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State Owned Enterprises

“Žemės ūkio paskolų garantijų fondas” is a financial institution established in 1997, providing guarantees for loans for investment, acquisition of short-term assets and payment of services, purchase of agricultural products, etc.

Financial results

P/L Statment

2016 2017 2018 2019
Revenue 1,149 641 1,095 671
Cost of goods sold 904 449 618 228
Gross profit (loss) 245 192 477 443
Gross profit margin 21% 30% 44% 66%
Operating expenses 511 590 499 530
Operating profit (loss) -266 -397 -22 -87
Operating profit margin -23% -62% -2% -13%
EBITDA -177 -281 58 -19
EBITDA margin -15% -44% 5% -3%
Net profit (loss) 128 -63 183 72
Net profit margin 11% -10% 17% 11%
2017-06-30 2018-06-30 2019-06-30 2020-06-30
Revenue 312 554 318 319
Cost of goods sold 219 347 159 93
Gross profit (loss) 94 206 159 226
Gross profit margin 30% 37% 50% 71%
Operating expenses 293 250 249 226
Operating profit (loss) -199 -43 -90 -1
Operating profit margin -64% -8% -28% -0%
EBITDA -138 -17 -63 12
EBITDA margin -44% -3% -20% 4%
Net profit (loss) -18 65
Net profit margin -4% 12% -6% 20%

Balance sheet

2016 2017 2018 2019
Non-current assets 18,277 12,497 19,188 16,724
Intangible assets 52 27 41 24
Tangible assets 46 31 25 20
Financial assets 18,179 12,438 19,121 16,680
Other non-current assets
Biological assets
Current assets 3,032 8,283 1,607 3,571
Inventories and prepaid expenses 2 1 3 2
Accounts receivable in one year 40 40 58 52
Other current assets 2,728 8,069 1,115 3,309
Cash and cash equivalents 263 173 431 208
Total assets 21,333 20,789 20,806 20,298
Equity 3,515 2,848 2,941 2,873
Minority share of capital
Grants and subsidies 2 0 11 8
Liabilities 17,813 17,939 17,850 17,414
Financial liabilities
Long-term liabilities
Short-term liabilities 82 32 27 23
Equity and liabilities 21,333 20,789 20,806 20,298
2017-06-30 2018-06-30 2019-06-30 2020-06-30
Non-current assets 11,854 19,113 15,844 14,067
Intangible assets 39 28 33 17
Tangible assets 39 33 30 17
Financial assets 11,776 19,052 15,782 14,033
Other non-current assets
Biological assets
Current assets 9,017 1,526 4,473 6,171
Inventories and prepaid expenses 22 18 6 2
Accounts receivable in one year 50 91 36 160
Other current assets 8,686 1,181 4,271 4,511
Cash and cash equivalents 258 236 160 1,498
Total assets 20,871 20,639 20,337 20,247
Equity 2,921 2,822 2,784 2,849
Minority share of capital
Grants and subsidies 1 9 6
Liabilities 17,948 17,817 17,544 17,392
Financial liabilities
Long-term liabilities 17,898 17,773
Short-term liabilities 51 44 31 48
Equity and liabilities 20,871 20,639 20,337 20,247

Financial ratios

2016 2017 2018 2019
Capital return ratios
Return on assets (ROA) 1% -0% 1% 0%
Return on equity (ROE) 4% -2% 6% 2%
Return on capital employed (ROCE) -2% -3% 0% -1%
Capital structure and liquidity ratios
Debt / asset ratio (D/A)
Current Ratio 36.89 255.65 58.66 153.93
Quick ratio 36.87 255.60 58.54 153.83
Turnover ratios
Asset turnover 0.05 0.03 0.05 0.03
Fixed asset turnover 0.07 0.04 0.07 0.04
Equity turnover 0.32 0.20 0.38 0.23
Profitability ratios
EBITDA margin -15% -44% 5% -3%
Operating profit margin -23% -62% -2% -13%
Net profit margin 11% -10% 17% 11%
Other ratios
Dividends to the State 580.00 90.40 139.20 89.10
Dividends paid / net profit 4.52 -1.43 0.76 1.24
2017-06-30 2018-06-30 2019-06-30 2020-06-30
Capital return ratios
Return on assets (ROA) -0% 0% 0% 1%
Return on equity (ROE) -2% 1% 4% 5%
Return on capital employed (ROCE) -3% -0% -1% 0%
Capital structure and liquidity ratios
Debt / asset ratio (D/A)
Current Ratio 255.65 34.75 146.18 129.91
Quick ratio 255.60 34.34 145.99 129.87
Turnover ratios
Asset turnover 0.03 0.03 0.02 0.02
Fixed asset turnover 0.04 0.04 0.02 0.02
Equity turnover 0.20 0.19 0.11 0.11
Profitability ratios
EBITDA margin -44% -3% -20% 4%
Operating profit margin -62% -8% -28% -0%
Net profit margin -10% 12% -6% 20%
Other ratios
Dividends to the State 90.40
Dividends paid / net profit -1.43

Expectations of the state

Target return on equity

6.5%

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 Agriculture
  • Special obligationsVykdo nekomercinius specialiuosius įpareigojimus
  • Share belonging to the State100%
http://www.garfondas.lt/
Return to the State

89 EUR thousand

ROE

2.5%

Number of employees

14

Financial data provided as at end-December 2019

Management

  • L. e. p. Romalda GlobienėDirector General

Information as of: 2020/10/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Vygantas KatkevičiusMinistry of Agriculture

MEMBERS OF THE BOARD OF DIRECTORS

  • Snieguolė ValiulienėMinistry of Agriculture
  • Saulius JasiusMinistry of Agriculture
  • Dalia KavoliūnienėMinistry of Agriculture
  • Alfredas GustasMinistry of Agriculture

Information as of: 2020/10/01

Supervisory board

CHAIRMAN OF THE SUPERVISORY BOARD

  • Virginija ŽoštautienėMinistry of Agriculture

SUPERVISORY BOARD MEMBERS

  • Dalius DarulisVilniaus vystymo kompanija; Independent member
  • Sigita Seemann-IgnatjevaIndependent member
  • Lina LiubauskaitėOffice of the Government

Information as of: 2020/10/01