4,071 | 1,610 | 1,142 | 1,099 |
| Cash and cash equivalents | 73,263 | 62,278 | 54,995 | 87,649 |
| Total assets | 210,857 | 188,402 | 191,361 | 233,879 |
| Equity | 176,729 | 158,193 | 146,152 | 179,812 |
| Grants and subsidies | 15,559 | 16,288 | 17,212 | 17,729 |
| Liabilities | 18,563 | 13,921 | 27,997 | 33,531 |
| Financial liabilities | 61 | 36 | ||
| Long-term liabilities | 36 | 10 | ||
| Short-term liabilities | 16,121 | 11,262 | 18,928 | 23,260 |
| Equity and liabilities | 210,857 | 188,402 | 191,361 | 233,879 |
| 2020-06 | 2021-06 | 2022-06 | |
|---|---|---|---|
| Non-current assets | 88,896 | 95,034 | 95,087 |
| Intangible assets | 656 | 188 | 2,502 |
| Tangible assets | 84,796 | 92,028 | 91,312 |
| Financial assets | 3,316 | 2,122 | 1,014 |
| Other non-current assets | 127 | 695 | 259 |
| Current assets | 88,948 | 94,256 | 172,521 |
| Inventories and prepaid expenses | 19,531 | 16,896 | 16,962 |
| Accounts receivable in one year | 9,452 | 16,609 | 37,708 |
| Other current assets | 334 | 1,124 | 550 |
| Cash and cash equivalents | 59,631 | 59,628 | 117,301 |
| Total assets | 182,052 | 193,222 | 268,432 |
| Equity | 147,972 | 154,554 | 201,400 |
| Grants and subsidies | 16,247 | 18,793 | 18,243 |
| Liabilities | 17,833 | 19,875 | 48,789 |
| Financial liabilities | 23 | ||
| Long-term liabilities | 10 | ||
| Short-term liabilities | 15,174 | 16,805 | 38,400 |
| Equity and liabilities | 182,052 | 193,222 | 268,432 |
Financial ratios
| 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|
| Capital return ratios | ||||
| Return on assets (ROA) | 24% | 13% | 8% | 30% |
| Return on equity (ROE) | 29% | 16% | 10% | 39% |
| Return on capital employed (ROCE) | 30% | 7% | -7% | 42% |
| Capital structure and liquidity ratios | ||||
| Debt / asset ratio (D/A) | 0.00 | 0.00 | ||
| Current Ratio | 6.81 | 8.70 | 5.11 | 5.90 |
| Quick ratio | 5.13 | 6.18 | 3.97 | 5.01 |
| Turnover ratios | ||||
| Asset turnover | 0.90 | 0.79 | 0.78 | 0.97 |
| Fixed asset turnover | 1.71 | 1.70 | 1.62 | 2.15 |
| Equity turnover | 1.07 | 0.94 | 0.97 | 1.26 |
| Profitability ratios | ||||
| EBITDA margin | 22% | 11% | 3% | 26% |
| Operating profit margin | 16% | 3% | -4% | 21% |
| Net profit margin | 14% | 3% | -3% | 18% |
| Other ratios | ||||
| Dividends to the State | 22,141.63 | 5,500.00 | 3,714.20 | 20,744.20 |
| Dividends paid / net profit | 0.89 | 1.02 | -0.78 | 0.55 |
| 2019-06 | 2020-06 | 2021-06 | 2022-06 | |
|---|---|---|---|---|
| Capital return ratios | ||||
| Return on assets (ROA) | 13% | % | 14% | 44% |
| Return on equity (ROE) | 16% | % | 18% | 57% |
| Return on capital employed (ROCE) | 7% | -5% | 10% | 43% |
| Capital structure and liquidity ratios | ||||
| Debt / asset ratio (D/A) | 0.00 | 0.00 | ||
| Current Ratio | 8.70 | 5.86 | 5.61 | 4.49 |
| Quick ratio | 6.18 | 4.57 | 4.60 | 4.05 |
| Turnover ratios | ||||
| Asset turnover | 0.79 | 0.86 | 0.47 | 0.62 |
| Fixed asset turnover | 1.70 | 1.77 | 0.96 | 1.50 |
| Equity turnover | 0.94 | 1.06 | 0.59 | 0.80 |
| Profitability ratios | ||||
| EBITDA margin | 11% | 1% | 13% | 37% |
| Operating profit margin | 3% | % | % | % |
| Net profit margin | 3% | -5% | 8% | 30% |
| Other ratios | ||||
| Dividends to the State | 5,500.00 | |||
| Dividends paid / net profit | 1.02 |
Financial statments
Expectations of the state
Target return on equity undefined
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%
Adjusted net profit
26.4 EUR milion
Number of employees
2,782
Financial data provided as at end-December 2021
Forestry enterprises were merged on 8 January 2018.
Management
- Valdas KaubrėDirector General
Information as of: 2023/01/01
Board of Directors
CHAIRMAN OF THE BOARD OF DIRECTORS
- Paulius MartinkusAB Vilniaus šilumos tinklų; Independent Member
MEMBERS OF THE BOARD OF DIRECTORS
- Normantas Marius DvareckasUAB Ad ventum; Innovative project programme Horizon2020 in Brussels; Independent member
- Ina BikuvienėLithuanian State Forest Enterprise
- Marius AleinikovasLithuanian research centre for agriculture and forestry; Independent Member
- Aurimas Saladžius Ministry of Environment
Information as of: 2023/01/01
