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Valdymo koordinavimo centras

State Owned Enterprises

In 1996, Aurabank was reorganised into a non-performing asset management company AB Turto bankas, which was transformed into a state-owned enterprise in February 2011. On 1 October 2014, the state enterprise Turto bankas was reorganised by attaching the state’s company Valstybės turto fondas. The main areas of activity of the bank are: centralised state property management, privatization of shares owned by the state and municipalities, recovery of debts and loans to the state , state guarantees and other liabilities execution.

Financial results

P/L Statment

2015 2016 2017 2018
Revenue 2,533 3,127 3,491 5,449
Cost of goods sold 1,927 2,469 2,822 4,443
Gross profit (loss) 606 659 669 1,007
Gross profit margin 24% 21% 19% 18%
Operating expenses 1,764 915 731 899
Operating profit (loss) -1,158 -256 -62 108
Operating profit margin -46% -8% -2% 2%
EBITDA -1,037 242 444 1,489
EBITDA margin -41% 8% 13% 27%
Net profit (loss) -1,055 -188 31 151
Net profit margin -42% -6% 1% 3%
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Revenue -1,268 1,606 1,885 2,271
Cost of goods sold 1,182 1,396 1,427 1,930
Gross profit -2,450 210 458 341
Gross profit margin 193% 13% 24% 15%
Operating expenses 465 382 350 428
Operating profit -2,915 -171 109 -87
Operating profit margin 230% -11% 6% -4%
EBITDA -2,986 121 322 471
EBITDA margin 236% 8% 17% 21%
Net profit -2,888 -128 159 -45
Net profit margin 228% -8% 8% -2%

Balance sheet

2015 2016 2017 2018
Non-current assets 88,598 66,032 69,803 174,445
Intangible assets 371 237 113 53
Tangible assets 38,563 35,854 61,146 167,931
Financial assets 49,638 29,912 8,516 6,428
Other non-current assets 26 28 27 34
Biological assets
Current assets 71,403 92,633 124,331 107,954
Inventories and prepaid expenses 54,101 62,372 71,664 69,240
Accounts receivable in one year 2,398 1,789 24,318 3,053
Other current assets 1,526
Cash and cash equivalents 13,377 28,472 28,349 35,662
Total assets 160,862 159,450 194,771 283,675
Equity 42,808 40,654 66,316 173,769
Minority share of capital
Grants and subsidies 452 43 41 193
Liabilities 117,598 118,747 128,404 109,701
Financial liabilities 42,778 30,037 20,101 151
Long-term liabilities 106,783 43,021 38,297 28,646
Short-term liabilities 10,768 75,682 90,088 81,033
Equity and liabilities 160,862 159,450 194,771 283,675
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Non-current assets 66,028 68,257 69,803 118,776
Intangible assets 237 178 113 55
Tangible assets 35,854 38,189 61,146 112,711
Financial assets 29,912 29,861 8,516 5,977
Other non-current assets 24 29 27 32
Biological assets 0 0 0 0
Current assets 93,250 99,415 124,969 115,020
Inventories and prepaid expenses 62,350 65,850 71,664 80,775
Accounts receivable in one year 1,768 1,662 24,318 2,997
Other non-current assets 660 639 638 517
Cash and cash equivalents 28,472 31,263 28,349 30,732
Total assets 159,278 167,671 194,771 233,796
Equity 40,666 43,063 66,316 117,851
Minority share of capital 0 0 0 0
Grants and subsidies 43 43 41 75
Liabilities 118,569 124,565 128,415 115,870
Financial liabilities 27,435 66,457 10,677 0
Long-term liabilities 99,294 47,587 38,297 35,306
Short-term liabilities 19,275 76,979 90,118 80,564
Equity and liabilities 159,278 167,671 194,771 233,796

Financial ratios

2015 2016 2017 2018
Capital return ratios
Return on assets (ROA) 37% -0% 0% 0%
Return on equity (ROE) 41% -0% 0% 0%
Return on capital employed (ROCE) 49% -1% -0% 0%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.74 0.30 0.00
Current Ratio 5.51 1.22 1.38 1.33
Quick ratio 5.47 0.40 0.58 0.48
Turnover ratios
Asset turnover 1.22 0.02 0.02 0.02
Fixed asset turnover 3.38 0.04 0.05 0.04
Equity turnover 1.36 0.07 0.07 0.05
Profitability ratios
EBITDA margin 38% 8% 13% 27%
Operating profit margin 36% -8% -2% 2%
Net profit margin 30% -6% 1% 3%
Other ratios
Dividends to the State 81.27 440.80 128.60
Dividends paid / net profit 0.42 14.41 0.85
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Capital return ratios
Return on assets (ROA) -0% -2% 0% 0%
Return on equity (ROE) -0% -7% 0% 0%
Return on capital employed (ROCE) -0% -3% 0% 0%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.17 0.40 0.05 0.00
Current Ratio 4.84 1.29 1.39 1.43
Quick ratio 1.60 0.44 0.59 0.43
Turnover ratios
Asset turnover 0.02 0.00 0.02 0.02
Fixed asset turnover 0.04 0.01 0.05 0.04
Equity turnover 0.07 0.01 0.07 0.05
Profitability ratios
EBITDA margin 236% 8% 17% 21%
Operating profit margin 230% -11% 6% -4%
Net profit margin 228% -8% 8% -2%
Other ratios
Dividends to the State 0.00 440.80
Dividends paid / net profit 0.00 14.41

Expectations of the state

Target return on equity undefined

About the company

  • Official nameVĮ Turto bankas
  • Legal formState enterprise (VĮ)
  • Company code112021042
  • SectorOther
  • Line of businessManagement of State-owned real estate and recovery of debts to the State
  • Institution representing the StateMinistry of Finance
  • Special obligationsVykdo nekomercinius specialiuosius įpareigojimus
  • Share belonging to the State100%
http://www.turtas.lt
Return to the State

206 EUR thousand

ROE

0.2%

Number of employees

169

Financial data provided as at end-December 2018

Management

  • Mindaugas SinkevičiusDirector General

Information as of: 2019/11/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Darius IndriūnasUAB Auroch investments, Independent member

MEMBERS OF THE BOARD OF DIRECTORS

  • Viktorija TrimbelUAB Quantum capital, Independent member
  • Vidmantas Šiugždinis UAB Impuls LTU, Independent member
  • Lina FrejutėMinistry of Finance
  • Algirdas StumbrysVĮ Turto bankas

Information as of: 2019/11/01