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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

2014 2015 2016 2017
Revenue 4,574 2,533 3,127 3,491
Cost of goods sold 1,800 3,101 2,469 2,822
Gross profit 2,774 -568 659 669
Gross profit margin 61% -22% 21% 19%
Operating expenses 1,737 590 902 731
Operating profit 1,037 -1,158 -243 -63
Operating profit margin 23% -46% -8% -2%
EBITDA 1,465 -654 -24 444
EBITDA margin 32% -26% -1% 13%
Net profit 1,574 -1,055 -174 31
Net profit margin 34% -42% -6% 1%
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

2014 2015 2016 2017
Non-current assets 88,490 88,598 66,028 69,803
Intangible assets 153 371 237 113
Tangible assets 45,594 38,563 35,854 61,146
Financial assets 42,715 49,638 29,912 8,516
Other non-current assets 28 27 24 27
Biological assets 0 0 0 0
Current assets 83,415 72,263 93,250 124,969
Inventories and prepaid expenses 65,302 54,128 62,350 71,664
Accounts receivable in one year 1,926 2,324 1,768 24,318
Other non-current assets 3,234 2,435 660 638
Cash and cash equivalents 12,952 13,377 28,472 28,349
Total assets 171,905 160,862 159,278 194,771
Equity 51,234 42,808 40,666 66,316
Minority share of capital 0 0 0 0
Grants and subsidies 209 452 43 41
Liabilities 120,462 117,601 118,569 128,415
Financial liabilities 36,818 42,778 27,435 10,677
Long-term liabilities 95,589 106,783 99,294 38,297
Short-term liabilities 24,873 10,818 19,275 90,118
Equity and liabilities 171,905 160,862 159,278 194,771
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

2014 2015 2016 2017
Capital return ratios
Return on assets (ROA) 1% -1% -0% 0%
Return on equity (ROE) 6% -2% -0% 0%
Return on capital employed (ROCE) 1% -1% -0% 0%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.21 0.27 0.17 0.05
Current Ratio 3.35 6.68 4.84 1.39
Quick ratio 0.73 1.68 1.60 0.59
Turnover ratios
Asset turnover 0.03 0.02 0.02 0.02
Fixed asset turnover 0.07 0.03 0.04 0.05
Equity turnover 0.17 0.05 0.07 0.07
Profitability ratios
EBITDA margin 32% -26% -1% 13%
Operating profit margin 23% -46% -8% -2%
Net profit margin 34% -42% -6% 1%
Other ratios
Dividends to the State 787.08 0.00 0.00 440.80
Dividends paid / net profit 0.50 0.00 0.00 14.41
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

515 EUR thousand

ROE

0.2%

Number of employees

144

Financial data provided as at end-December 2017

Management

  • Mindaugas SinkevičiusDirector General

Information as of: 2019/09/01

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: 2019/09/01