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Valdymo koordinavimo centras

State Owned Enterprises

VĮ Valstybinių miškų urėdija was established in 2018 by a merger with the reorganization of 42 regional forest-based organisations and the state institute of forest management. Valstybinių miškų urėdija is responsible for the supervision, administration and inventory of Lithuanian state forests, and is engaged in logging activities as well as trading timber and planting materials. The company is also responsible for the preparation of forest management projects, the planning of protected and special purpose forests, the production of cartographic material, the creation of databases, cadastral measurements and conducts land reform development of land-use projects.

 

Note: below is the financial results (P/N report, balance sheet and financial indicators) of the VĮ “Valstybinis miškotvarkos institutas”, to which the 42 forest-based enterprises are connected on 8th of January 2018. The financial information presented in the ‘ About company ‘ section on the right, together with the information on the ‘ All Companies ‘ page, is aggregated in 42 information for the VĮ “Valstybinis miškotvarkos institutas”

Financial results

P/L Statment

2016 2017 2018 2019
Revenue 158,457 164,039 180,353 157,726
Cost of goods sold 64,409 65,814 60,793 56,787
Gross profit (loss) 94,048 98,225 119,560 100,939
Gross profit margin 59% 60% 66% 64%
Operating expenses 86,077 92,285 91,024 95,435
Operating profit (loss) 7,972 5,940 28,536 5,504
Operating profit margin 5% 4% 16% 3%
EBITDA 22,414 18,502 39,448 15,477
EBITDA margin 14% 11% 22% 10%
Net profit (loss) 7,402 5,194 24,823 5,399
Net profit margin 5% 3% 14% 3%
2017-06-30 2018-06-30 2019-06-30 2020-06-30
Revenue 85,344 90,150 82,974 78,632
Cost of goods sold 34,774 32,263 27,035 36,091
Gross profit (loss) 50,570 57,887 55,939 42,541
Gross profit margin 59% 64% 67% 54%
Operating expenses 46,039 45,399 46,888 47,381
Operating profit (loss) 4,532 12,488 9,051 -4,840
Operating profit margin 5% 14% 11% -6%
EBITDA 11,693 19,009 14,689 659
EBITDA margin 14% 21% 18% 1%
Net profit (loss) 756 2,224 7,915 -3,732
Net profit margin 5% 12% 10% -5%

Balance sheet

2016 2017 2018 2019
Non-current assets 1,223,506 1,314,293 1,276,678 1,263,754
Intangible assets 2,499 2,465 1,382 907
Tangible assets 104,490 101,193 91,781 83,228
Financial assets 8,773 9,346 5,052 3,345
Other non-current assets 1,107,744 1,201,289 1,178,463 1,176,274
Biological assets
Current assets 66,580 72,935 109,704 97,951
Inventories and prepaid expenses 28,020 28,231 26,985 28,333
Accounts receivable in one year 8,850 5,612 5,384 5,731
Other current assets 5,995 4,071 1,610
Cash and cash equivalents 23,716 39,091 73,263 62,278
Total assets 1,293,558 1,390,838 1,389,278 1,364,549
Equity 1,266,371 1,362,015 1,355,150 1,334,340
Minority share of capital
Grants and subsidies 14,203 15,264 15,559 16,288
Liabilities 12,984 13,451 18,563 13,921
Financial liabilities 109 599
Long-term liabilities 76 608
Short-term liabilities 12,908 10,659 16,121 11,262
Equity and liabilities 1,293,558 1,390,838 1,389,278 1,364,549
2017-06-30 2018-06-30 2019-06-30 2020-06-30
Non-current assets 112,785 108,498 94,499 88,896
Intangible assets 2,465 2,464 2,547 656
Tangible assets 100,716 96,502 86,862 84,796
Financial assets 9,333 9,332 5,048 3,316
Other non-current assets 271 201 42 127
Biological assets
Current assets 76,075 97,721 102,856 88,948
Inventories and prepaid expenses 25,082 28,316 25,496 19,531
Accounts receivable in one year 8,752 8,867 8,239 9,452
Other current assets 6,123 170 334
Cash and cash equivalents 36,118 60,539 68,951 59,631
Total assets 188,859 206,220 201,289 182,052
Equity 159,819 171,245 163,393 147,972
Minority share of capital
Grants and subsidies 13,525 17,963 19,907 16,247
Liabilities 15,515 17,012 17,990 17,833
Financial liabilities 83 29
Long-term liabilities 76 11
Short-term liabilities 15,439 17,001 15,548 15,174
Equity and liabilities 188,859 206,220 201,289 182,052

Financial ratios

2016 2017 2018 2019
Capital return ratios
Return on assets (ROA) 2% 2% 3% 2%
Return on equity (ROE) 4% 2% 4% 2%
Return on capital employed (ROCE) 1% 1% 4% 1%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.00
Current Ratio 5.16 6.84 6.81 8.70
Quick ratio 2.99 4.19 5.13 6.18
Turnover ratios
Asset turnover 0.13 0.12 0.13 0.11
Fixed asset turnover 0.14 0.13 0.14 0.12
Equity turnover 0.25 0.12 0.13 0.12
Profitability ratios
EBITDA margin 14% 11% 22% 10%
Operating profit margin 5% 4% 16% 3%
Net profit margin 5% 3% 14% 3%
Other ratios
Dividends to the State 4,508.20 22,141.63 5,500.00
Dividends paid / net profit 0.87 0.89 1.02
2017-06-30 2018-06-30 2019-06-30 2020-06-30
Capital return ratios
Return on assets (ROA) 2% 17% 3% 1%
Return on equity (ROE) 2% 20% 3% 1%
Return on capital employed (ROCE) 1% 13% 10% -5%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.00
Current Ratio 6.84 5.75 6.62 5.86
Quick ratio 4.19 4.08 4.98 4.57
Turnover ratios
Asset turnover 0.12 0.46 0.41 0.41
Fixed asset turnover 0.13 0.81 0.82 0.86
Equity turnover 0.12 0.54 0.50 0.51
Profitability ratios
EBITDA margin 11% 21% 18% 1%
Operating profit margin 4% 14% 11% -6%
Net profit margin 3% 12% 10% -5%
Other ratios
Dividends to the State 4,508.20
Dividends paid / net profit 0.87

Expectations of the state

Target average annual normalised net profit

40.5 EUR milion

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 obligationsVykdo nekomercinius specialiuosius įpareigojimus
  • Share belonging to the State100%
http://www.vivmu.lt
Return to the State

30.2 EUR milion

ROE

2.0%

Number of employees

2,814

Financial data provided as at end-December 2019

Forestry enterprises were merged on 8 January 2018.

Management

  • Valdas KaubrėDirector General

Information as of: 2020/10/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Ina BikuvienėVĮ Valstybinių miškų urėdija

MEMBERS OF THE BOARD OF DIRECTORS

  • Gediminas JasinevičiusEuropean Forest Institute; Independent member
  • Mantas ŠukevičiusIndependent member
  • Normantas Marius DvareckasUAB Adventum, Independent member
  • Alditas SauliusBanking expert; Independent member
  • Asta ČepienėVĮ Valstybinių miškų urėdija
  • Vilma SlavinskienėMinistry of Environment

Information as of: 2020/10/01