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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

2015 2016 2017 2018
Revenue 7,000 4,412 3,030 2,787
Cost of goods sold 6,257 3,536 2,902 2,487
Gross profit (loss) 743 876 128 300
Gross profit margin 11% 20% 4% 11%
Operating expenses 634 664 445 332
Operating profit (loss) 109 212 -318 -32
Operating profit margin 2% 5% -10% -1%
EBITDA 405 467 -71 124
EBITDA margin 6% 11% -2% 4%
Net profit (loss) 100 194 -438 39
Net profit margin 1% 4% -14% 1%
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

2015 2016 2017 2018
Non-current assets 2,061 5,200 3,076 2,551
Intangible assets 96 130 28 12
Tangible assets 1,965 1,871 1,837 1,328
Financial assets 3,199 1,211 1,211
Other non-current assets
Biological assets
Current assets 2,544 1,614 2,780 2,044
Inventories and prepaid expenses 8 12 8 12
Accounts receivable in one year 1,960 182 139 92
Other current assets 23 24
Cash and cash equivalents 576 1,420 2,610 1,916
Total assets 4,605 6,821 5,856 4,595
Equity 2,516 2,661 2,104 2,082
Minority share of capital
Grants and subsidies 725 3,703 3,464 2,318
Liabilities 1,364 457 288 195
Financial liabilities
Long-term liabilities 1 0 19 1
Short-term liabilities 1,363 457 270 194
Equity and liabilities 4,605 6,821 5,856 4,595
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

2015 2016 2017 2018
Capital return ratios
Return on assets (ROA) 1% 4% -6% 1%
Return on equity (ROE) 2% 9% -17% 3%
Return on capital employed (ROCE) 9% 7% -11% -1%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.31
Current Ratio 1.39 3.53 10.30 10.54
Quick ratio 1.30 3.50 10.27 10.48
Turnover ratios
Asset turnover 0.41 0.77 0.48 0.53
Fixed asset turnover 0.50 1.22 0.73 0.99
Equity turnover 0.67 1.70 1.27 1.33
Profitability ratios
EBITDA margin 48% 11% -2% 4%
Operating profit margin 15% 5% -10% -1%
Net profit margin 4% 4% -14% 1%
Other ratios
Dividends to the State 232.03 97.00 29.40
Dividends paid / net profit 1.44 0.50 0.75
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

69 EUR thousand

ROE

3.5%

Number of employees

233

Financial data provided as at end-December 2018

Management

  • Tomas BalčiūnasDirector General

Information as of: 2019/11/01