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Valdymo koordinavimo centras

State Owned Enterprises

The foundation was set up in 1961, which was called “Žemėtvarkos projektavimo institutas”, in 2010 “Valstybės žemės fondas” was established after the reorganization of the former National Institute of Land Management. VĮ “Valstybės žemės fondas” is the largest Lithuanian company performing work on land use, spatial planning, geodesy, GIS, soil research and evaluation, and cadastral works of reclamation.

Financial results

P/L Statment

2014 2015 2016 2017
Revenue 6,387 7,000 4,411 3,030
Cost of goods sold 5,805 6,257 3,536 2,902
Gross profit 582 743 875 128
Gross profit margin 9% 11% 20% 4%
Operating expenses 457 634 664 445
Operating profit 125 109 211 -317
Operating profit margin 2% 2% 5% -10%
EBITDA 450 405 467 -71
EBITDA margin 7% 6% 11% -2%
Net profit 114 100 194 -437
Net profit margin 2% 1% 4% -14%
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Revenue 2,147 1,439 1,591 1,465
Cost of goods sold 1,809 1,555 1,347 1,273
Gross profit 338 -116 244 192
Gross profit margin 16% -8% 15% 13%
Operating expenses 316 280 165 134
Operating profit 22 -396 79 58
Operating profit margin 1% -28% 5% 4%
EBITDA 154 -237 166 141
EBITDA margin 7% -16% 10% 10%
Net profit -7 -384 -53 118
Net profit margin -0% -27% -3% 8%

Balance sheet

2014 2015 2016 2017
Non-current assets 2,251 2,061 5,200 3,076
Intangible assets 155 96 130 28
Tangible assets 2,096 1,965 1,871 1,837
Financial assets 0 0 3,199 1,211
Other non-current assets 0 0 0 0
Biological assets 0 0 0 0
Current assets 6,999 2,544 1,621 2,780
Inventories and prepaid expenses 5 8 19 8
Accounts receivable in one year 5,460 1,960 182 139
Other non-current assets 0 0 0 23
Cash and cash equivalents 1,534 576 1,420 2,610
Total assets 9,250 4,605 6,821 5,856
Equity 2,473 2,516 2,661 2,104
Minority share of capital 0 0 0 0
Grants and subsidies 6,150 725 3,703 3,464
Liabilities 627 1,364 457 288
Financial liabilities 0 500 0 0
Long-term liabilities 17 1 0 18
Short-term liabilities 610 1,363 457 270
Equity and liabilities 9,250 4,605 6,821 5,856
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Non-current assets 5,200 3,560 3,076 3,044
Intangible assets 130 71 28 43
Tangible assets 1,871 1,890 1,837 1,790
Financial assets 3,199 1,599 1,211 1,211
Other non-current assets 0 0 0 0
Biological assets 0 0 0 0
Current assets 1,621 3,269 2,780 3,011
Inventories and prepaid expenses 19 6 8 6
Accounts receivable in one year 182 888 139 709
Other non-current assets 0 23 23 24
Cash and cash equivalents 1,420 2,352 2,610 2,272
Total assets 6,821 6,829 5,856 6,055
Equity 2,661 2,179 2,104 2,226
Minority share of capital 0 0 0 0
Grants and subsidies 3,703 4,052 3,464 3,361
Liabilities 457 598 288 468
Financial liabilities 0 0 0 0
Long-term liabilities 0 0 18 18
Short-term liabilities 457 598 270 450
Equity and liabilities 6,821 6,829 5,856 6,055

Financial ratios

2014 2015 2016 2017
Capital return ratios
Return on assets (ROA) 1% 2% 4% -6%
Return on equity (ROE) 6% 5% 9% -17%
Return on capital employed (ROCE) 2% 3% 6% -4%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.11 0.00 0.00
Current Ratio 11.47 1.87 3.55 10.30
Quick ratio 11.46 1.86 3.51 10.27
Turnover ratios
Asset turnover 0.58 1.01 0.77 0.48
Fixed asset turnover 2.73 3.25 1.21 0.73
Equity turnover 2.61 2.81 1.70 1.27
Profitability ratios
EBITDA margin 7% 6% 11% -2%
Operating profit margin 2% 2% 5% -10%
Net profit margin 2% 1% 4% -14%
Other ratios
Dividends to the State 56.97 50.00 97.00 0.00
Dividends paid / net profit 0.50 0.50 0.50 0.00
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Capital return ratios
Return on assets (ROA) 4% -6% -6% 2%
Return on equity (ROE) 9% -15% -17% 4%
Return on capital employed (ROCE) 6% -6% -4% 3%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.00 0.00 0.00
Current Ratio 3.55 5.47 10.30 6.69
Quick ratio 3.51 5.46 10.27 6.68
Turnover ratios
Asset turnover 0.77 0.65 0.48 0.47
Fixed asset turnover 1.21 1.29 0.73 0.93
Equity turnover 1.70 1.48 1.27 1.39
Profitability ratios
EBITDA margin 7% -16% 10% 10%
Operating profit margin 1% -28% 5% 4%
Net profit margin -0% -27% -3% 8%
Other ratios
Dividends to the State 97.00 0.00
Dividends paid / net profit 0.50 0.00

Expectations of the state

Target return on equity

4,8%

About the company

  • Official nameVĮ Valstybės žemės fondas
  • Legal formState enterprise (VĮ)
  • Company code120093212
  • SectorOther
  • Line of businessProjects of land reform, land plot division and related services
  • Institution representing the StateMinistry of Agriculture
  • Share belonging to the State100%
http://www.vzf.lt/
Return to the State

40 EUR thousand

ROE

-16.9%

Number of employees

253

Financial data provided as at end-December 2017

Management

  • Tomas BalčiūnasDirector General

Information as of: 2019/05/01