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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

2015 2016 2017 2018
Revenue 721 1,149 641 1,095
Cost of goods sold 552 904 449 618
Gross profit (loss) 169 245 192 477
Gross profit margin 23% 21% 30% 44%
Operating expenses 540 511 590 499
Operating profit (loss) -372 -266 -397 -22
Operating profit margin -52% -23% -62% -2%
EBITDA -271 -177 -281 58
EBITDA margin -38% -15% -44% 5%
Net profit (loss) 128 128 -63 183
Net profit margin 18% 11% -10% 17%
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

2015 2016 2017 2018
Non-current assets 14,575 18,277 12,497 19,188
Intangible assets 43 52 27 41
Tangible assets 64 46 31 25
Financial assets 14,469 18,179 12,438 19,121
Other non-current assets
Biological assets
Current assets 6,642 3,032 8,283 1,607
Inventories and prepaid expenses 5 2 1 3
Accounts receivable in one year 99 40 40 58
Other current assets 6,365 2,728 8,069 1,115
Cash and cash equivalents 174 263 173 431
Total assets 21,236 21,333 20,789 20,806
Equity 3,642 3,515 2,848 2,941
Minority share of capital
Grants and subsidies 6 2 0 11
Liabilities 17,586 17,813 17,939 17,850
Financial liabilities 0
Long-term liabilities
Short-term liabilities 40 82 32 27
Equity and liabilities 21,236 21,333 20,789 20,806
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

2015 2016 2017 2018
Capital return ratios
Return on assets (ROA) 2% 1% -0% 1%
Return on equity (ROE) 4% 4% -2% 6%
Return on capital employed (ROCE) 0% -2% -3% 0%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00
Current Ratio 132.82 36.89 255.65 58.66
Quick ratio 132.67 36.87 255.60 58.54
Turnover ratios
Asset turnover 0.02 0.05 0.03 0.05
Fixed asset turnover 0.06 0.07 0.04 0.07
Equity turnover 0.04 0.32 0.20 0.38
Profitability ratios
EBITDA margin 3% -15% -44% 5%
Operating profit margin -1% -23% -62% -2%
Net profit margin 94% 11% -10% 17%
Other ratios
Dividends to the State 0.00 580.00 90.40 139.20
Dividends paid / net profit 0.00 4.52 -1.43 0.76
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

139 EUR thousand

ROE

6.3%

Number of employees

14

Financial data provided as at end-December 2018

Management

  • Romalda GlobienėDirector General

Information as of: 2019/11/01

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: 2019/11/01

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: 2019/11/01