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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.

         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

2019 2020 2021 2022
Revenue 157,726 147,956 205,879 319,866
Cost of goods sold 56,787 65,974 61,217 69,966
Gross profit (loss) 100,939 81,982 144,662 249,899
Gross profit margin 64% 55% 70% 78%
Operating expenses 92,522 85,080 96,907 120,397
Operating profit (loss) 5,504 -6,017 43,445 125,076
Operating profit margin 3% -4% 21% 39%
EBITDA 16,939 4,023 54,034 137,709
EBITDA margin 11% 3% 26% 43%
Net profit (loss) 5,399 -4,768 37,676 108,171
Net profit margin 3% -3% 18% 34%
2020-06 2021-06 2022-06 2023-06
Revenue 78,632 88,684 142,380 157,944
Cost of goods sold 36,091 32,185 36,531 38,385
Gross profit (loss) 42,541 56,499 105,849 119,559
Gross profit margin 54% 64% 74% 76%
Operating expenses 45,988 45,920 56,023 64,825
Operating profit (loss) -4,840 8,512 47,896 52,391
Operating profit margin -6% 10% 34% 33%
EBITDA 659 11,647 52,876 57,113
EBITDA margin 1% 13% 37% 36%
Net profit (loss) -3,732 7,438 42,372 46,549
Net profit margin -5% 8% 30% 29%

* Left axis

** Right axis

*** All data in Profit and Loss Statement table and corresponding chart is in EUR thousand, unless otherwise noted

Balance sheet

2019 2020 2021 2022
Non-current assets 87,607 94,723 96,639 97,737
Intangible assets 907 3,231 2,576 2,619
Tangible assets 83,228 87,941 92,784 94,112
Financial assets 3,345 2,148 1,014 1,006
Other non-current assets 127 1,403 265 0
Current assets 97,951 96,637 137,241 243,261
Inventories and prepaid expenses 28,333 21,438 20,609 25,185
Accounts receivable in one year 5,731 17,893 26,664 46,436
Other current assets 1,610 1,142 1,099 60,000
Cash and cash equivalents 62,278 54,995 87,649 111,122
Total assets 188,402 191,361 233,879 340,998
Equity 158,193 146,152 179,812 266,648
Grants and subsidies 16,288 17,212 17,729 21,784
Liabilities 11,262 18,964 18,063 31,919
Financial liabilities 0 61 36 10
Long-term liabilities 36 10 1,456
Short-term liabilities 11,262 18,928 18,052 30,462
Equity and liabilities 188,402 191,361 233,879 340,998
2020-06 2021-06 2022-06 2023-06
Non-current assets 88,896 95,034 95,087 99,352
Intangible assets 656 188 2,502 2,604
Tangible assets 84,796 92,028 91,312 95,742
Financial assets 3,316 2,122 1,014 1,006
Other non-current assets 127 695 259 0
Current assets 88,948 94,256 172,521 169,572
Inventories and prepaid expenses 19,531 16,896 16,962 27,874
Accounts receivable in one year 9,452 16,609 37,708 18,071
Other current assets 334 1,124 550 80,000
Cash and cash equivalents 59,631 59,628 117,301 43,069
Total assets 182,052 193,222 268,432 296,505
Equity 147,972 154,554 201,400 219,359
Grants and subsidies 16,247 18,793 18,243 24,968
Liabilities 15,174 16,805 38,410 34,966
Financial liabilities 0 0 23 1
Long-term liabilities 0 0 10 1,104
Short-term liabilities 15,174 16,805 38,400 33,862
Equity and liabilities 182,052 193,222 268,432 296,505

* All data in Balance Sheet table and corresponding chart is in EUR thousand, unless otherwise noted

Financial ratios

2019 2020 2021 2022
Capital return ratios
Return on assets (ROA) 3% -3% 18% 38%
Return on equity (ROE) 3% -3% 23% 48%
Return on capital employed (ROCE) 3% -4% 24% 47%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.00 0.00 0.00
Current Ratio 8.70 5.11 7.60 7.99
Quick ratio 6.18 3.97 6.46 7.16
Turnover ratios
Asset turnover 0.84 0.77 0.88 0.94
Fixed asset turnover 1.80 1.56 2.13 3.27
Equity turnover 1.00 1.01 1.14 1.20
Profitability ratios
EBITDA margin 11% 3% 26% 43%
Operating profit margin 3% -4% 21% 39%
Net profit margin 3% -3% 18% 34%
Other ratios
Dividends to the State 5,500.00 3,714.00 20,744.20 93,483.82
Dividends paid / net profit 1.02 -0.78 0.55 0.86

* Left axis

** Right axis

*** Dividends to the state in Financial Ratios table is in EUR thousand

2020-06 2021-06 2022-06 2023-06
Capital return ratios
Return on assets (ROA) -0% 3% 31% 40%
Return on equity (ROE) -0% 4% 41% 53%
Return on capital employed (ROCE) -3% 6% 24% 24%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.00 0.00 0.00
Current Ratio 5.86 5.61 4.49 5.01
Quick ratio 4.57 4.60 4.05 4.18
Turnover ratios
Asset turnover 0.43 0.46 0.53 0.53
Fixed asset turnover 0.88 0.93 1.50 1.59
Equity turnover 0.53 0.57 0.71 0.72
Profitability ratios
EBITDA margin 1% 13% 37% 36%
Operating profit margin -6% 10% 34% 33%
Net profit margin -5% 8% 30% 29%
Other ratios
Dividends to the State
Dividends paid / net profit

Financial statments

2022 m. 6 mėn. tarpinės ataskaitos 2022 m. metinės ataskaitos
2021 m. 6 mėn. tarpinės ataskaitos 2021 m. metinės ataskaitos
2020 m. 6 mėn. tarpinės ataskaitos 2020 m. metinės ataskaitos
2019 m. metinės ataskaitos 2019 m. 6 mėn. tarpinės ataskaitos
2018 m. metinės ataskaitos 2018 m. 6 mėn. tarpinės ataskaitos

Expectations of the state

Key performance indicator
Letter of Expectations

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%
http://www.vivmu.lt
Return to the State

93.5 EUR milion

Adjusted net profit

26.4 EUR milion

Number of employees

2,389

Financial data provided as at end-December 2022

Forestry enterprises were merged on 8 January 2018.

Management

  • Valdas KaubrėChief Executive Officer

Information as of: 2024/04/02

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; UAB  Valstybės investicijų valdymo agentūra
  • Ina BikuvienėVĮ Valstybinių miškų urėdija
  • Marius AleinikovasIndependent Member; Lithuanian research centre for agriculture and forestry
  • Aurimas Saladžius Ministry of Environment; UAB Investicijų ir verslo garantijos

Information as of: 2024/04/02