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State Owned Enterprises

“Žemės ūkio paskolų garantijų fondas” is a financial institution established in 1997, providing guarantees for loans for investment, acquisition of short-term assets and payment of services, purchase of agricultural products, etc.

Financial results

P/L Statment

2014 2015 2016 2017
Revenue 362 721 1,149 641
Cost of goods sold 326 552 904 449
Gross profit 36 169 245 192
Gross profit margin 10% 23% 21% 30%
Operating expenses 559 530 511 590
Operating profit -523 -362 -266 -397
Operating profit margin -145% -50% -23% -62%
EBITDA -392 -261 -177 -281
EBITDA margin -108% -36% -15% -44%
Net profit 78 128 128 -63
Net profit margin 21% 18% 11% -10%
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Revenue 379 312 329 554
Cost of goods sold 265 219 231 347
Gross profit 114 94 99 206
Gross profit margin 30% 30% 30% 37%
Operating expenses 276 293 297 250
Operating profit -162 -199 -198 -43
Operating profit margin -43% -64% -60% -8%
EBITDA -115 -138 -143 -17
EBITDA margin -30% -44% -43% -3%
Net profit 107 -14 -49 64
Net profit margin 28% -4% -15% 12%

Balance sheet

2014 2015 2016 2017
Non-current assets 26,173 20,761 18,277 12,497
Intangible assets 48 43 52 27
Tangible assets 87 64 46 31
Financial assets 26,038 20,654 18,179 12,438
Other non-current assets 0 0 0 0
Biological assets 0 0 0 0
Current assets 1,568 6,738 3,056 8,293
Inventories and prepaid expenses 20 24 26 11
Accounts receivable in one year 82 102 40 40
Other non-current assets 991 6,365 2,728 8,069
Cash and cash equivalents 475 248 263 173
Total assets 27,741 27,499 21,333 20,789
Equity 3,779 3,642 3,515 2,848
Minority share of capital 0 0 0 0
Grants and subsidies 47 59 2 0
Liabilities 23,916 23,799 17,815 17,941
Financial liabilities 0 0 0 0
Long-term liabilities 23,875 23,755 17,731 17,906
Short-term liabilities 41 43 85 34
Equity and liabilities 27,741 27,499 21,333 20,789
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Non-current assets 18,277 11,854 12,497 19,113
Intangible assets 52 39 27 28
Tangible assets 46 39 31 33
Financial assets 18,179 11,776 12,438 19,052
Other non-current assets 0 0 0 0
Biological assets 0 0 0 0
Current assets 3,056 9,017 8,293 1,526
Inventories and prepaid expenses 26 22 11 18
Accounts receivable in one year 40 50 40 91
Other non-current assets 2,728 8,686 8,069 1,181
Cash and cash equivalents 263 258 173 236
Total assets 21,333 20,871 20,789 20,639
Equity 3,515 2,921 2,848 2,822
Minority share of capital 0 0 0 0
Grants and subsidies 2 1 0 0
Liabilities 17,815 17,948 17,941 17,817
Financial liabilities 0 51 0 0
Long-term liabilities 17,731 17,898 17,906 17,773
Short-term liabilities 85 51 34 44
Equity and liabilities 21,333 20,871 20,789 20,639

Financial ratios

2014 2015 2016 2017
Capital return ratios
Return on assets (ROA) 0% 0% 1% -0%
Return on equity (ROE) 2% 3% 4% -2%
Return on capital employed (ROCE) -1% -1% -1% -2%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.00 0.00 0.00
Current Ratio 38.67 155.62 36.04 241.77
Quick ratio 38.17 155.07 35.74 241.45
Turnover ratios
Asset turnover 0.01 0.03 0.05 0.03
Fixed asset turnover 0.01 0.03 0.06 0.04
Equity turnover 0.09 0.19 0.32 0.20
Profitability ratios
EBITDA margin -108% -36% -15% -44%
Operating profit margin -145% -50% -23% -62%
Net profit margin 21% 18% 11% -10%
Other ratios
Dividends to the State 264.51 254.92 580.00 90.40
Dividends paid / net profit 3.41 2.00 4.52 -1.43
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Capital return ratios
Return on assets (ROA) 1% 0% -0% 0%
Return on equity (ROE) 4% 3% -2% 1%
Return on capital employed (ROCE) -1% -1% -2% -1%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.00 0.00 0.00
Current Ratio 36.04 177.49 241.77 34.75
Quick ratio 35.74 177.05 241.45 34.34
Turnover ratios
Asset turnover 0.05 0.03 0.03 0.04
Fixed asset turnover 0.06 0.04 0.04 0.06
Equity turnover 0.32 0.22 0.20 0.31
Profitability ratios
EBITDA margin -30% -44% -43% -3%
Operating profit margin -43% -64% -60% -8%
Net profit margin 28% -4% -15% 12%
Other ratios
Dividends to the State 580.00 90.40
Dividends paid / net profit 4.52 -1.43

Expectations of the state

Target return on equity

6,5%

About the company

  • Official nameUAB Žemės ūkio paskolų garantijų fondas
  • Legal formPrivate limited liability company (UAB)
  • Company code124261860
  • SectorOther
  • Line of businessAgricultural loan guarantees
  • Institution representing the StateMinistry of Agriculture
  • Share belonging to the State100%
http://www.garfondas.lt/
Return to the State

90 EUR thousand

ROE

-2.0%

Number of employees

16

Financial data provided as at end-December 2017

Management

  • Romalda GlobienėDirector General

Information as of: 2019/05/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Vygantas KatkevičiusMinistry of Agriculture

MEMBERS OF THE BOARD OF DIRECTORS

  • Snieguolė ValiulienėMinistry of Agriculture
  • Saulius JasiusMinistry of Agriculture
  • Dalia KavoliūnienėMinistry of Agriculture
  • Alfredas GustasMinistry of Agriculture

Information as of: 2019/05/01

Supervisory board

CHAIRMAN OF THE SUPERVISORY BOARD

  • Virginija ŽoštautienėMinistry of Agriculture

SUPERVISORY BOARD MEMBERS

  • Dalius DarulisVilniaus vystymo kompanija; Independent member
  • Sigita Seemann-IgnatjevaIndependent member
  • Lina LiubauskaitėOffice of the Government

Information as of: 2019/05/01