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Valdymo koordinavimo centras

State Owned Enterprises

On June 2012 UAB “Vilniaus žirgynas”, UAB “Sartų žirgynas” and UAB “Nemuno žirgynas” were reorganized by merge into UAB “Lietuvos žirgynas”. The company carries out specialized horse breeding, its raising and sales function, cultivates and maintains the minimum number of horses for each breed, cultivates breeding horses for Lithuanian horse breeders, organizes events for breeding competition and assesses performance and sporting characteristics of horses, participates in various programs, provides various horse breeding and consulting services.

Financial results

P/L Statment

2015 2016 2017 2018
Revenue 807 612 650 695
Cost of goods sold 532 339 338 477
Gross profit (loss) 275 273 312 218
Gross profit margin 34% 45% 48% 31%
Operating expenses 285 270 268 207
Operating profit (loss) -10 3 44 11
Operating profit margin -1% 0% 7% 2%
EBITDA 109 141 141 106
EBITDA margin 13% 23% 22% 15%
Net profit (loss) 10 25 24 3
Net profit margin 1% 4% 4% 0%
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Revenue 907 610 41 743
Cost of goods sold 1,129 96 242 705
Gross profit -222 513 -201 39
Gross profit margin -25% 84% -495% 5%
Operating expenses -439 700 -433 120
Operating profit 217 -187 231 -81
Operating profit margin 24% -31% 570% -11%
EBITDA 117 12 129 -33
EBITDA margin 13% 2% 317% -4%
Net profit 57 -55 79 -85
Net profit margin 6% -9% 194% -11%

Balance sheet

2015 2016 2017 2018
Non-current assets 1,198 1,315 1,288 1,199
Intangible assets 2 1 1 0
Tangible assets 720 830 836 749
Financial assets 3 1
Other non-current assets
Biological assets 477 481 451 449
Current assets 955 772 784 901
Inventories and prepaid expenses 514 488 489 637
Accounts receivable in one year 389 255 276 126
Other current assets
Cash and cash equivalents 52 29 20 138
Total assets 2,188 2,124 2,093 2,109
Equity 1,528 1,554 1,564 1,546
Minority share of capital
Grants and subsidies 159 126 103 83
Liabilities 500 444 427 481
Financial liabilities 36 97 90 57
Long-term liabilities 161 123 95 51
Short-term liabilities 339 321 333 430
Equity and liabilities 2,188 2,124 2,094 2,109
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Non-current assets 1,584 1,520 1,288 1,457
Intangible assets 1 1 1 0
Tangible assets 830 803 836 791
Financial assets 0 16 0 0
Other non-current assets 10 0 1 1
Biological assets 744 700 451 665
Current assets 539 1,009 806 678
Inventories and prepaid expenses 255 211 510 242
Accounts receivable in one year 255 684 276 255
Other non-current assets 0 0 0 0
Cash and cash equivalents 29 114 20 181
Total assets 2,124 2,529 2,094 2,135
Equity 1,554 1,485 1,564 1,458
Minority share of capital 0 0 0 0
Grants and subsidies 126 552 103 93
Liabilities 444 492 427 584
Financial liabilities 97 162 90 211
Long-term liabilities 123 159 95 95
Short-term liabilities 321 333 333 490
Equity and liabilities 2,124 2,529 2,094 2,135

Financial ratios

2015 2016 2017 2018
Capital return ratios
Return on assets (ROA) 9% 1% 1% 0%
Return on equity (ROE) 12% 2% 2% 0%
Return on capital employed (ROCE) 14% 4% 4% 1%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.06 0.06 0.04
Current Ratio 3.26 2.41 2.36 2.09
Quick ratio 3.24 0.89 0.89 0.61
Turnover ratios
Asset turnover 0.58 0.28 0.31 0.33
Fixed asset turnover 3.02 0.49 0.50 0.56
Equity turnover 0.72 0.40 0.42 0.45
Profitability ratios
EBITDA margin 21% 23% 22% 15%
Operating profit margin 16% 0% 7% 2%
Net profit margin 16% 4% 4% 0%
Other ratios
Dividends to the State 202.08 12.37 18.64 4.66
Dividends paid / net profit 3.91 0.49 0.78 1.61
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Capital return ratios
Return on assets (ROA) 1% 0% 1% -0%
Return on equity (ROE) 2% 0% 2% -0%
Return on capital employed (ROCE) 2% 1% 2% 0%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.05 0.06 0.04 0.10
Current Ratio 1.68 3.03 2.42 1.39
Quick ratio 0.89 2.40 0.89 0.89
Turnover ratios
Asset turnover 0.70 0.60 0.31 0.34
Fixed asset turnover 0.98 1.04 0.45 0.53
Equity turnover 0.95 1.02 0.42 0.53
Profitability ratios
EBITDA margin 13% 2% 317% -4%
Operating profit margin 24% -31% 570% -11%
Net profit margin 6% -9% 194% -11%
Other ratios
Dividends to the State 11.08 16.70
Dividends paid / net profit 0.49 0.78

Expectations of the state

Target return on equity

5,2%

About the company

  • Official nameUAB „Lietuvos žirgynas“
  • Legal formPrivate limited liability company (UAB)
  • Company code302795881
  • SectorOther
  • Line of businessHorse stud farm
  • Institution representing the StateMinistry of Agriculture
  • Share belonging to the State89.61%
http://www.lietuvoszirgynas.lt/
Return to the State

5 EUR thousand

ROE

0.2%

Number of employees

78

Financial data provided as at end-December 2018

Management

  • Edgaras JeninasDirector General

Information as of: 2019/11/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Jolita ČičiurkienėMinistry of Agriculture

MEMBERS OF THE BOARD OF DIRECTORS

  • Raminta SakalauskienėLithuanian Trakehner Breeders Association; Independent member
  • Rūta SlidžiauskaitėMinistry of Agriculture
  • Tadas ŠvilpauskasMinistry of Agriculture
  • Aloyzas JaciunskasAlytus District municipality; Independent member

Information as of: 2019/11/01