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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

         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 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%
2019-06 2020-06 2021-06 2022-06
Revenue 971 1,443 1,886 2,435
Cost of goods sold 340 505 550 809
Gross profit (loss) 631 938 1,336 1,626
Gross profit margin % % % %
Operating expenses 560 591 690 947
Operating profit (loss) 71 347 647 679
Operating profit margin % % % %
EBITDA 111 436 748 970
EBITDA margin 11% 30% 40% 40%
Net profit (loss) 89 311 561 616
Net profit margin 9% 22% 30% 25%

* Left axis

** Right axis

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

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
2020-06 2021-06 2022-06
Non-current assets 4,168 10,790 16,503
Intangible assets 284 323 848
Tangible assets 205 67 86
Financial assets 3,665 10,288 15,347
Other non-current assets 14 112 223
Current assets 8,203 3,424 17,790
Inventories and prepaid expenses
Accounts receivable in one year 1,067 1,962 2,308
Other current assets 5,799
Cash and cash equivalents 1,337 1,462 15,483
Total assets 12,384 14,238 34,344
Equity 11,856 13,677 32,284
Grants and subsidies
Liabilities 492 539 1,960
Financial liabilities
Long-term liabilities 99 30 69
Short-term liabilities 388 504 1,879
Equity and liabilities 12,384 14,238 34,344

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

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

* Left axis

** Right axis

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

2019-06 2020-06 2021-06 2022-06
Capital return ratios
Return on assets (ROA) 2% % 4% 4%
Return on equity (ROE) 4% % 5% 4%
Return on capital employed (ROCE) 5% 6% 10% 5%
Capital structure and liquidity ratios
Debt / asset ratio (D/A)
Current Ratio 35.55 21.12 6.80 9.47
Quick ratio 35.55 21.12 6.80 9.47
Turnover ratios
Asset turnover 0.19 0.23 0.14 0.10
Fixed asset turnover 5.16 0.69 0.25 0.18
Equity turnover 0.32 0.24 0.15 0.11
Profitability ratios
EBITDA margin 20% 30% 40% 40%
Operating profit margin 11% % % %
Net profit margin 12% 22% 30% 25%
Other ratios
Dividends to the State 205.80
Dividends paid / net profit 0.80

Financial statments

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
2017 m. 6 mėn. tarpinės ataskaitos 2017 m. metinės ataskaitos
2016 m. metinės ataskaitos 2016 m. 6 mėn. tarpinės ataskaitos 2016 m. 3 mėn. tarpinės ataskaitos
2015 m. metinės ataskaitos 2015 m. 9 mėn. tarpinės ataskaitos 2015 m. 3 mėn. tarpinės ataskaitos
2014 m. metinės ataskaitos 2014 m. 9 mėn. tarpinės ataskaitos 2014 m. 6 mėn. tarpinės ataskaitos 2014 m. 3 mėn. tarpinės ataskaitos
2013 m. 6 mėn. tarpinės ataskaitos 2013 m. 12 mėn. tarpinės ataskaitos 2013 m. metinės ataskaitos 2013 m. 9 mėn. tarpinės ataskaitos

Expectations of the state

Target return on equity undefined

Letter of Expectations

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/
ROE

3.9%

Number of employees

73

Financial data provided as at end-December 2021

Management

  • Gvidas DargužasDirector General

Information as of: 2023/01/01

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 KyguolisVšĮ Garliavos pirminės sveikatos priežiūros centras; Independent Member
  • Donatas VoverisUAB Smart Continent LT; SĮ Vilniaus planas, Independent Member
  • Kazys PupinisUAB Eleport; SĮ Šiaulių oro uostas; Independant Member

Information as of: 2023/01/01

Supervisory board

CHAIRMAN OF THE SUPERVISORY BOARD

  • Aurimas MaždžieriusMB Cargobike LT; UAB DriveWwealth; Independent member

SUPERVISORY BOARD MEMBERS

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

Information as of: 2023/01/01