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Valdymo koordinavimo centras Governance Coordination Centre

Indirectly Owned State Enterprises

UAB Žemės ūkio paskolų garantijų fondas is a financial institution established in 1997, which:
1. provides individual guarantees from a state guarantee institution;
2. provides soft loans and/or administers the provision of soft loans;
3. administering the reimbursement of part of the interest and part of the guarantee premium;
4. implementing financial instruments;
5. carrying out the activities of a national development body in the fields of agriculture, production and processing of agricultural products, forestry, rural development, aquaculture and fisheries, with the exception of the provision of portfolio guarantees in these fields.

KEY FINANCIAL PERFORMANCE INDICATORS FOR THE PERIOD 2022-2024

  • Average annual return on equity ROE:
    • 2022–2024 ≥ 6,4 percent.
  • Average dividends for the calendar year:
    • 2022–2024 m. 65–75 % distributable profit

TARGETED SPECIFIC INDICATORS FOR THE PERIOD 2022-2024

  • Amount of individual guarantors granted, mln. EUR:
    • 2022 – 40
    • 2023 – 32
    • 2024 – 35
  • Net profitability,%:
    • 2022 – 15,6
    • 2023-2024 – 16
  • Ratio of fulfilled guarantee obligations to financial institutions and financial leasing companies and guarantees provided, per cent:
    • 2022-2024 – 5
  • Ratio of available provisions for guarantee liabilities and assumed risk under guarantees,%:
    • 2022-2023 – 102
    • 2024 – 103
  • Guarantee decisions, average days:
    • 2022-2023 – 5
    • 2024 – 4
  • Development of new financial instruments according to market needs, units:
    • 2022-2023 – 1
    • 2024 – 2
  • Employee stability factor,%:
    • 2022-2024 – 90

          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 1,095 671 1,163 1,663
Cost of goods sold 618 228 532 831
Gross profit (loss) 477 443 631 832
Gross profit margin 44% 66% 54% 50%
Operating expenses 499 530 412 575
Operating profit (loss) -22 -87 219 257
Operating profit margin -2% -13% 19% 15%
EBITDA 58 -19 257 445
EBITDA margin 5% -3% 22% 27%
Net profit (loss) 183 72 245 371
Net profit margin 17% 11% 21% 22%
2019-06 2020-06 2021-06 2022-06
Revenue 318 319 734 1,257
Cost of goods sold 159 93 367 629
Gross profit (loss) 159 226 367 629
Gross profit margin % % % %
Operating expenses 249 226 289 362
Operating profit (loss) -90 -1 78 266
Operating profit margin % % % %
EBITDA -63 12 216 297
EBITDA margin -20% 4% 29% 24%
Net profit (loss) -18 65 189 244
Net profit margin -6% 20% 26% 19%

* 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 19,188 16,724 17,251 20,982
Intangible assets 41 24 32 42
Tangible assets 25 20 22 17
Financial assets 19,121 16,680 17,197 20,923
Other non-current assets
Current assets 1,607 3,571 3,694 602
Inventories and prepaid expenses 3 2 2 4
Accounts receivable in one year 58 52 70 182
Other current assets 1,115 3,309 2,640
Cash and cash equivalents 431 208 982 416
Total assets 20,806 20,298 20,955 21,612
Equity 2,941 2,873 3,029 3,221
Grants and subsidies 11 8 16 41
Liabilities 17,850 17,414 17,903 18,349
Financial liabilities
Long-term liabilities
Short-term liabilities 27 23 140 166
Equity and liabilities 20,806 20,298 20,954 21,612
2020-06 2021-06 2022-06
Non-current assets 14,067 18,053 20,775
Intangible assets 17 29 38
Tangible assets 17 18 13
Financial assets 14,033 18,006 20,724
Other non-current assets
Current assets 6,171 3,356 1,175
Inventories and prepaid expenses 2 0 0
Accounts receivable in one year 160 377 434
Other current assets 4,511 2,649 200
Cash and cash equivalents 1,498 330 541
Total assets 20,247 21,438 21,967
Equity 2,849 3,038 3,190
Grants and subsidies 6 44 70
Liabilities 17,392 18,356 18,705
Financial liabilities
Long-term liabilities
Short-term liabilities 48 395 169
Equity and liabilities 20,247 21,438 21,967

* 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% 0% 1% 2%
Return on equity (ROE) 6% 2% 8% 12%
Return on capital employed (ROCE) 0% -1% 2% 4%
Capital structure and liquidity ratios
Debt / asset ratio (D/A)
Current Ratio 58.66 153.93 26.48 3.64
Quick ratio 58.54 153.83 26.47 3.61
Turnover ratios
Asset turnover 0.05 0.03 0.06 0.08
Fixed asset turnover 0.07 0.04 0.07 0.09
Equity turnover 0.38 0.23 0.39 0.53
Profitability ratios
EBITDA margin 5% -3% 22% 27%
Operating profit margin -2% -13% 19% 15%
Net profit margin 17% 11% 21% 22%
Other ratios
Dividends to the State 139.20 89.10 179.40 274.60
Dividends paid / net profit 0.76 1.24 0.73 0.74

* 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) 0% % 2% 2%
Return on equity (ROE) 2% % 12% 14%
Return on capital employed (ROCE) -1% 0% 2% 3%
Capital structure and liquidity ratios
Debt / asset ratio (D/A)
Current Ratio 153.93 129.91 8.50 6.98
Quick ratio 153.83 129.87 8.50 6.97
Turnover ratios
Asset turnover 0.03 0.03 0.04 0.06
Fixed asset turnover 0.04 0.05 0.05 0.06
Equity turnover 0.23 0.22 0.25 0.40
Profitability ratios
EBITDA margin -3% 4% 29% 24%
Operating profit margin -13% % % %
Net profit margin 11% 20% 26% 19%
Other ratios
Dividends to the State 89.10
Dividends paid / net profit 1.24

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. 12 mėn. tarpinės ataskaitos 2015 m. 9 mėn. tarpinės ataskaitos 2015 m. 6 mėn. tarpinės ataskaitos 2015 m. 3 mėn. tarpinės ataskaitos
2014 m. metinės ataskaitos 2014 m. 12 mėn. tarpinės ataskaitos 2014 m. 9 mėn. tarpinės ataskaitos 2014 m. 6 mėn. tarpinės ataskaitos 2014 m. 3 mėn. tarpinės ataskaitos
2012 m. metinės ataskaitos 2012 m. 3 mėn. tarpinės ataskaitos 2012 m. 9 mėn. tarpinės ataskaitos 2012 m. 6 mėn. tarpinės ataskaitos 2012 m. 6 mėn. tarpinės ataskaitos
2013 m. 3 mėn. tarpinės ataskaitos 2013 m. 6 mėn. tarpinės ataskaitos 2013 m. 12 mėn. tarpinės ataskaitos 2013 m. 9 mėn. tarpinės ataskaitos 2013 m. metinės ataskaitos
2011 m. metinės ataskaitos
2010 m. metinės ataskaitos

Expectations of the state

Target return on equity undefined

Letter of Expectations

About the company

  • Official nameUAB Žemės ūkio paskolų garantijų fondas
  • Legal formPrivate limited liability company (UAB)
  • Company code124261860
  • SectorOther
  • Line of businessAgricultural loan guarantees
  • Accountability„Investicijų ir verslo garantijos“
  • Special obligationsPerformes non-commercial special obligations
  • Share indirectly belonging to the State100%
http://www.garfondas.lt/
Return to the State

275 EUR thousand

ROE

11.9%

Number of employees

22

Financial data provided as at end-December 2021

Management

  • L. e. p. Romalda GlobienėActing Chief Executive Officer

Information as of: 2023/05/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Vygantas KatkevičiusMinistry of Agriculture

MEMBERS OF THE BOARD OF DIRECTORS

  • Saulius JasiusMinistry of Agriculture
  • Artiom VolkovMinistry of Agriculture
  • Akvilė ChlebnikovaMinistry of Agriculture

Information as of: 2023/05/01