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Valdymo koordinavimo centras Governance Coordination Centre

State Owned Enterprises

UAB Viešųjų investicijų plėtros agentūra (VIPA), a private joint stock company established by the Ministry of Finance of the Republic of Lithuania since 2013. VIPA is a financial institution with the status of a National Development Institution (NDI), promotes long-term and sustainable investments in the areas of strategic importance to Lithuania, where there is a lack of financing. VIPA provides, implements and manages financial instruments for public sector investment, modernisation of public infrastructure and public services.

KEY FINANCIAL PERFORMANCE INDICATORS FOR THE PERIOD 2022-2024

  • Average annual EBITDA:
    • 2022–2024 ≥ 1,1 ml. Eur
  • Capital adequacy:
    • 2022–2024 ≥ 20 percent.

TARGETED SPECIFIC INDICATORS FOR THE PERIOD 2022-2024

  • Percentage of completed projects that have achieved the objectives of the program / financial instruments / measures:
    • 2022-2024 ≥ 95
  • Satisfaction of customer applicants and partners with the quality of provided services,%:
    • 2022-2024 ≥ 85
  • Voluntary staff turnover after probation,%:
    • 2022-2024 ≤ 17
  • Funds mobilized for the development of incentive financial instruments in areas where there is a market failure, ml. EUR on an accrual basis:

    • 2022 – 810
    • 2023 – 850
    • 2024 – 900

         2020 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 1,629 2,241 3,158 4,088
Cost of goods sold 717 769 903 1,354
Gross profit (loss) 912 1,472 2,255 2,733
Gross profit margin 56% 66% 71% 67%
Operating expenses 902 1,220 1,434 1,788
Operating profit (loss) 10 252 821 945
Operating profit margin 1% 11% 26% 23%
EBITDA 150 449 1,029 1,201
EBITDA margin 9% 20% 33% 29%
Net profit (loss) 70 258 776 839
Net profit margin 4% 12% 25% 21%
2018-06 2019-06 2020-06 2021-06
Revenue 795 971 1,443 1,886
Cost of goods sold 293 340 505 550
Gross profit (loss) 502 631 938 1,336
Gross profit margin % % 65% 71%
Operating expenses 415 560 591 690
Operating profit (loss) 87 71 347 647
Operating profit margin % % 7% 34%
EBITDA 111 748
EBITDA margin % % 11% 40%
Net profit (loss) 118 89 311 561
Net profit margin % % 9% 30%

Balance sheet

2018 2019 2020 2021
Non-current assets 321 547 4,333 14,956
Intangible assets 268 287 301 827
Tangible assets 43 49 49 86
Financial assets 10 0 3,864 13,772
Other non-current assets 210 119 270
Current assets 11,523 11,409 9,265 18,912
Inventories and prepaid expenses 14
Accounts receivable in one year 564 885 1,563 2,431
Other current assets 1,000 10,000 1,499
Cash and cash equivalents 9,945 523 6,203 16,481
Total assets 11,854 11,971 13,620 33,942
Equity 2,567 11,545 12,116 32,393
Grants and subsidies
Liabilities 9,264 422 1,466 1,201
Financial liabilities 101 243
Long-term liabilities 97 0 127
Short-term liabilities 9,259 321 1,460 1,065
Equity and liabilities 11,854 11,971 13,620 33,942
2019-06 2020-06 2021-06
Non-current assets 322 4,168 10,790
Intangible assets 254 284 323
Tangible assets 57 205 67
Financial assets 3,665 10,288
Other non-current assets 10 14 112
Current assets 11,278 8,203 3,424
Inventories and prepaid expenses 5
Accounts receivable in one year 795 1,067 1,962
Other current assets 10,000 5,799
Cash and cash equivalents 478 1,337 1,462
Total assets 11,605 12,384 14,238
Equity 11,376 11,856 13,677
Grants and subsidies
Liabilities 229 492 539
Financial liabilities
Long-term liabilities 99 30
Short-term liabilities
Equity and liabilities 11,605 12,384 14,238

Financial ratios

2018 2019 2020 2021
Capital return ratios
Return on assets (ROA) 1% 2% 6% 4%
Return on equity (ROE) 2% 4% 7% 4%
Return on capital employed (ROCE) 6% 5% 14% 6%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.01 0.01
Current Ratio 1.24 35.55 6.35 17.75
Quick ratio 1.24 35.55 6.35 17.75
Turnover ratios
Asset turnover 0.22 0.19 0.25 0.17
Fixed asset turnover 5.05 5.16 1.29 0.42
Equity turnover 0.58 0.32 0.27 0.18
Profitability ratios
EBITDA margin 9% 20% 33% 29%
Operating profit margin 1% 11% 26% 23%
Net profit margin 4% 12% 25% 21%
Other ratios
Dividends to the State 266.50 205.80 562.60 719.98
Dividends paid / net profit 3.83 0.80 0.72 0.86
2019-06 2020-06 2021-06
Capital return ratios
Return on assets (ROA) % % 8%
Return on equity (ROE) % % 8%
Return on capital employed (ROCE) -0% 0% 9%
Capital structure and liquidity ratios
Debt / asset ratio (D/A)
Current Ratio
Quick ratio
Turnover ratios
Asset turnover 0.17 0.12 0.14
Fixed asset turnover 6.04 0.64 0.25
Equity turnover 0.17 0.12 0.15
Profitability ratios
EBITDA margin % 11% 40%
Operating profit margin % 7% 34%
Net profit margin % 9% 30%
Other ratios
Dividends to the State
Dividends paid / net profit

Expectations of the state

Target return on equity undefined

About the company

  • Official nameUAB Viešųjų investicijų plėtros agentūra
  • Legal formPrivate limited liability company (UAB)
  • Company code303039520
  • SectorOther
  • Line of businessOffers financial services for public sector intestments
  • Institution representing the StateMinistry of Finance
  • Special obligationsPerformes non-commercial special obligations
  • Share belonging to the State100%
http://www.vipa.lt/
Return to the State

720 EUR thousand

ROE

3.8%

Number of employees

71

Financial data provided as at end-December 2021

Management

  • Gvidas DargužasDirector General

Information as of: 2022/09/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Gvidas DargužasUAB Viešųjų investicijų plėtros agentūra

MEMBERS OF THE BOARD OF DIRECTORS

  • Raimonda LauraitytėUAB Viešųjų investicijų plėtros agentūra
  • Mindaugas KyguolisKauno rajono savivaldybė; Independent Member
  • Donatas VoverisUAB Smart Continent LT; SĮ Vilniaus planas, Independent Member
  • Kazys PupinisUAB Eleport; Independant Member

Information as of: 2022/09/01

Supervisory board

CHAIRMAN OF THE SUPERVISORY BOARD

  • Aurimas MaždžieriusMB Cargobike LT; Independent member

SUPERVISORY BOARD MEMBERS

  • Kristina NavickienėUAB EBV Finance; Independent member
  • Lina LiubauskaitėOffice of the Government
  • Irma PatapienėMinistry of Finance
  • Jolanta DiaukštienėLaw Firm Cobalt, Independant member

Information as of: 2022/09/01