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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 2023-2025

  • Adjusted net profitability, %:
    • 2023 – 31
    • 2024 – 23
    • 2025 – 21
  • Adjusted ROE, %:
    • 2023 – 37
    • 2024 – 28
    • 2025 – 24
  • Reduction of final energy consumption, GWh:
    • 2023-2025 – every year 1,7
  • Customer satisfaction:
    • in 2023 – set the value of the indicator
  • Voluntary employee turnover, %:
    • 2023-2025 m. – every year < 12
  • Employee engagement index, %:
    • 2023 – 67,6
    • 2024 – 69,6
    • 2025 – 70,6

         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%
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

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
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

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
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
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: 2023/09/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Paulius MartinkusIndependent Member; BĮ Valstybinė maisto ir veterinarijos tarnyba; AB Vilniaus šilumos tinklai

MEMBERS OF THE BOARD OF DIRECTORS

  • Normantas Marius DvareckasIndependent member; AB Vilniaus šilumos tinklai; UAB "Ad ventum"; UAB "Valstybės investicijų valdymo agentūra"
  • Ina BikuvienėLithuanian State Forest Enterprise
  • Marius AleinikovasIndependent Member; Lithuanian research centre for agriculture and forestry
  • Aurimas Saladžius Ministry of Environment

Information as of: 2023/09/01