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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.

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

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

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%
http://www.vivmu.lt
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