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Valdymo koordinavimo centras

State Owned Enterprises

State-owned company “Pieno tyrimai” has been registered in 1993. The main purpose and nature of the company is to ensure an unbiased, accurate and rapid examination of raw milk samples. Milk purchasers, processors, dairy producers, the Ministry of Agriculture of the Republic of Lithuania, the State Enterprise “Livestock Productivity Control”, the National Paying Agency, the State Food and Veterinary Service, the Public Institution “Ekoagros” and other institutions as well as science and training institutions use the milk sample research services of the company.

Financial results

P/L Statment

2015 2016 2017 2018
Revenue 3,990 3,934 4,160 4,015
Cost of goods sold 3,068 3,035 3,151 3,176
Gross profit (loss) 923 900 1,009 839
Gross profit margin 23% 23% 24% 21%
Operating expenses 818 829 867 780
Operating profit (loss) 105 71 142 59
Operating profit margin 3% 2% 3% 1%
EBITDA 629 640 651 623
EBITDA margin 16% 16% 16% 16%
Net profit (loss) 89 48 116 42
Net profit margin 2% 1% 3% 1%
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Revenue 1,946 2,037 2,124 2,027
Cost of goods sold 1,502 1,524 1,627 1,609
Gross profit 444 513 497 418
Gross profit margin 23% 25% 23% 21%
Operating expenses 431 406 462 390
Operating profit 13 107 35 28
Operating profit margin 1% 5% 2% 1%
EBITDA 299 346 305 312
EBITDA margin 15% 17% 14% 15%
Net profit 3 87 29 23
Net profit margin 0% 4% 1% 1%

Balance sheet

2015 2016 2017 2018
Non-current assets 4,456 4,539 4,901 3,481
Intangible assets 5 3 13 50
Tangible assets 4,428 4,511 4,861 3,181
Financial assets
Other non-current assets 23 24 27 251
Biological assets
Current assets 921 807 905 818
Inventories and prepaid expenses 244 191 206 241
Accounts receivable in one year 289 304 346 320
Other current assets 72
Cash and cash equivalents 389 311 353 185
Total assets 5,390 5,359 5,821 4,332
Equity 4,570 4,573 4,665 3,293
Minority share of capital
Grants and subsidies
Liabilities 818 785 1,153 1,034
Financial liabilities 554 568 753 821
Long-term liabilities 372 381 501 504
Short-term liabilities 420 377 624 529
Equity and liabilities 5,390 5,359 5,821 4,332
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Non-current assets 4,539 4,605 4,901 4,754
Intangible assets 3 4 13 47
Tangible assets 4,511 4,578 4,861 4,679
Financial assets 0 0 0 0
Other non-current assets 24 24 27 28
Biological assets 0 0 0 0
Current assets 821 1,144 920 1,002
Inventories and prepaid expenses 191 253 222 238
Accounts receivable in one year 318 533 346 463
Other non-current assets 0 0 0 0
Cash and cash equivalents 311 359 353 301
Total assets 5,359 5,749 5,821 5,756
Equity 4,573 4,636 4,665 4,550
Minority share of capital 0 0 0 0
Grants and subsidies 0 0 0 0
Liabilities 786 1,113 1,156 1,205
Financial liabilities 568 690 753 608
Long-term liabilities 408 555 501 523
Short-term liabilities 378 558 655 682
Equity and liabilities 5,359 5,749 5,821 5,756

Financial ratios

2015 2016 2017 2018
Capital return ratios
Return on assets (ROA) -3% 2% 3% 2%
Return on equity (ROE) -18% 2% 4% 3%
Return on capital employed (ROCE) -3% 3% 6% 3%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.12 0.16 0.25
Current Ratio 2.36 2.14 1.45 1.55
Quick ratio 1.68 1.63 1.12 1.09
Turnover ratios
Asset turnover 0.12 0.73 0.74 0.79
Fixed asset turnover 0.14 0.87 0.88 0.96
Equity turnover 0.82 0.86 0.90 1.01
Profitability ratios
EBITDA margin -18% 16% 16% 16%
Operating profit margin -23% 2% 3% 1%
Net profit margin -23% 1% 3% 1%
Other ratios
Dividends to the State 0.00 23.80 138.20 192.70
Dividends paid / net profit 0.00 0.50 1.19 4.58
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Capital return ratios
Return on assets (ROA) 2% 3% 3% 2%
Return on equity (ROE) 2% 3% 4% 3%
Return on capital employed (ROCE) 3% 4% 4% 3%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.11 0.12 0.13 0.11
Current Ratio 2.17 2.05 1.40 1.47
Quick ratio 1.66 1.60 1.07 1.12
Turnover ratios
Asset turnover 0.73 0.70 0.74 0.72
Fixed asset turnover 0.87 0.87 0.88 0.89
Equity turnover 0.86 0.87 0.90 0.90
Profitability ratios
EBITDA margin 15% 17% 14% 15%
Operating profit margin 1% 5% 2% 1%
Net profit margin 0% 4% 1% 1%
Other ratios
Dividends to the State 23.80 138.20
Dividends paid / net profit 0.50 1.19

Expectations of the state

Target return on equity

4,7%

About the company

  • Official nameUAB „Pieno tyrimai“
  • Legal formPrivate limited liability company (UAB)
  • Company code233816290
  • SectorOther
  • Line of businessRaw milk analysis
  • Institution representing the StateMinistry of Agriculture
  • Share belonging to the State100%
http://tau.pieno-tyrimai.lt/
Return to the State

276 EUR thousand

ROE

2.8%

Number of employees

129

Financial data provided as at end-December 2018

Management

  • Laima UrbšienėDirector General

Information as of: 2019/11/01