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Valdymo koordinavimo centras Governance Coordination Centre

State Owned 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

          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 1,095 671 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%
2018-06 2019-06 2020-06 2021-06
Revenue 554 318 319 734
Cost of goods sold 347 159 93 367
Gross profit (loss) 206 159 226 367
Gross profit margin % % 50% 50%
Operating expenses 250 249 226 289
Operating profit (loss) -43 -90 -1 78
Operating profit margin % % -28% 11%
EBITDA -63 216
EBITDA margin % % -20% 29%
Net profit (loss) 64 -18 65 189
Net profit margin % % -6% 26%

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
2019-06 2020-06 2021-06
Non-current assets 15,844 14,067 18,053
Intangible assets 33 17 29
Tangible assets 30 17 18
Financial assets 15,782 14,033 18,006
Other non-current assets
Current assets 4,473 6,171 3,356
Inventories and prepaid expenses 6 2 0
Accounts receivable in one year 36 160 377
Other current assets 4,271 4,511 2,649
Cash and cash equivalents 160 1,498 330
Total assets 20,337 20,247 21,438
Equity 2,784 2,849 3,038
Grants and subsidies 9 6 44
Liabilities 17,544 17,392 18,356
Financial liabilities
Long-term liabilities
Short-term liabilities
Equity and liabilities 20,337 20,247 21,438

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
2019-06 2020-06 2021-06
Capital return ratios
Return on assets (ROA) % % 2%
Return on equity (ROE) % % 13%
Return on capital employed (ROCE) -0% -1% 2%
Capital structure and liquidity ratios
Debt / asset ratio (D/A)
Current Ratio
Quick ratio
Turnover ratios
Asset turnover 0.03 0.02 0.04
Fixed asset turnover 0.04 0.02 0.05
Equity turnover 0.23 0.11 0.25
Profitability ratios
EBITDA margin % -20% 29%
Operating profit margin % -28% 11%
Net profit margin % -6% 26%
Other ratios
Dividends to the State
Dividends paid / net profit

Expectations of the state

Target return on equity undefined

About the company

  • Official nameUAB Žemės ūkio paskolų garantijų fondas
  • Legal formPrivate limited liability company (UAB)
  • Company code124261860
  • SectorOther
  • Line of businessAgricultural loan guarantees
  • Institution representing the StateMinistry of Finance
  • Special obligationsPerformes non-commercial special obligations
  • Share 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 Director General

Information as of: 2022/09/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Vygantas KatkevičiusMinistry of Agriculture

MEMBERS OF THE BOARD OF DIRECTORS

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

Information as of: 2022/09/01

Supervisory board

CHAIRMAN OF THE SUPERVISORY BOARD

  • Virginija ŽoštautienėMinistry of Agriculture

SUPERVISORY BOARD MEMBERS

  • Dalius DarulisVilniaus vystymo kompanija; Independent member
  • Sigita Seemann-IgnatjevaUAB Best Finance; UAB Jogos namai Tejomaja; Independent member
  • Lina LiubauskaitėOffice of the Government

Information as of: 2022/09/01