Valstybės investicinis kapitalas UAB
FINANCIAL STATEMENTS
PREPARED ACCORDING TO THE INTERNATIONAL FINANCIAL
REPORTING STANDARDS ADOPTED FOR APPLICATION
IN THE EUROPEAN UNION
9 April 2024
Dokumentą elektroniniu parašu
pasirašė MINDAUGAS,JUKNA
Data: 2024-04-09 13:21:24
2
TABLE OF CONTENTS
INDEPENDENT AUDITOR’S REPORT ........................................................................................................3
STATEMENT OF FINANCIAL POSITION....................................................................................................6
STATEMENT OF COMPREHENSIVE INCOME ........................................................................................7
STATEMENT OF CHANGES IN EQUITY .....................................................................................................8
CASH FLOW STATEMENT ..........................................................................................................................9
NOTES .... ............................................................................................................................................... 9-24
ANNUAL REPORT ............................................................................................................................... 24-48
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INDEPENDENT AUDITOR’S REPORT
To the Shareholder of Valstybės investicinis kapitalas, UAB:
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Valstybės investicinis kapitalas, UAB (the Company), which comprise the statement of
financial position of the Company as at 31 December 2023, and the statements of comprehensive income, changes in equity and
cash flow for the year then ended, and notes to the financial statements, including material accounting policy information.
In our opinion, the accompanying financial statements present fairly, in all material respects, of the financial position of the
Company as at 31 December 2023, and their financial performance and cash flows for the year then ended in accordance with the
IFRS Accounting Standards as adopted by the European Union.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards
are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are
independent of the Company in accordance with the International Code of Ethics for Professional Accountants (including
International Independence Standards) (IESBA Code) together with the requirements of the Law on Audit of Financial Statements of
the Republic of Lithuania that are relevant to audit in the Republic of Lithuania, and we have fulfilled our other ethical
responsibilities in accordance with the Law on Audit of Financial Statements of the Republic of Lithuania and the IESBA Code. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole,
and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key Audit Matter
How our audit addressed the Key Audit Matter
Valuation of financial assets
Refer to pages 19 and 22 of the financial statements
As at 31 December 2023 the net value of the Company‘s
investment in Pagalbos verslui fondas, KŪB (the Fund)
amounted to EUR 198,410 thousand (31 December 2022: EUR
179,922 thousand), and increase in fair value for the year then
ended amounted to EUR 19,988 thousand (2022: decrease in
fair value of EUR 11,342 thousand).
The investment in the Fund is the most significant asset line
item in the statement of financial position and related change
in fair value line item in the statement of comprehensive
income of the Company. In making fair value measurement,
management of the Company is required to make significant
judgments in circumstances of significant uncertainty. As the
Fund's net assets are measured at fair value, the management
of the Company decided that the fair value of the investment in
the Fund will be determined based on the Fund's net assets.
For the reasons described, we believe that the valuation of the
investment in the Fund is a key audit matter.
Our audit procedures in this area included, among others:
• evaluating the application of the Company's accounting
policy for investment in the Fund, taking into account the
requirements of IFRS 9, to ensure that the Company's
accounting policy is appropriate and in compliance with
the named standard;
• assessing the assumptions used by the Company's
management to determine fair value;
• analysing the valuation of the Fund’s investment portfolio:
- assessing the suitability and validity of the models and
assumptions used by the Fund to determine the fair
value of the Fund's investments;
- involving our valuation specialists to help us form a
range of estimates of the fair value of all the Fund's
investments;
• assessing the impact of events after the balance sheet
date and their disclosure in the financial statements;
• assessing the appropriateness of fair value disclosures.
Other Information
The other information comprises the information included in the Company’s annual report, including Corporate Governance
statement and Remuneration Report, but does not include the financial statements and our auditor’s report thereon.
Management is responsible for the other information.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon, except as specified below.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
In addition, our responsibility is to consider whether information included in the Company’s annual report, including Corporate
Governance statement and Remuneration Report, for the financial year for which the financial statements are prepared is
consistent with the financial statements and whether the Company’s annual report, including Corporate Governance statement
and Remuneration Report, has been prepared in compliance with applicable legal requirements. Based on the work carried out in
the course of audit of financial statements, in our opinion, in all material respects:
• The information given in the Company’s annual report, including Corporate Governance statement and Remuneration
Report, for the financial year for which the financial statements are prepared is consistent with the financial statements;
and
• The Company’s annual report, including Corporate Governance statement and Remuneration Report, has been prepared
in accordance with the requirements of the Law on Financial Reporting by Undertakings of the Republic of Lithuania.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with the IFRS
Accounting Standards as adopted by the European Union, and for such internal control as management determines is necessary
to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a
high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout
the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt
on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a
going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that were of most significance
in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters
in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of
doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on other legal and regulatory requirements
In accordance with the decision made by Shareholders on 1 October 2021 we have been chosen to carry out the audit of the
Company’s financial statements. Our appointment to carry out the audit of the Company’s financial statements in accordance with
the decision made by Shareholders has been for year 2023 and the period of total uninterrupted engagement is four years.
We confirm that our opinion in the section ‘Opinion’ is consistent with the additional report which we have submitted to the
Company and its Board of Directors.
We confirm that in light of our knowledge and belief, services provided to the Company are consistent with the requirements of
the law and regulations and do not comprise non-audit services referred to in Article 5(1) of the Regulation (EU) No 537/2014 of
the European Parliament and of the Council.
We have not provided any services to the Company other than audit.
Report on the compliance of format of the financial statements with the requirements for European Single Electronic
Reporting Format
The Company's management has applied European Single Electronic Format for the Company's financial statements in order to
implement the requirement of Article No. 3 of the Commission Delegated Regulation (EU) 2019/815 that amends European
Parliament and Commission Directive 2004/109 / EC with regulatory technical standards establishing a single format for electronic
reporting (hereinafter "the ESEF Regulation"). These requirements specify the Company’s obligation to prepare its financial
statements in a XHTML format. We confirm that the European single electronic reporting format of the financial statements for
the year ended 31 December 2023 complies with the ESEF Regulation in this respect.
The engagement partner on the audit resulting in this independent auditor’s report is Mindaugas Jukna.
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
6
STATEMENT ON FINANCIAL POSITION
ASSETS
Notes
31/12/2023
31/12/2022
Non-current assets
Other non-current assets
3.1
27 210
64 805
Financial assets at fair value the change in
which is recognised in profit or loss
3.2
198 410 147
179 922 428
Deferred income tax assets
4 929
4 929
Total non-current assets
198 442 286
179 992 162
Current assets
Other current assets
3.3
43 491
43 167
Cash and cash equivalents
3.4
1 772 664
1 388 824
Total current assets
1 816 155
1 431 991
TOTAL ASSETS
200 258 441
181 424 153
EQUITY AND LIABILITIES
Equity
Authorised capital
3.5
101 200 000
101 200 000
Retained earnings (loss)
(1 324 007)
(20 133 062)
Total equity
99 875 993
81 066 938
Non-current liabilities
Issued bonds
3.6
99 870 819
99 832 490
Total non-current liabilities
99 870 819
99 832 490
Current liabilities
Accrued interest of issued bonds
3.7.
491 205
491 205
Amounts payable to employees
3.8
13 384
9 150
Other amounts payable and accrued expenses
3.9
7 040
24 370
Total current liabilities
511 629
524 725
Total liabilities
100 382 448
100 357 215
TOTAL EQUITY AND LIABILITIES
200 258 441
181 424 153
The notes provided below form an integral part of these financial statements.
Financial statements were authorised for issue on 9 April 2024.
On behalf of Valstybės investicinis kapitalas UAB
Chief Accountant
Robertas Vyšniauskas
General Director
Inga Čėsnienė
Authorised person of Nordgain UAB
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
7
STATEMENT OF COMPREHENSIVE INCOME
OPERATING INCOME
Notes
Financial year
ended on
31/12/2023
Financial year
ended on
31/12/2022
Sales
-
-
Cost of sales
-
-
Other income (resold)
-
-
GROSS PROFIT
-
-
Operating expenses
3.10
(183 343)
(159 131)
Other expenses
3.11
(102 908)
(91 365)
Interest expenses
3.12
(892 413)
(514 618)
OPERATING PROFIT (LOSS)
(1 178 664)
(765 114)
Change in the value of financial assets
accounted at fair value, which is
recognised as profit or loss
3.13
19 987 719
(11 341 765)
PROFIT (LOSS) BEFORE TAXES
18 809 055
(12 106 879)
Income tax income / expense
3.14
-
-
NET PROFIT (LOSS)
3.15
18 809 055
(12 106 879)
OTHER COMPREHENSIVE INCOME
-
-
TOTAL COMPREHENSIVE INCOME
-
-
Basic and diluted earnings (loss) per
share (EUR per share)
3.16
1.859
(1.196)
The notes provided below form an integral part of these financial statements.
Financial statements were authorized for issue on 9 April 2024.
On behalf of Valstybės investicinis kapitalas UAB
Chief Accountant
Robertas Vyšniauskas
General Director
Inga Čėsnienė
Authorised person of Nordgain UAB
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
8
STATEMENT OF CHANGES IN EQUITY
Authorised
capital
Retained earnings (loss)
Total
Balance on 31 December 2021
101 200 000
(8 026 183)
93 173 817
Net profit (loss)
-
(12 106 879)
(12 106 879)
Balance on 31 December 2022
101 200 000
(20 133 062)
81 066 938
Net profit (loss)
-
18 809 055
18 809 055
Balance on 31 December 2023
101 200 000
(1 324 007)
99 875 993
The notes provided below form an integral part of these financial statements.
Financial statements were authorized for issue on 9 April 2024.
On behalf of Valstybės investicinis kapitalas UAB
Chief Accountant
Robertas Vyšniauskas
General Director
Inga Čėsnienė
Authorised person of Nordgain UAB
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
9
CASH FLOW STATEMENT
Financial year
that
ended on
31/12/2023
Financial year
that
ended on
31/12/2022
Notes
Cash flows from operating activities
Revenue of reporting period
-
12 600
Other revenue
-
12 600
Payments of reporting period
(247 159)
(209 438)
Wage payments
(53 315)
(47 518)
Paid taxes
(66 366)
(40 425)
Payments to suppliers
(64 980)
(58 991)
Expenses related to issue of bonds
(20 000)
(51 725)
Other payments
(42 499)
(10 778)
Net cash flows from operating activities
(247 160)
(196 838)
Investment acquisition
3.2
-
(50 000 000)
Net cash flows from investing activities
-
(50 000 000)
Cash flows from financing activities
Income from the issue of bonds
-
50 000 000
Investment return
3.2
1 500 000
1 000 000
Bonds interest paid
(869 000)
-
Net cash flows from financing activities
631 000
51 000 000
Impact of exchange rate fluctuations on the
balance of cash and cash equivalents
-
-
Net increase (decrease) in cash flows
383 840
803 162
Cash and cash equivalents at the beginning
of the period
1 388 824
585 662
Cash and cash equivalents at the end of the
period
3.4
1 772 664
1 388 824
Financial statements were authorized for issue on 9 April 2024.
On behalf of Valstybės investicinis kapitalas UAB
Chief Accountant
Robertas Vyšniauskas
General Director
Inga Čėsnienė
Authorised person of Nordgain UAB
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
10
NOTES TO THE FINANCIAL STATEMENTS
1. General information
Valstybės investicinis kapitalas UAB (hereinafter referred to as the Company or Enterprise) is a
limited liability company registered in the Republic of Lithuania. Registered address of the Company:
Gedimino pr. 38,
Vilnius,
Republic of Lithuania
The purpose of the Company is to help the Lithuanian economy to recover from the consequences of
COVID-19 coronavirus in accordance with the provisions laid down in the Activity description of the
Measure 'Business Aid Fund' approved by the Minister of Economy and Innovation of the Republic of
Lithuania and the Minister of Finance of the Republic of Lithuania, by financing the measures of
business aid and capital market development from the funds attracted by the state and capital market
measures.
The Company was registered on 26 August 2020. On 31 December 2023 and 31 December 2022,
100% of the Company's authorised capital was owned by the Republic of Lithuania, company code
111105555.
The registered authorised capital of the Company is EUR 101 200 000, consisting of 10 120 000
ordinary registered shares of the par value of EUR 10 each. The authorised capital did not change
during both periods. On 31 December 2023 and 31 December 2022, all shares were fully paid.
On 31 December 2023 and on 31 December 2022, the average yearly number of the Company's
employees was 1.
Financial year of the Company coincides with a calendar year.
2. BASIS FOR PREPARATION OF FINANCIAL STATEMENTS
The main accounting policies applied during preparation of the Company's financial statements for the
financial year that ended on 31 December 2023 are as follows:
2.1. Confirmation of Compliance
The Company prepared its financial statements according to the International Financial Reporting
Standards (IFRS) applicable in the European Union (hereinafter referred to as the EU).
2.2. Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost basis, except for the revaluation of
certain financial instruments that are measured at revalued amounts or fair values at the end of each
reporting period, as explained in the accounting policies below Financial year of the Company starts on
1 January and finishes on 31 December.
Financial reports are presented in euros (EUR).
The below-described accounting policies were consistently applied to all periods presented in these
financial statements, unless otherwise stated.
2.3. Equity
Equity consists of the paid share of the authorised capital, retained profit (loss).
Subscribed authorised capital is accounted and disclosed in the financial statements at full value,
irrespective of the paid-up amount. Unpaid shares are accounted and disclosed in the financial
statements for the contra account (item) of the authorised capital.
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
11
If a decision is made to increase or reduce the authorised capital, the increase or reduction is registered
in accounting when amendments to the articles of association of the company are registered following
the procedure established by legal acts.
2.4. Expense recognition
Expenses are recognised based on accrual and comparison principles in the reporting period when
revenue associated with these expenses is earned, regardless of the timing of payment for these
expenses.
At present, expenses of the company consist of salary and labour related taxes, vacation payments,
accounting service expenses, insurance expenses, board members' remunerations, recruitment.
2.5. Income tax and deferred income tax
Income tax expenses consist of the expenses of the income tax and deferred income tax of the current
year. Income tax is assessed in accordance with the requirements laid down in the tax laws of the
Republic of Lithuania.
2.5.1. Current year tax
Current year income tax is paid on the basis of taxable profit. Taxed income is different from the income
presented in the statement of comprehensive income because of taxable or accountable income or
expenses of the next year and income or expenses which were never taxed or accounted. Company's
liability regarding current year's income tax is assessed according to the income tax tariff that was
effective on the day of preparation of the report of financial position. Standard income tax tariff
applicable to companies of the Republic of Lithuania for the year that ended on 31 December 2023 is
15 per cent (on 31 December 2022 – 15%).
2.5.2. Deferred tax
Deferred tax is recognised as the differences between the carrying amounts of assets and liabilities in
the financial statements and the corresponding tax bases. Deferred tax liabilities are recognised jointly
for all temporary differences. Deferred tax asset is recognised at the amount that is likely to reduce the
taxable income in the future through realisation of temporary differences. The above-mentioned
deferred assets and liabilities are not recognised, if temporary differences are related to goodwill or
initial recognition of assets or liabilities (of others than during business merger), at the moment of a rise
(transactions) of which no impact is made on taxable or financial income.
Deferred income tax assets are reviewed on the last day of each reporting period and is reduced to the
extent that it is not probable that sufficient taxable profit will be available to the Company for realising of
such assets, to an estimated amount by which the taxable profit will be reduced in future.
Deferred tax liabilities and assets are measured using the tax rate in effect for the year in which the
temporary differences are expected to be settled, based on the tax rates (and tax laws) that have been
or will be approved by the end of the reporting period. Deferred tax assets and liabilities reflect the tax
consequences that the Company expects at the end of the reporting period in order to pay or settle its
assets or liabilities
2.5.3. Current year and deferred tax for the period
Tax for the current year and deferred tax are accounted as expenses in profit or losses.
Deferred tax assets are recognised in the statement of financial position when management expects
that sufficient taxable profit will be generated in the nearest future to realise the asset. If it is probable
that part of the deferred tax asset will not be realised, this part of the deferred tax asset is not
recognised in the financial statements.
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
12
2.6. Financial instruments
Financial assets and financial liabilities are measured at their fair value during initial recognition.
Transaction expenses that are directly related to acquisition or disposal of financial assets (except for
financial assets and financial liabilities, changes in the fair value of which are recognised through profit
or loss) during the initial recognition are added to or deducted from the fair value of financial assets or
financial liabilities, accordingly. Transaction expenses that are directly related to financial assets or
financial liabilities, presented at their fair value through income or losses, are recognised at once in the
profit or loss.
Financial instrument is any agreement resulting in financial assets for one company and financial
liability of equity instrument for the other.
Recognition and derecognition in the statement of financial position
The Company recognises financial assets or financial liabilities in its statement of financial position at
the time and only when it becomes a party to a contract for financial instrument.
The Company recognises or derecognises the purchase or sale of a financial asset on the transaction
date. The Company derecognises a financial asset in the statement of financial position when, and only
when:
- contractual rights to the cash flows from the financial asset expire; or
- it transfers the financial asset to another party.
The Company derecognises a financial liability (or part thereof) in the statement of financial position
when, and only when, that liability is derecognised, i.e. where the obligation specified in the contract:
- has been discharged; or
- has been revoked; or
- has expired.
Financial assets are divided by the Company into the following categories:
− measured at the amortised cost,
− measured at their fair value, any change of which is recognised as profit or loss.
The Company attributes debt financial assets to an appropriate category depending on the business
model of financial assets management and contractual properties of cash flows for appropriate financial
assets. Business model applied to the group of financial assets is determined considering how all
groups of financial assets are managed in joint pursuit of specific business goal of the Company.
Company's investments into equity securities when the Company has no control over or significant
impact on the company into which it invested are accounted at the fair value, any changes in the value
of which are recognised as profit or loss.
The Company attributes cash and cash equivalents to the assets measures at the amortised cost.
The Company measures all financial liabilities at the amortised cost.
The Company attributes trade liabilities, bonds, borrowed amounts to the financial liabilities measured
at the amortised cost.
During the initial recognition of bonds, expenses related to bonds distribution and any discount arising
during distribution are recognised at the acquisition cost of bonds and recognised in the profit or loss
within the bond term (until their redemption) by applying the calculated interest rate.
Cash and cash equivalents
Cash and cash equivalents consist of cash on hand, cash in transit and cash in bank, demand deposits
and other current highly liquid investments of maximum three months maturity (from the acquisition
day) that can be easily converted into the known cash amounts and which are subject to insignificant
risk of fluctuations in value.
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
13
Cash and cash equivalents in the statements of cash flows comprise of cash on hand, short-term bank
deposits, other current highly liquid investments.
2.7. Payments to employees
Short-term payments to employees are recognised as current expenses during the period of service
provision by employees. Payments include salaries, social insurance benefits, bonuses, paid leave,
etc. There are no long-term benefits for employees.
2.8. Fair value measurement
Most accounting principles and disclosures of the Company require establishment of the fair value of
financial and non-financial assets and liabilities. The fair value is a price, at which on the day of
valuation the asset would be sold or a liability would be transferred under an orderly transaction
concluded between market participants on the main market, and if none exists – on the most
favourable market accessible by the Company on the day of valuation. The fair value of a liability
shows the effect of risk of its default. Fair values are determined according to quoted market prices,
analyses of discounted cash flows, and option price models, whichever applies.
When establishing the fair value of an asset or liability, the Company refers to available market data,
whenever possible. Fair values are presented in the below-stated three hierarchical levels of fair
value, based on variables applied in the valuation methods:
1st level: prices quoted on the active markets of the same asset or liability (unadjusted).
2nd level: other variables, except for the quoted asset or liability prices included into the 1st level,
which are monitored directly (i.e., same as prices) or indirectly (i.e., derived from prices).
3rd level: asset or liability variables not based on monitored market data (not monitored variables).
If variables used to establish the fair value of an asset or liability can be attributed to different
hierarchical levels of the fair value, the hierarchical level for the fair value, to which the total fair value
established is attributed, must be determined on the basis of the lowest level variable relevant for
establishing the total fair value.
The Company recognises amounts moved between the hierarchical levels of fair value in the end of
the reporting period, in which the change took place.
2.9. Related parties
Parties recognised related to the Company include shareholders, Board members, their family
members and companies having direct or indirect (via intermediary) control of the Company or under
control separately or together with the other party, which is recognised as related party, provided that
the latter relationship entitles one of the parties to control the other party or make significant impact on
the other party when making financial and management decisions.
2.10. Contingencies
Contingent liabilities are not recognised in financial statements, except for contingent liabilities in
business combinations. Contingent liabilities are disclosed in the financial statements unless the
probability that these liabilities will cause the outflow of economic resources is remote.
Contingent assets are not recognized in the financial statements but they are disclosed in the financial
statement when it is likely that Company will receive income or economic benefits.
2.11. Post Balance Sheet events
Events after the reporting period, which provide additional information about the Company's situation on
the day of preparation of the report on financial position (adjusting events) are reflected in the financial
statements. Post-reporting events, other than adjusting events, occurring after the balance sheet date
are disclosed in the notes when their impact is significant.
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
14
2.12. Significant Accounting Estimates and Management Judgements
The Company conducted the analysis and made the conclusion that it does not have control of
Pagalbos verslui fondas (hereinafter referred to as the Fund) and does not make significant impact on
the Fund. During the reporting period, the Company had no power to manage the Fund, held no voting
rights granted by equity instruments, had no possibility to manage important activity directly or through
other economic entities. The Company is entitled to variable return, however it cannot make direct
decisions on the amount of a variable return or period, when it has to be paid.
The Company's investment into the Fund is evaluated at the fair value determined on the basis of the
net assets of the Fund. All investments by the Fund are measured at the fair value, the carrying
amount of current amounts receivable and payable and of cash and cash equivalents of the Fund is
very close to their fair value, therefore the net assets of the Fund are also evaluated at the fair value.
2.13. Initial application of the amendments to the new effective standards during the
reporting period
This year, the Company adopted all new and revised Standards and explanations that are relevant for
the Company's activity and effective for the reporting period starting from 1 January 2023.
• IFRS 17 'Insurance Contracts'
The standard is applicable to annual reporting periods starting 1 January 2023 or later. It is a
completely new accounting standard applicable to insurance contracts, comprising the clauses
of recognition and evaluation, presentation and disclosure. IFRS 17 applies to all types of
insurance contracts, and certain guarantees and financial instruments with independent
interest elements. The Company does not issue contracts subject to the IFRS 17, therefore,
its application does not affect financial performance results, financial situation or cash flows of
the Company.
• Amendments to IAS 1 'Presentation of Financial Statements' and IFRS 2 Practice Statement
'Disclosure of Information about Accounting Policy'
The amendments are effective for the annual periods beginning on or after 1 January 2023.
The amendments contain guidance to be followed when making significant decisions on
accounting policy disclosure. It must be noted that the requirements to disclose 'significant'
accounting policy is replaced by the amendments to IAS 1 with the requirement to disclose
'material' accounting policy information. Besides, the Practice Statement provide guidance and
an example on how to apply the concept of materiality to accounting policy disclosures
According to the management's assessment, the amendment will not affect the Company.
• Amendments to IAS 8 'Accounting Policies, Changes in Accounting Estimates and Errors' –
Definition of Accounting Estimates
The amendments are effective for the annual periods beginning on or after 1 January 2023.
Amendments apply to the changes in accounting estimates and accounting policy made in the
beginning of the above-mentioned period or later. Amendments provide a new definition of
accounting estimates – they are defined as monetary amounts in financial statements that are
subject to measurement uncertainty, unless it results from the correction of prior period errors.
Besides, the amendments explain which and how changes in accounting estimates differ from
the changes in accounting policy and correction of errors. According to the management's
assessment, the amendment will not affect the Company.
• Amendments to IAS 12 'Income Taxes' - Deferred Tax related to Assets and Liabilities
arising from a Single Transaction
The amendments are effective for the annual periods beginning on or after 1 January 2023.
Earlier application is permitted. The amendments to IAS narrow the scope of application of the
initial recognition exemption stipulated in IAS 12 and explain how companies should account
deferred taxes applicable to transactions, such as lease and operation termination liabilities.
Amendments explain that depending whether payments covering the liability are deducted
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
15
during tax assessment, a decision is made having considered the applicable tax law, and
considering whether such deductions when assessing taxes should be attributed to liability or
related asset component. According to amendments, the initial recognition exemption does
not apply to transactions in which both deductible and taxable temporary differences arise on
initial recognition. It applies only if recognition of lease assets or lease liabilities (operation
termination liability and operation termination asset component) does not give rise to equal
and offsetting amounts of taxable and deductible temporary differences. According to the
management's assessment, the amendment will not affect the Company.
• Amendment to IAS 12 'Income Taxes' - International Tax Reform - Pillar Two Model Rules
Amendments are effective immediately; however, certain disclosure requirements will come
into effect later. In December 2021, the Organisation for Economic Cooperation and
Development (OECD) released the Pillar Two Model Rules to ensure minimum 15% income
tax is applied to larger international companies. On 23 May 2023, the IAS released the
amendments to IAS 12 'Income Taxes' - International Tax Reform - Pillar Two Model Rules.
The amendments provide for mandatory temporary exception to the accounting for deferred
taxes arising from the jurisdictional implementation of the global tax rules and implementation
of the disclosure requirements for affected companies for potential effect of income taxes
assessed according to the Pillar Two Model Rules. The amendments require disclosure of
known or reasonably estimable information to help users of the financial statements better
understand an entity’s exposure to Pillar Two income taxes in the periods in which the Pillar
Two Model Rules are (essentially) adopted but do not come into effect. To comply with these
requirements, at the end of a reporting period an economic entity must disclose qualitative and
quantitative information about the impact of taxes assessed according to the Pillar Two Model
Rules. Requirements for disclosure of income tax expenses of the reporting year related to the
Pillar Two Model Rules and requirements for disclosure of information related to the periods
prior to the entry into effect of the legislation are effective for the annual periods beginning on
or after 1 January 2023, however their application is not mandatory for the interim periods
ending on or after 31 December 2023. According to the management's assessment, the
amendment will not affect the Company.
Standards and amendments to the standards that are not in effect yet but have been adopted
for application in the EU
• Amendments to IAS 1 'Presentation of Financial Statements' - Classification of
Liabilities as Current or Non-Current
The amendments are effective for the annual periods beginning on or after 01 January 2024.
Earlier application is permitted. Pursuant to IAS 8, their retrospective application will be
required. The amendments aimed to explain the principles of IAS 1 regarding classification of
liabilities as current and non-current. The amendments explain what the right to defer
deduction, the requirement for such right to exist at the end of a reporting period means, that
the management's intention has no effect on classification as current and non-current, and
that choices made by a contracting party that may determine payment by transferring the
economic entity's equity instruments have no effect on classification of liabilities as current
and non-current. Besides, the amendments state that the classification of liabilities will be
affected only by those clauses of agreements which are binding for an economic entity on or
before the date of financial statements. Besides, the amendments require disclosure of
additional information about fixed liabilities arising under loan agreements, subject to the
clauses of an agreement, provided the clauses of an agreement must be implemented within a
shorter than 12 months' term after the end of a reporting period. According to the
management's assessment, the amendment will not affect the Company.
• Amendments to IFRS 16 'Lease Liability in a Sale and Leaseback'
The amendments are effective for the annual periods beginning on or after 01 January 2024.
Earlier application is permitted. The amendments are aimed to improve the requirements
applied by the seller-lessee apply in evaluation of lease liability arising in sale and leaseback
transactions under IFRS 16, however do not change the accounting of lease unrelated to sale
and leaseback transactions. First, the seller-lessee establishes 'lease payment' or 'revised
lease payment' in a way that it does not recognise any amount of the gain or loss that relates
to the right of use it retains. The new requirements do not prevent a seller-lessee from
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
16
recognising in profit or loss any gain or loss relating to the partial or full termination of a lease.
The seller-lessee applies this amendment retrospectively according to IAS 8 to sale and
leaseback transactions concluded after the first application date, which is the beginning of the
first annual reporting period, in which the entity applies the requirements of IFRS 16 for the
first time. According to the management's assessment, the amendment will not affect the
Company.
Standards and amendments to the standards that are not in effect yet and have not been
adopted for application in the EU
• Amendments to IAS 7 ‘Statement of Cash Flows’ and to IFRS 7 ‘Financial Instruments.
Disclosures’ – Supplier Finance Arrangements
The amendments are effective for the annual periods beginning on or after 01 January 2024.
Earlier application is permitted. The amendments supplementing the effective IFRS clauses
require an economic entity to disclose information about the conditions of suppliers' financing
agreements. Besides, economic entities must disclose accounting values and items of
financial liabilities arising under suppliers' financing agreements, which show the liabilities
concerned, and accounting values of financial liabilities and items, for which the financers
already settled the account by paying appropriate trade debts. Furthermore, economic entities
must disclose the effect of changes in accounting values of financial liabilities unrelated for
cash flows, which arise under suppliers' financing agreements, that make comparison of
accounting values of financial liabilities impossible. The amendments further require an
economic entity to disclose the interval of payment terms of financial liabilities to financers and
similar trade amounts payable, other than a part of the above-mentioned agreements, at the
beginning and the end of a reporting period. These amendments have not been approved by
the EU yet. According to the management's assessment, the amendment will not affect the
Company.
• Amendments to IAS 21 'The Effects of Changes in Foreign Exchange Rates' - Lack of
Exchangeability
The amendments are effective for the annual periods beginning on or after 01 January 2025.
Earlier application is permitted. The amendments provide how an economic entity should
assess whether a currency is interchangeable and how to determine an exchange rate when it
is not. Currency is considered exchangeable, when an economic entity can get the other
currency in a certain period of time, during which a usual administration-related delay is
possible, through a market or currency exchange mechanism creating exercisable rights and
enforceable duties. If a currency is not exchangeable, an economic entity must determine a
spot exchange rate. When determining an exchange rate, an economic entity must mirror an
exchange rate on which market players would strike a straight currency exchange transaction
on the economic conditions prevailing on the date of evaluation. The amendments note that
an economic entity can use a monitored exchange rate that needs no correction or any other
method of determination. These amendments have not been approved by the EU yet.
According to the management's assessment, the amendment will not affect the Company.
• Amendments to IFRS 10 'Consolidated Financial Statements' and IAS 28 'Investments
in Associates and Joint Ventures' - Sale or Contribution of Assets between an Investor and its
Associate or Joint Venture
The amendments address a conflict between the requirements of IAS 28 and IFRS 10
regarding sale or contribution of assets between an investor and its associate or joint venture.
The main outcome of the amendments is that gain and loss recognition depends whether a
transaction constitutes a business (irrespective, whether it is carried out in a subsidiary or not).
Some gain or loss is recognised, if transaction involves assets that do not meet the business
definition, even if the assets are owned by a subsidiary. In December 2015, the IFRS
postponed the entry into effect for indefinite term waiting for the results of the research project
of equity accounting method. These amendments have not been approved by the EU yet.
According to the management's assessment, the amendment will not affect the Company.
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
17
2.14. Management of financial risks and capital
Any type of investment is inseparable from risk. Investments into the Fund involve long term risk. The
main types of risks encountered by the Company in its daily activities include credit risk, liquidity risk,
and market risk, risk of price fluctuations of securities. Optimal and balanced risk management serves
as the basis for effective assurance of the Company's activity stability.
Credit risk. It is a risk of the other party's inability to fulfil its obligations to the Company. The
Company applies measures ensure transactions are concluded with trustworthy clients and the
amount of transactions does not exceed the credit risk limits at all times. The Company has not issued
guarantees for other parties' obligations. Credit risk is insignificant for the Company.
Liquidity risk. It is a risk of incapability to fulfil own payment obligations in time. The Company
manages the liquidity risk by reserving sufficient quantity of cash and cash equivalents, securing
financing, fulfilment of planned obligations. Before the next financial year, the Company makes the
Company's budget for the next year, while necessary amount or cash or cash equivalents needed to
cover the Company's liabilities is called by the Company (as investment repayment) from the Fund
before the new financial year starts.
31 December 2023
Less than 1 year
1 - 2 years
2 - 5 years
Total
Cash and cash equivalents
1 772 664
-
-
1 772 664
Financial assets
198 410 147
-
-
198 410 147
Trade debts
(2 721)
-
-
(2 721)
Bonds and bonds interest
(874 647)
(75 780 455)
(26 413 000)
(103 068 101)
Other current liabilities
(17 703)
-
-
(17 703)
Total Assets
200 182 811
200 182 811
Total Liabilities
(895 071)
(75 780 455)
(26 413 000)
(103 088 525)
Net Amount
199 287 740
(75 780 455)
(26 413 000)
97 094 286
31 December 2022
Less than 1 year
1 - 2 years
2 - 5 years
Total
Cash and cash equivalents
1 388 824
-
-
1 388 824
Financial assets
179 922 428
-
-
179 922 428
Trade debts
(4 530)
-
-
(4 530)
Bonds and bonds interest
(874 647)
(75 701 490)
(27 346 048)
(103 922 185)
Other current liabilities
(28 990)
-
-
(28 990)
Total Assets
181 311 252
-
-
181 311 252
Total Liabilities
(908 167)
(75 701 490)
(27 346 048)
(103 955 705)
Net Amount
180 403 085
(75 701 490)
(27 346 048)
77 355 547
Market risk. It is a risk of incurring losses by the Company because of fluctuation of market variables.
The Company had no financial instruments aimed at managing the risk of interest rate fluctuations, as
the Company has no financial instruments with variable interest rate. The Company invest all its
financial means available into Pagalbos verslui fondas KŪB. Since all the operations by the Company
are in Euro, and open positions of foreign currency are insignificant, the market risk is irrelevant for the
Company.
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
18
Fair value of financial assets and financial liabilities
Fair value is defined as the amount, for which assets or services can be exchanged or for which
mutual obligation between unrelated parties can be offset, which intend to buy or sell assets or offset
their mutual obligation. Fair value of financial assets and financial liabilities is based on quoted market
prices, models of discounted cash flows, or option price models, whichever the circumstances are. In
other words, fair value is a price, at which on the day of valuation the asset would be sold or a liability
would be transferred under an orderly transaction concluded between market participants on the main
market, and if none exists – on the most favourable market accessible by the Company on the day of
valuation. Where applicable, fair value is established according to the published price on the active
market, by applying the models of discounted cash flow value and option valuation. When establishing
the fair value of assets or liabilities, the Company refers to monitored market data, wherever possible.
Fair values are attributed to different levels of fair value according to the variables applied in valuation
methods:
- 1st level: prices quoted on the active markets of the same asset or liability (unadjusted).
- 2nd level: other variables, except for the quoted asset or liability prices included into the 1st
level, which are monitored directly (i.e., same as prices) or indirectly (i.e., derived from prices).
- 3rd level: asset or liability variables not based on monitored market data (not monitored
variables). Company's investment into the Fund belongs to the 3rd level hierarchy.
If variables used to establish the fair value of an asset or liability can be attributed to different
hierarchical levels of the fair value, the hierarchical level for the fair value, to which the total fair value
established is attributed, must be determined on the basis of the lowest level variable relevant for
establishing the total fair value.
The Company recognises amounts moved between the hierarchical levels of fair value in the end of
the reporting period, in which the change took place.
Amortised cost of assets and liabilities recorded in the report on financial position on 31 December
2023 does not differ from the accounting values of assets and liabilities.
The fair value of the bonds is determined based on the market price of the same or similar bond or the
coupon applicable to bonds of the same maturity at that time. For this assessment, the Company
relied on Government securities coupons. As at 31 December 2023 fair value of the bonds was
approximately EUR 3,9 million lower than book value (as at December 2022 10, 2 million lower).
The Fund conducted fair value sensitivity analysis of the bonds and issued loans exposed to changing
discount rate. Change of 1% of the discount rate upwards and downwards results in the change of the
fair portfolio value accordingly: EUR +138,69 million and EUR -146,79 million. The Table provides
information about the changes in the fair value following the changes in the discount rate by separate
types of financial assets.
Capital management
The key goal of capital management is to ensure the Company maintains appropriate capital structure
as required by law (please see below).
The Company's capital consists of the authorised capital, share premiums, reserve, and retained
earnings. The Company’s capital can be financed by shareholder contributions and liabilities (Bonds).
Debt to Equity ratio (D/E) as at as of 31 December 2023 was 1,005 (As of 31 December 2022 - 1,237).
The state guarantee was issued to secure obligations of the bonds up to 150 million EUR according to
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
19
400 million state guarantee bond program. As of 31 December 2023 100, million EUR bonds were
issued. Additional 50 million could be a source of additional capital contribution if needed.
The Company manages and modifies the structure of its capital considering changes in economic
conditions and specific risk of its business. To maintain or modify the capital structure, the Company
can issue new shares. According to the Companies Law of the Republic of Lithuania, the equity capital
of the Company must account for minimum 50% of its authorised capital. In 2023 and on 31
December 2022, the Company observed the above-mentioned requirement of the law. In case of non-
compliance management would take required actions, as listed in Companies law of the Republic of
Lithuania
3. NOTES
3.1. Other non-current assets
Other non-current assets on 31 December consisted of the following:
Year ended
on 31/12/2023
Year ended
on 31/12/2022
State guarantee (long-term part)
27 210
64 805
Total
27 210
64 805
All bonds distributed by the company are included into the Debt securities list of Nasdac Baltics from
30 September 2021. The state guarantee was issued to secure obligations of the bonds. The
guarantee will be fully amortised in September 2025.
3.2. Financial assets are accounted at their fair value, any change of which is recognised as
profit or loss
In accordance with the members agreement of 6 October 2020, including all subsequent amendments
and supplements (hereinafter referred to as the Agreement), the Company undertook an obligation to
invest up to EUR 250 000 000 (two hundred fifty million Euro) into Pagalbos verslui fondas KŪB. The
Company's investment obligation includes all transfers under Payment calls and transfer amount may
not exceed the investment obligation amount at any time.
The Company invested EUR 7 000 000 into Pagalbos verslui fondas KŪB under the Payment call, the
money was transferred on 26 November 2020. The above-mentioned investment was revalued in the
end of 2020, its value decreased to EUR 2 875 183 and amounted to EUR 4 124 817 on 31 December
2020. During 2021, the amount of EUR 143 000 000 was invested by the payment call into Pagalbos
verslui fondas KŪB, EUR 11 000 000 was transferred on 22 March 2021, EUR 82 000 000 was
transferred on 25 March 2021, EUR 30 000 000 – on 4 October 2021, EUR 20 000 000 – on 6
December 2021. The value of the investment of EUR 143 000 000 was reduced in the end of the year
by the amount of EUR 4 860 624 and amounted to EUR 142 264 193 on 31/12/2021. In the period
from 1 January 2022 until 31 December 2022, the amount of EUR 50 000 000 was invested into
Pagalbos verslui fondas KŪB by the payment call, EUR 25 000 000 of which was transferred on 10
March 2022, EUR 25 000 000 – on 8 July 2022. On 28 December 2022, the limited partner's
investment of EUR 1 000 000 was repaid from the Fund. On 27 December 2023, the limited partner's
investment of EUR 1 500 000 was repaid from the Fund.
While, according to the Company‘s accounting policies, revaluation of an investment takes place once
in a year – at the end of the year, the Company decided, on receipt of unaudited quarterly financial
statements of Pagalbos verslui fondas KŪB, because of significant change in the value, to revalue the
investments every quarter.
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
20
For the end of 2023, the investment was revaluated based on the audited annual financial statements
of Pagalbos verslui fondas KŪB, and its value increased by EUR 18 487 719 during the reporting year
and amounted to EUR 198 410 147 on 31/12/2023.
The Company's has the right to withdraw from the activity of Pagalbos verslui fondas KŪB following
the rules described in the agreement. When withdrawing, accounts are settled with the Company
following the below-mentioned principles: (a) if the Fund is under liquidation, accounts are settled with
the Company following the rules laid down in Paragraph 12 of the Agreement – upon sale of the
assets, payment of the Fund's taxes and fees, money is transferred; (b) if the Company's rights and
duties regarding the Fund are taken over by the other person, the Company's withdrawal conditions
(including return of Called liabilities) are discussed in a separate agreement between the Company,
full member and taking-over person (new Limited partner); (c) if the Company withdraws from the
Fund without transferring its rights and duties to a third party, accounts are settled with the Company
regarding the Called liabilities following the rules laid down in Paragraph 12 of the Agreement – assets
are sold, Fund's taxes and fees are paid, money is transferred (while Uncalled liabilities of the
Company expire).
3.3. Other current assets
Other current assets on 31 December consisted of the following:
Year ending
on 31/12/2023
Year ending
on 31/12/2022
Expenses of future periods
43 491
43 167
Total
43 491
43 167
Neither in 2022, nor on 31 December 2023, the Company had amounts receivable from associated
parties.
3.4. Cash and cash equivalents
Cash and equivalents consisted of the following:
Year ending
on 31/12/2023
Year ending
on 31/12/2022
Cash at bank
1 772 664
1 388 824
Total
1 772 664
1 388 824
3.5. Authorised capital
According to the Agreement of Association of 7 August 2020, the Shareholders contributed EUR 100
200 000 to form the authorised capital. All shares of the Company are ordinary registered non-
material shares, and their number is 10 020 000.
On 17 March 2021, the increase of the authorised capital was registered, and 100 000 ordinary
registered non-material shares were additionally issued. On the reporting day, the registered authorised
capital of the Company was EUR 101 200 000, consisting of 10 120 000 ordinary registered shares of
par value of EUR 10 each. All shares were fully paid up.
3.6. Issued bonds
In 2021, 1 series 2 parts of bonds were issued for the total value of EUR 50 000 000 (ISIN code
LT0000405664) (the decisions of the Company's Board were adopted on 9 July 2021, No. 25, 15
September 2021, No. 27, 25 November 2021, No. 30 and 31, accordingly).
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
21
In 2022, 2 series 1 part bonds were issued for the value of EUR 25 000 000 (ISIN code
LT0000406258), (the decisions of the Company's Board were adopted on 1 March 2022, No. 3 and
No. 4), and 3 series 1 part bonds – for the value of EUR 25 000 000 (ISIN code LT0000406613) (the
decisions of the Company's Board were adopted on 28 June 2022, No. 7, No. 8, and No. 9). No
bonds were issued in 2023.
Bond maturity dates: LT0000405664: 25 September 2025; LT0000406258: 8 March 2025;
LT0000406613: 30 June 2027. Bonds interest rates: LT0000405664- 0%; LT0000406258 - 0.65 %;
LT0000406613- 2.826%. Bonds issue terms and conditions stipulate the Company's right to redeem
the Bonds earlier, i.e., one year precisely before the Bonds maturity date. Bonds early redemption
dates: LT0000405664: 22 September 2024; LT0000406258: 8 March 2024; LT0000406613: 30 June
2026.
Year ended
on 31/12/2023
Year ended
on 31/12/2022
Issued bonds
100 000 000
100 000 000
Bonds issue expenses
(129 181)
(167 510)
Total
99 870 819
99 832 490
3.7. Accrued interest of issued bonds
Year ended
on 31/12/2023
Year ended
on 31/12/2022
Accrued interest LT0000406613
358 089
358 089
Accrued interest LT0000406258
133 116
133 116
Total
491 205
491 205
3.8. Amounts payable to employees
Amounts payable on 31 December:
Year ended on
31/12/2023
Year ended on
31/12/2022
Taxes payable
(2)
(2)
Vacation reserve accrual
13 386
9 152
Total
13 384
9 150
3.9. Other amounts payable and accrued expenses
Amounts payable on 31 December:
Year ended on
31/12/2023
Year ended on
31/12/2022
Remuneration payable to members of the Board
2 731
12 438
Taxes payable on remuneration to the members of the
Board
1 587
7 402
Short-term trade payables to suppliers
2 721
4 530
Total
7 040
24 370
3.10. Operating expenses
Operating expenses on 31 December consisted of:
Year ended on
31/12/2023
Year ended on
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
22
31/12/2022
Wages and related taxes
(98 778)
(86 504)
Expenses of Board members' remuneration
(52 109)
(32 440)
Accounting expenses
(15 536)
(15 536)
Audit expenses
(7 260)
(7 260)
Bank fee expenses
(112)
(113)
Legal assistance expenses
(594)
(3 509)
Other administrative expenses
(8 955)
(13 768)
Total
(183 343)
(159 131)
3.11. Other expenses
Other expenses on 31 December consisted of:
Year ended on
31/12/2023
Year ended on
31/12/2022
Expenses of issue/distribution of non-equity securities
(65 408)
(53 865)
Other expenses of financial and investment activities
(37 500)
(37 500)
Total
(102 908)
(91 365)
3.12. Interest expenses
Interest expenses on 31 December consisted of:
Year ended on
31/12/2023
Year ended on
31/12/2022
Bonds interest expenses
(892 413)
(514 618)
Total
(892 413)
(514 618)
3.13. Change in the value of financial assets accounted at their fair value, which is recognised
as profit or (loss).
Increase in the value of financial assets accounted at their fair value, which is recognised as profit or
loss, for the year ending on 31 December 2023:
Year ended on
31/12/2023
Year ended on
31/12/2022
Financial asset value increase (decrease)
19 987 719
(11 341 765)
Total
19 987 719
(11 341 765)
3.14. Profit (loss) distribution project
On 31 December 2023, the Company's profit was EUR 18 809 055. It will be proposed to transfer EUR
10,120,000 to the legal reserve and to fully form it. The company's remaining profit of EUR 8,689,055
will be carried over to the next year.
3.15. Income tax and deferred income tax
Income tax for the year ending on 31 December:
Year ended on
Year ended on
31/12/2023
31/12/2022
Taxable income
-
-
Total expenses:
(1 178 664)
(12 106 879)
Allowed deductions
(1 178 664)
(765 114)
Non-permissible deductions
5
11 341 765
Profit (loss)
(1 178 659)
(765 114)
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
23
Recognised deferred income tax asset from transferrable
losses
-
-
Unrecognised deferred income tax asset from transferrable
losses
-
176 799
114 767
Income tax
-
-
In 2023, the Company operated at a profit. In 2022, the Company incurred loss caused by the
investment revaluation.
Income tax is assessed in accordance with the requirements laid down in the Lithuanian tax laws. On
31 December 2023, the standard income tax tariff in Lithuania was 15% (31 December 2022 – 15%).
Deferred income tax asset is realized if the Company expects to generate profit in the future. On 31
December 2023, deferred income tax asset is not recognised as as dividend to be received by the
Company from Pagalbos Verslui Fondas KŪB will not be taxed. The Company does not expect to
generate income from other sources in the future.
3.16. Basic and diluted earnings (loss) per share
Basic earnings (loss) per share are calculated by dividing the net income (loss) of the period by the
weighted average number of ordinary shares issued during the period concerned. The weighted
average number of shares in 2023 was 10 120 000.
Earnings (loss) per share:
2023
2022
Jan – Dec Jan - Dec
Net profit (loss)
18 809 055
(12 106 879)
Weighted average number of issued ordinary shares
10 120 000
10 120 000
Basic and diluted earnings (loss) per share
1.8586
(1.196)
3.17. Related party transactions
The key management personnel of the Company consists of the General Director and members of the
Board. The Fund is considered as another related party.
In 2023, the Company had one transaction with an related party: the investment repayment of EUR 1
500 000 was made in December 2023.
Salary of the key management personnel
2023
2022
Remuneration and other short-term benefits to employees
92 857
80 413
Remuneration to the Board members
52 109
32 439
Total
144 966
112 852
3.18. Rights and obligations not disclosed in the Statement of Financial Position
The Republic of Lithuania guaranteed up to EUR 150 000 000 for the bonds issued by the Company.
3.19. Events after the date of the Statement of Financial Position
No events that would impact the present financial reports or should be additionally disclosed took
place in the period from the end of the financial year till the day of the approval of the present financial
reports.
On behalf of Valstybės investicinis kapitalas UAB
Chief Accountant
Robertas Vyšniauskas
General Director
Inga Čėsnienė
Authorised person of Nordgain UAB
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
24
Valstybės investicinis kapitalas UAB
ANNUAL REPORT FOR 2023
Assessment of the compliance of the annual report of 2023 of the Company (or annual performance
report) with the provisions of the business transparency guidelines of state-managed companies,
management code of companies listed by NASDAQ Vilnius, and the Law on Financial Statements of
Companies (or the Law on State and Municipal Companies), and other good accountability practices.
DESCRIPTION AND PURPOSES OF THE COMPANY'S ACTIVITIES
General information
Valstybės investicinis kapitalas UAB(hereinafter referred to as the VIKA or the Company) is a limited
liability company registered in the Republic of Lithuania. The Company was registered on 26 August
2020.
The Company is registered at the address: Gedimino pr. 38, Vilnius.
The tax payer's code of the Company – 305611945.
Electronic mail address: info@vika.lt.
Shareholder: The State
Institution representing the state: Ministry of Finance of the RoL
Share owned by the state: 100%
Manager's Address
Valstybės invsticinis kapitalas (VIKA)
was founded to help Lithuanian
business to overcome pandemic
caused challenges.
All bonds of the value of EUR 100
million issued by VIKA are listed on the
stock exchange of Nasdaq Vilnius and
can participate in the operations of the
monetary policy of the European
Central Bank.
VIKA made the total investment of
EUR 200 million in Limited partnership
Pagalbos verslui fondas and the latter
amount of investment was determined
by the real demand of Lithuanian
businesses. In 2023, the planned investment of 1.5 million returned to VIKA (2.5 million returned to
VIKA, in total).
It is important that Limited partnership Pagalbos verslui fondas finished the period of active investment
and VIKA will no longer make any investment into Limited partnership Pagalbos verslui fondas,
accordingly. It should be mentioned that VIKA is fulfilling its obligations to the investors in a proper
manner, i.e., in March and June 2023, interest according to the issued securities was paid. I would like
to introduce the performance results to you.
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
25
VIKA activity description and activity model
According to the Activity Description of the Measure 'Business Aid Fund' approved by the Minister of
Economy and Innovation of the Republic of Lithuania and the Minister of Finance of the Republic, the
purposes of the Fund is to help the Lithuanian economy to recover from the consequences of COVID-
19 coronavirus, by financing the measures of business aid and capital market development from the
funds attracted by the state and capital market measures.
VIKA is the company founded by the Ministry of Economy and Innovation of the Republic of Lithuania
in 2020, which is a limited partner of Limited partnership Pagalbos verslui fondas, making a state
contribution into the fund.
The letter of the Ministry of Economy and Innovation of the Republic of Lithuania regarding the
expectations of the state (VIKA's shareholder) named the main expectations regarding its activity,
including the requirements applied to the issue of debt securities (DS):
• VIKA has to attract EUR 400 million by issuing DS and exert efforts to ensure VIKA does not operate
at a loss.
• VIKA must ensure the total price of attracted funds meets the best market conditions during DS
issue, by taking advantage of all possible solutions optimising the costs of DS issue and of the whole
financial cycle, e.g., by applying credit rating establishment and other measures.
• VIKA must install proper risk management measures.
Considering the state expectations for VIKA's activity, the DS programme of EUR 400 million with
unconditional state guarantee was approved for attracting money from private investors. Fitch Ratings
international rating agency gave the A rating for the above-mentioned programme. Securities of the
bond programme when needed are issued in lots. On the day of this report, the state issued the
guarantee of EUR 150 million to VIKA to secure the bonds programme. It should be noted that DS
distributed by VIKA do not certify any rights to objects or commodities that are immovable by nature,
or any rights or duties to acquire or transfer such securities.
Valstybės investicinis kapitalas UAB issued DS in total for EUR 100 million during the period of its
operation.
All bonds distributed by the company are included into the Debt securities list of Nasdac Baltics from
30 September 2021. The state guarantee was issued to secure obligations of the bonds.
DS distribution process of VIKA is standard and complies with the practice currently applied on the
market. Since VIKA is a newly established company with no competence in distributing DS
independently, VIKA contracted suppliers of legal and financial services for provision of the above-
mentioned services. Luminor Bank AS Lithuanian Branch, being the organiser of DS distribution,
undertook an obligation to act as an intermediary in DS distribution process from its beginning till the
end, i.e., undertook an obligation to provide all services related to DS issue and its offer to third
parties, including preparation for DS issue, DS issue organisation, DS offer for investors, coordination
of DS issue in the process of obtaining an external independent credit rating, etc.
It was agreed in writing that VIKA will pay a remuneration to the organiser for intermediation in DS
transactions as a per cent from the DS earnings, but only if VIKA's DS are successfully distributed. If
the organiser fails in distributing VIKA DS issue, i.e., providing the main service of intermediation in DS
transactions, the organiser will receive no remuneration from VIKA.
The main activity of VIKA comprises the following:
➢ management of assets owned by the state that were transferred to VIKA;
➢ foundation, financing of legal entities intended to implement the activity purpose of VIKA and
participation in their activities;
➢ issue of bonds;
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
26
➢ attraction of private investments.
According to the Agreement of Association of 7 August 2020, the Shareholder contributed EUR 100
200 000 to form the authorised capital. All shares of the Company are ordinary registered non-
material shares, and their number is 10 020 000.
The registered authorised capital of the Company is EUR 101 200 000, consisting of 10 120 000
ordinary registered shares of the par value of EUR 10 each.
On 30 December 2020, the amount of EUR 1 000 000 was received from the shareholder fo increasing
the authorised capital.
On 17 March 2021, the increase of the authorised capital was registered and 100 000 ordinary
registered non-material shares were additionally issued. On the reporting day, the registered authorised
capital of the Company was EUR 101 200 000, consisting of 10 120 000 ordinary registered shares of
par value of EUR 10 each.
All shares were fully paid up.
Financial year of the Company coincides with a calendar year.
The Company prepared its financial statements according to the International Financial Reporting
Standards (IFRS) applicable in the European Union (hereinafter referred to as the EU).
Description of the activity during the reporting period
On 7 February 2023, Company's shareholder the Ministry of Finance of the Republic of Lithuania
adopted a decision on recall of one board member (dependent, former civil servant).
On 8 March 2023, interests of the Securities issue LT0000406258 were paid.
On 2 May 2023, Company's shareholder the Ministry of Finance of the Republic of Lithuania adopted
a decision on appointment of one board member (dependent, former civil servant).
On 30 June 2023, interests of the Securities issue LT0000406613 were paid.
On 27 December 2023, the Company received EUR 1.5 million from the Fund, as the limited partner's
repayment of the investment into the Fund.
Description of the Board's activity during the reporting period
In 2023, the Company's Board held five meetings, where decisions on the Company's organisational
matters, operating budget, and other matters relevant to the Company's activities were adopted.
All decisions were adopted unanimously by the Board members (all appointed Board members were
present at the meetings and engaged in decision-making. By the order of Minister of Finance Gintarė
Skaistė of 7 February 2023, Tomas Urban was recalled from the board members of Valstybės
investicinis kapitalas UAB. From 2 May 2023, a new member of the Board was appointed – Marius
Alubeckas.
The Board adopted the following most important decisions:
Board's meeting minutes No. 1 of 31 January 2023.
At the above-mentioned meeting, the Board approved the operating goals of the Company's Head for
2023.
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
27
Significant events after the end of the financial year
No events that would impact the present financial reports or should be additionally disclosed took
place in the period from the end of the financial year till the day of the approval of the present financial
statements.
STRATEGY AND ITS IMPLEMENTATION
The strategic directions, mission, vision, and goals of the Company
The key purpose of the activity of VIKA is to help Lithuanian economy to recover from the
consequences of the COVID-19, by financing aid measures for business and capital market
development from the funds attracted by the state and capital market measures.
The Ministry of Economy and Innovation of the Republic of Lithuania named the expectation for VIKA
in its letter on the state (shareholder of VIKA) expectations that VIKA will cooperate with private limited
company State Investment Management Agency and through the jointly-established limited
partnership Pagalbos verslui fondas (hereinafter referred to as the Fund) in helping Lithuanian
economy to recover from the consequences of the COVID-19, by financing aid measures for business
and capital market development from the funds attracted by the state and capital market measures.
For this purpose, if needed, VIKA must try to attract up to EUR 400 million from private investors and
invest it.
The business fields and directions of the Company is to help the Lithuanian economy to recover from
the consequences of COVID-19 coronavirus in accordance with the provisions laid down in the Activity
description of the Measure 'Business Aid Fund' approved by the Minister of Economy and Innovation
of the Republic of Lithuania and the Minister of Finance of the Republic of Lithuania, by financing the
measures of business aid and capital market development from the funds attracted by the state and
capital market measures. It must be noted that the specific purpose of the activity of VIKA determines
definition of the mission, strategy and vision of VIKA in the letter of shareholder's expectations rather
than in separate documents and coincides with the established purposes of activity of VIKA.
Coherence
The Company's position is to ensure maximum reflection of the matters of coherence and
sustainability in daily activities. The activity specifics of the Company and employment of 1 person
determine the fact that the company has not acquired any property, does no rent or uses the
company's office, vehicles, or other equipment on any other grounds, and has no other direct
expenses that would affect the environment, therefore, conducting an analysis of the main
environmental, social and economic effects is inexpedient. Furthermore, the company promotes and
aspires compliance of green procurements through public procurements carried out via CPO LT.
Business plans and forecasts of the Company
Pursuant to Stakeholders' Agreement of 6 October 2020, including all subsequent amendments and
supplements , the Company undertook an obligation to invest up to EUR 250 000 000 (two hundred
fifty million Euro) into Limited partnership Pagalbos verslui fondas. The Company's investment
obligation includes all transfers under Payment calls and transfer amount may not exceed the
investment obligation amount at any time. On the other hand, the Company has resources available
for increase of the liabilities and investment of up to EUR 500 million because of the approved EUR
400 million bonds programme, and EUR 100 million own funds available.
Compliance of the achieved operating results with the set targets
In 2023, the Company successfully paid interests for bonds, the set targets were reached.
If needed, the Company can continue issuing bonds within the framework of the programme of
medium-term non-equity securities covered by the guarantee of the Republic of Lithuania up to EUR
400 million.
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
28
ANALYSIS OF FINANCIAL AND PERFORMANCE RESULTS
Incomes
The Company had no income in 2023 and 2022. The construction of the activity model of the
Company is such that apart from receipt of investments with return the Company plans no additional
incomes in the nearest future.
Expenses
The Company's operating expenses, other expenses and interest expenses on 31 December 2023
were EUR 1 178 664. In 2023, the decrease in the value of the Investment into Limited partnership
Pagalbos verslui fondas was restored – EUR 19 987 719 according to the audited financial statements
of Limited partnership Pagalbos verslui fondas.
It is stated in the financial statements of Limited partnership Pagalbos verslui fondas that when
estimating the positions of the investment portfolio at the fair value, the data of individual credit risk
assessment of appropriate segments of financial markets and internal companies were observed.
Structure of the operating expenses in 2023
Picture 1. Structure of the operating expenses in 2023
Wages and related
taxes
Expenses of Board
members'
remuneration
Accounting
expenses
Audit expenses
Bank fee expenses
Legal assistance
expenses
Other
administrative
expenses
Wages and related expenses account for the major share of the operating expenses in 2023.
An increase in the operating expenses is observed in 2023, which is mainly affected by the increase in
the remuneration for the board members.
Table 2. Groups of the Company's expenses and their change
2023
2022
Change %
Operating and other expenses
183 343
159 131
15%
Change in the value of financial assets
accounted at their fair value, a change of
which is recognised as profit or (loss), loss
-
11 341 765
-100%
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
29
Activity result of the Company
The net profit of the Company in 2023 was EUR 18 809 million, while in 2022 the Company incurred a
net loss of EUR 12.11 million. The main reason of the net profit growth in the increase in the value of
the fixed financial assets.
Profit (loss) per one share
Ordinary income (loss) per share is calculated by dividing the net income (loss) of the period by the
weighted average of the number of ordinary shares issued during the period concerned. The
weighted average of shares in 2023 was 10 120 000 shares.
Income (loss) per share:
2023
2022
Net profit (loss)
18 809 055
(12 106 879)
Weighted average of issued ordinary shares
10 120 000
10 120 000
Ordinary income (loss) per share
1.859
(1.196)
Table 3. Balance groups of the Company and their changes
Balance sheet analysis
31/12/2023
31/12/2022
Change in EUR
Change %
Non-current assets
198 442 286
179 992 162
18 450 124
10%
Current assets
1 816 155
1 431 991
384 164
27%
TOTAL ASSETS
200 258 441
181 424 153
18 834 288
10%
Total equity
99 875 993
81 066 938
18 809 055
23%
Non-current liabilities
99 870 819
99 832 490
38 329
0%
Current liabilities
511 629
524 725
-13 096
-2%
TOTAL LIABILITIES
100 382 448
100 357 215
25 233
0%
The growth of the fixed assets is observed in 2023 - EUR 18 450 124, mainly because of the
restoration of the value of the financial assets.
In 2023, the Company had EUR 1 772 664 on its bank account. On 27 December 2023, the
investment of EUR 1 500 000 was returned.
Table 4. Main financial indicators of the Company
Main financial indicators
31/12/2023
31/12/2022
Revenues
-
-
Expenses
1 178 664
765 114
Change in the value of financial assets accounted at
their fair value, a change of which is recognised as
profit or (loss)
19 987 719
(11 341 765)
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
30
Net profit (loss)
18 809 055
(12 106 879)
Liquidity indicators
Current ratio
3.55
2.73
Critical liquidity ratio
3.55
2.73
Cash liquidity ratio
3.46
2.65
Net working capital ratio
1 304 526
907 266
Profitability ratios
Net profit ratio
-
-
Asset turnover ratio
-
-
Return on assets ROA %
9.86 %
-7.5%
Return on equity ROE %
20.79 %
-13.90%
Debt-to-equity ratio
1.0051
1.24
All financial data provided in this report were calculated according to the International Financial
Reporting Standards (IFRS), adopted for application in the EU, unless otherwise stated.
Income tax
Income tax is assessed in accordance with the requirements laid down in the Lithuanian tax laws. On
31 December 2023, the standard income tax tariff in Lithuania was 15 per cent Deferred income tax
asset is sold, if the Company expects profit generation in the future. Deferred income tax assets of 31
December 2023 are not recognised. On 31 December 2023, deferred income tax asset is not
recognised as following receipt of dividends by the Company from Limited Partnership pagalbos
verslui fondas, the income will be tax exempt.
On 31 December 2023, the Company's profit was EUR 18 809 055. It will be proposed to transfer EUR
10,120,000 to the legal reserve and to fully form it. The company's remaining profit of EUR 8,689,055
will be carried over to the next year.
RISK FACTORS
Key risk factors and their management policy
The Company's activity must comply with Commission Decision No. C(2020) 3534 (final) of 26 May
2020 ‘State Aid SA.57008(2020/N) – Lithuania COVID-19: Aid Fund for Business’ (as subsequently
amended and supplemented) (hereinafter referred to as the Aid Scheme) and the provisions of the
Description of Activities of the Measure ‘Aid Fund for Business’ approved by the Minister of the
Economy and Innovation of the Republic of Lithuania and the Minister of Finance of the Republic of
Lithuania (as subsequently amended and supplemented) Such specifics of the activity of the Company
determines limited need for risk management policy. On the other hand, general risk management
controls are implemented in the company.
Credit risk. It is a risk of the other party's inability to fulfil its obligations to the Company. The
Company applies measures ensure transactions are concluded with trustworthy clients and the
amount of transactions does not exceed the credit risk limits at all times. The Company has not issued
guarantees for other parties' obligations. The company encounters the risk of the other party's inability
to fulfil its obligations to the Company.
Liquidity risk. It is a risk of incapability to fulfil own payment obligations in time. The Company
manages the liquidity risk by reserving sufficient quantity of cash and cash equivalents, securing
financing, fulfilment of planned obligations.
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
31
Market risk. It is a risk of incurring losses by the Company because of fluctuation of market variables.
Risk of fluctuation in securities prices is most relevant for the Company. Besides, the Company did not
have any financial derivatives intended to control the risks of interest rate fluctuations. The Company
invest all its financial means available into Limited partnership Pagalbos verslui fondas. Since all the
operations by the Company are in Euro, and open positions of foreign currency are insignificant, the
exchange rate risk is irrelevant for the Company.
INVESTMENT PROJECTS
Main investment projects under implementation and implemented.
During 2020, the Company invested EUR 7 million into Limited partnership Pagalbos verslui fondas at
the call.
During 2021, the Company invested EUR 143 000 000 into Limited partnership Pagalbos verslui
fondas at the calls.
During 2022, the Company invested EUR 50 000 000 into Limited partnership Pagalbos verslui fondas
at the calls.
Pursuant to Stakeholders' Agreement of 6 October 2020, including all subsequent amendments and
supplements, the Company undertook an obligation to invest up to EUR 250 000 000 into Limited
partnership Pagalbos verslui fondas.
Planned investment projects
According to the approved programme of EUR 400 million, the Company can issue bonds to attract
additional funds, should the Company assume additional obligations.
Apart from the investments into Limited partnership Pagalbos verslui fondas, the Company did not
plan any other investment.
Investment policy
The specifics of the Company's activity determine limited need for investment policy. The Company's
activity is based on the Commission Decision No. C(2020) 3534 (final) of 26 May 2020 ‘State Aid
SA.57008(2020/N) – Lithuania COVID-19: Aid Fund for Business’ (as subsequently amended and
supplemented) (hereinafter referred to as the Aid Scheme) and the provisions of the Description of
Activities of the Measure ‘Aid Fund for Business’ approved by the Minister of the Economy and
Innovation of the Republic of Lithuania and the Minister of Finance of the Republic of Lithuania (as
subsequently amended and supplemented)
On 8 December 2022, the board adopted the decision (minutes No. 12 of the meeting) approving the
policy of investment of free funds into Limited liability company Valstybės investicinis kapitalas. It
established the possibility of investing free funds of the Company into the following financial
instruments:
• Term deposits in the banks of the European Union Member States, Switzerland, and
European Economic Area Member States or their branches, including in the Bank of Lithuania;
▪ Government's debt securities;
▪ Debt securities of commercial banks;
▪ Investment units of investment funds of money market.
The purpose of the Company's investments according to the policy of investment of free funds is
temporary investment of free funds of the Company until the need for their use in implementation of
the Company's projects or repayment to the owners of the bonds issued by the Company,
shareholders or creditors of the Company arises; and when implementing the latter purpose, free
funds of the Company must be invested according to the following sequence of priorities:
▪ Security of investments – the priority goal of investment is to ensure security of invested
money, i.e., guarantee that a part of invested money would always be recovered.
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
32
▪ Liquidity assurance – money must be managed to provide the Company with a possibility to
carry out its usual activity and fulfil its obligations.
▪ Maximisation of the return on investments – money must be managed to ensure receipt of
maximum possible return on investment following the principles for assurance of investment security
and liquidity.
The Company has not made any investment according to the policy of investment of free funds in
2023.
MANAGEMENT STRUCTURE, MANAGEMENT AND SUPERVISION BODIES OF THE COMPANY
Main shareholders of the Company, their rights
On 13 April 2022, the Government of the Republic of Lithuania adopted the decision to transfer all
shares owned by the state and managed by trust by the Ministry of Economy and Innovation of the
Republic of Lithuania, i.e., 10 120 000 ordinary registered non-material shares, granting 100 per cent
votes at VIKA's general meeting of shareholders, to the Ministry of Finance of the Republic of
Lithuania to manage, use, and dispose by trust.
The rights and duties of the shareholders of VIKA are established by the Joint Stock Companies Law
and other laws of the Republic of Lithuania.
Rights granted by VIKA's shares are exercised following the procedure established by the Joint Stock
Companies Law, other laws, and legal acts, and Articles of Association of the Company.
On 31 December 2023, 100% of the Company's authorised capital was owned by the Republic of
Lithuania, company code 111105555.
Governing bodies of the Company (structure)
VIKA has the following governing bodies:
• general meeting of shareholders
• board
• VIKA's head (director general)
The Company together with the other company (Valstybės investicijų valdymo agentūra UAB) is the
founder of Limited partnership Pagalbos verslui fondas.
The management of the Company consists of the director general and board members. Parties
recognised related to the Company include shareholders, Board members, their family members and
companies having direct or indirect (via intermediary) control of the Company or under control
separately or together with the other party, which is recognised as related party, provided that the latter
relationship entitles one of the parties to control the other party or make significant impact on the other
party when making financial and management decisions.
The Company has approved governing structure and positions (see Picture 2 below). According to the
effectiveness purposes stipulated in the letter of expectations of VIKA's shareholder, the Company
employed no other persons except for the head.
Picture 2. Governing structure of the Company
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
33
Board composition of the Company, beginning/end of the term of office
Chair of the Board - Šarūnas Ruzgys. The Board's member was elected on 7 August 2020.
Board's member Jonas Bložė was elected on 3 December 2020.
Board's member Tomas Urban Director of the Business Environment Department of the Ministry of
Economy and Innovation was elected as the Board's member on 7 August 2020, and was recalled
from the position by the order of the Minister of Finance of the Republic of Lithuania of 7 February
2023.
Board's member Robertas Vyšniauskas was recalled from his post as the Board member on 19
November 2020 because of his appointment to the post of director general of Valstybės investicinis
fondas UAB (he was appointed as the Board member under the Agreement of 7 August 2020).
Board's member Marius Alubeckas chief specialist of Financial Instruments Division, Investment
Department of the Ministry of Finance of the Republic of Lithuania appointed on 2 May 2023.
Selection principles applied to Board formation
Members of the Board are elected by the general meeting of shareholders for 4 years. The procedure
of election and recall of the Board and its individual members coincides with the procedure established
in the Joint Stock Companies Law. The Board consists of 3 members, two of whom are independent
members. Competences and decision-making procedure of the Board are the same as established in
the Joint Stock Companies Law.
The Board also has the following additional competence:
- to consider and approve the policy of investment of temporary free funds,
- to give approval to VIKA's head to conclude a transaction of the value over EUR 50 000 (fifty
thousand Euro), excluding VAT,
- to consider and adopt decisions on implementation of appropriate resolutions of the general
meeting of shareholders;
- to consider and adopt decision on the issue of VIKA's bonds, as stipulated in Article 55(4) of
the Joint Stock Companies Law,
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
34
- to establish indicators applicable to assessment of the performance of VIKA's head and their
planned values, which determine the variable value of monthly salary of VIKA's head.
No committees have been formed in the Company. Performance of the Audit committee's functions
stipulated in legal acts is delegated to the Board.
Head of the Company, his/her qualification, other held positions and salary
Head of the Company is director general Robertas Vyšniauskas.
20 years' professional experience in commercial and business law, deep knowledge of corporate
management, business development and strategy, mergers and acquisitions and management of
multilateral complex projects.
Other activities: Independent Board's member (chair of the Board) of EPSO-G UAB and Audit
committee's member, independent member of the supervisory board of Klaipėdos nafta AB (chair of
the supervisory board), and member of the audit and remuneration allocation committee, independent
member of the Board of Vilniaus vystymo kompanija UAB (chair of the board) and a member of the
Audit Committee, lecturer of Vilnius University Business School.
Previous activity: Independent member of the board of Valstybės investicinis kapitalas UAB,
independent member of the board of state enterprise Infostruktūra, member of the board, director
general of Vilniaus prekyba UAB companies, and lawyer of associated or controlling companies.
Calculated salary to the head of the Company for 2023 was EUR 73 798.34. Calculated yearly bonus
for 2022 – EUR 19 058.70.
General meeting of shareholders and its activity
Competences of the general meeting of shareholders, the procedure of its convocation, decision-
making are the same as established in the Joint Stock Companies Law, except for the cases
stipulated in Article 23 of the Articles of Association. If all shares of VIKA are owned by the same
person, his/her written resolutions are equivalent to resolutions of the general meeting of
shareholders. The general meeting of shareholders has the following additional competence:
• to establish the remuneration for board and committee (if any) members for work following the
procedure applicable in the board and appropriate committees;
• to adopt decisions on signing agreements with members of the board and committees (if any)
and establishment of their conditions, including the maximum remuneration for members and chair of
the board and appropriate committees;
• to set the goals for the board and audit committee (if any) and the procedure of accountability
for their performance to the general meeting of shareholders.
SALARY AND STAFF
On 31 December 2023 and on 31 December 2022, the average yearly number of the Company's
employees was 1. The yearly wage bill in 2023 was EUR 73 798.34 consisting of fixed and EUR 19
058.70 variable component, in 2022: EUR 63 528.99 EUR fixed and EUR 16 833.60 variable
component.
The average monthly salary of employees (gross) by the position held (excluding variable part):
Director General
2023 - EUR 6 149.86
2022 - EUR 5 294.08
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
35
Policy of remuneration of the Company's head. On 8 December 2022, the board adopted the decision
(minutes No. 12 of the meeting) approving the policy of remuneration of Limited liability company
Valstybės investicinis kapitalas. The following is established in it:
• Remuneration of the Company's employee consists of the fixed part of remuneration and
variable part. The fixed part of remuneration is reviewed on a yearly basis, considering the trends on
the labour market.
• The fixed monthly part of the salary of the Company's head is established by the board's
decision. Variable part of the monthly salary by the board's decision can be established in per cent for
the financial year or quarter, having assessed the fulfilment of the tasks of the employee and
achievement of the Company's performance assessment indicators for establishment of the variable
part of the employee's monthly salary for previous financial year or previous quarter, accordingly.
• Monthly variable part of the remuneration of the Company's head may not exceed 50% of the
monthly fixed amount of remuneration established for the head.
• When calculating the average salary of an employee, the variable part of salary is added to
the period, for which it was calculated, disregarding the date of estimation and disbursement.
Factual remuneration of the Board's members during the current year
Salary for Board's members is established according to the signed Agreements on Board members'
activity between director general representing the Company Robertas Vyšniauskas and Board
members.
On 31 December 2022, the Board adopted the decision No. 13 establishing the monthly salary for the
board members of the Company: (i) for an independent member of the Board – 1/4 of the average
monthly salary of the head of the Company in 2021, i.e., EUR 1 524.22 (one thousand five hundred
twenty four Euro 22 cent) before taxes; (ii) for a civil servant holding the position of a member of the
Company's Board – 1/8 of the average monthly salary of the head of the Company in 2021, i.e., EUR
762.11 (seven hundred sixty two Euro 11 cent) before taxes; (ii) for the chair of the Company's Board
– 1/3 of the average monthly salary of the head of the Company in 2021, i.e., EUR 2 032 29 (two
thousand thirty two Euro and 29 cent) before taxes was established from 5 August 2022. Until 5
August 2022, for a board member, if holding the chair's position – fixed quarterly salary of EUR 2 200,
and for a board member, not holding the chair's position – fixed quarterly salary of EUR 2 000 were
established; Salary will be reduced proportionally or not paid at all, if an independent board member
did not voice his/her opinion on agenda matters and did not cast his/her vote on them or did not attend
the board meetings.
Calculated salary to the Board members of the Company for 2023 was EUR 52 109.
DIVIDENDS POLICY
The Company has not paid dividends. The letter of expectations of VIKA's shareholder sets forth the
goal for the company's activity to be non-detrimental (ROE>0). The procedure of payment of dividends
and income payments and their potential amounts are regulated for the Company by the resolution of
the Government of the Republic of Lithuania 'On dividends for shares of companies owned by the
state and income payments of state enterprises'.
AUDIT
Auditor of annual financial statements
Audit is conducted on the basis of the Agreement on public procurement of services with Deloitte
Lietuva UAB signed on 15 October 2021, No. 20211015.
Signing of the Agreement from the Company's signed was represented by Director General Robertas
Vyšniauskas.
Audit remuneration is EUR 21 780 (incl. VAT).
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
36
Object of procurement – inspection of the financial statements of Valstybės investicinis kapitalas UAB
prepared following the International Financial Reporting Standards, of the audit conducted according
to the International Standards of Audit, and of the annual report for 2021, 2022 and 2023, and
expression of the opinion, if the financial data contained in the annual report coincide with the data of
the audited financial statements.
INFORMATION ABOUT AFFILIATES (ASSOCIATED COMPANIES)
The Company is the limited partner of Limited partnership Pagalbos verslui fondas.
Limited partnership Pagalbos verslui fondas was founded by implementing the Commission Decision
No. C(2020) 3534 (final) of 26 May 2020 ‘State Aid SA.57008(2020/N) – Lithuania COVID-19: Aid
Fund for Business’ The State will make investments into the Aid Fund for Business through Valstybės
investicinis kapitalas UAB, while the Fund is managed by Valstybės investicijų valdymo agentūra UAB
(VIVA), as stipulate din the resolution No. 512 of the Government of the Republic of Lithuania of 6 May
2020.
INFORMATION ABOUT ADHERENCE TO THE TRANSPARENCY GUIDELINES AND THE CODE
OF MANAGEMENT
VIVA adheres to the Resolution No. 1052 of the Government of the Republic of Lithuania of 14 July
2010 'On approval of the description of the guidelines for assurance of activity transparency of state-
controlled companies' (hereinafter referred to as the Transparency Guidelines). VIKA prepared the
disclosure of adherence to the requirements and recommendations laid down in the Transparency
Guidelines, which is enclosed as annex to this annual report.
Implementation of the Transparency Guidelines essentially is ensured through information disclosed in
the annual report, information publication on the websites https://www.vika.lt/ and
https://nasdaqbaltic.com/, to provide interest holders with information in accessible and
comprehensible form.
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
37
ANNEX I TO THE ANNUAL REPORT
Provisions of the Corporate Governance Code for the companies listed on NASDAQ Vilnius approved
by the Board of Nasdaq Vilnius AB at the meeting on 15 January 2019 (Minutes No. 19-63), and
information about (non)-compliance with them in VIKA's activities.
PRINCIPLES/RECOMMENDATIONS
Yes/No/Irrelevant
Explanations:
1. PRINCIPLE: GENERAL MEETING OF SHAREHOLDERS, EQUITABLE TREATMENT OF SHAREHOLDERS, AND
SHAREHOLDERS' RIGHTS
The corporate governance framework should ensure the equitable treatment of all shareholders.
The corporate governance framework should protect the rights of shareholders.
1.1. All shareholders should be provided with equal opportunity to access the
information and/or documents established and to participate in the decision-
making process where significant corporate matters are discussed.
Yes
Irrelevant at the moment,
as all shares are owned by
a single shareholder – the
state of the Republic of
Lithuania.
1.2. It is recommended that the company’s capital should consist only of the
shares that grant the same rights to voting, ownership, dividend and other
rights to all of their holders.
Yes
1.3. It is recommended that investors should have access to the information
concerning the rights attached to the shares of the new issue or those issued
earlier in advance, i.e. before they purchase shares.
Irrelevant
No new share distribution
for new shareholders /
investors is in progress or
planned.
1.4. Exclusive transactions that are particularly important to the company,
such as transfer of all or almost all assets of the company which in principle
would mean the transfer of the company, should be subject to approval of
the general meeting of shareholders.
Yes
1.5. Procedures for convening and conducting a general meeting of
shareholders should provide shareholders with equal opportunities to
participate in the general meeting of shareholders and should not prejudice
the rights and interests of shareholders. The chosen venue, date and time of
the general meeting of shareholders should not prevent active participation
of shareholders at the general meeting. In the notice of the general meeting
of shareholders being convened, the company should specify the last day on
which the proposed draft decisions should be submitted at the latest.
Yes
1.6. With a view to ensure the right of shareholders living abroad to access
the information, it is recommended, where possible, that documents
prepared for the general meeting of shareholders in advance should be
announced publicly not only in Lithuanian language but also in English
and/or other foreign languages in advance. It is recommended that the
minutes of the general meeting of shareholders after the signing thereof
and/or adopted decisions should be made available publicly not only in
Lithuanian language but also in English and/or other foreign languages. It is
recommended that this information should be placed on the website of the
company Such documents may be published to the extent that their public
disclosure is not detrimental to the company or the company’s commercial
secrets are not disclosed.
Irrelevant
Irrelevant at the moment,
as all shares are owned by
a single shareholder – the
state of the Republic of
Lithuania.
1.7. Shareholders who are entitled to vote should be furnished with the
opportunity to vote at the general meeting of shareholders both in person
and in absentia. Shareholders should not be prevented from voting in writing
in advance by completing the general voting ballot.
Yes
Irrelevant at the moment,
as all shares are owned by
a single shareholder – the
state of the Republic of
Lithuania.
1.8. With a view to increasing the shareholders’ opportunities to participate
effectively at general meetings of shareholders, it is recommended that
companies should apply modern technologies on a wider scale and thus
Yes
Irrelevant at the moment,
as all shares are owned by
a single shareholder – the
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
38
provide shareholders with the conditions to participate and vote in general
meetings of shareholders via electronic means of communication. In such
cases the security of transmitted information must be ensured and it must be
possible to identify the participating and voting person.
state of the Republic of
Lithuania.
1.9. It is recommended that the notice on the draft decisions of the general
meeting of shareholders being convened should specify new candidatures of
members of the collegial body, their proposed remuneration and the
proposed audit company if these issues are included into the agenda of the
general meeting of shareholders. Where it is proposed to elect a new
member of the collegial body, it is recommended that the information about
his/her educational background, work experience and other managerial
positions held (or proposed) should be provided.
Irrelevant
Irrelevant at the moment,
as all shares are owned by
a single shareholder – the
state of the Republic of
Lithuania.
1.10. Members of the company’s collegial management body, heads of the
administration or other competent persons related to the company who can
provide information related to the agenda of the general meeting of
shareholders should take part in the general meeting of shareholders.
Proposed candidates to member of the collegial body should also participate
in the general meeting of shareholders in case the election of new members
is included into the agenda of the general meeting of shareholders.
Yes
2. PRINCIPLE: SUPERVISORY BOARD
2.1. FUNCTIONS AND LIABILITY OF THE SUPERVISORY BOARD
The supervisory board of the company should ensure representation of the interests of the company and its shareholders,
accountability of this body to the shareholders and objective monitoring of the company’s operations and its management
bodies as well as constantly provide recommendations to the management bodies of the company. The supervisory board
should ensure the integrity and transparency of the company’s financial accounting and control system.
2.1.1. Members of the supervisory board should act in good faith, with care
and responsibility for the benefit and in the interests of the company and its
shareholders and represent their interests, having regard to the interests of
employees and public welfare.
Irrelevant
2.1.2. Where decisions of the supervisory board may have a different effect
on the interests of the company’s shareholders, the supervisory board
should treat all shareholders impartially and fairly. It should ensure that
shareholders are properly informed about the company’s strategy, risk
management and control, and resolution of conflicts of interest.
Irrelevant
2.1.3. The supervisory board should be impartial in passing decisions that
are significant for the company’s operations and strategy. Members of the
supervisory board should act and pass decisions without an external
influence from the persons who elected them.
Irrelevant
2.1.4. Members of the supervisory board should clearly voice their objections
in case they believe that a decision of the supervisory board is against the
interests of the company. Independent members of the supervisory board
should: a) maintain independence of their analysis and decision-making; b)
not seek or accept any unjustified privileges that might compromise their
independence.
Irrelevant
2.1.5. The supervisory board should oversee that the company’s tax
planning strategies are designed and implemented in accordance with the
legal acts in order to avoid faulty practice that is not related to the long-term
interests of the company and its shareholders, which may give rise to
reputational, legal or other risks.
Irrelevant
2.1.6. The company should ensure that the supervisory board is provided
with sufficient resources (including financial ones) to discharge their duties,
including the right to obtain all the necessary information or to seek
independent professional advice from external legal, accounting or other
experts on matters pertaining to the competence of the supervisory board
and its committees.
Irrelevant
2.2. FORMATION OF THE SUPERVISORY BOARD
The procedure of the formation of the supervisory board should ensure proper resolution of conflicts of interest and effective and
fair corporate governance.
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
39
2.2.1. The members of the supervisory board elected by the general meeting
of shareholders should collectively ensure the diversity of qualifications,
professional experience and competences and seek for gender equality.
With a view to maintain a proper balance between the qualifications of the
members of the supervisory board, it should be ensured that members of the
supervisory board, as a whole, should have diverse knowledge, opinions and
experience to duly perform their tasks.
Irrelevant
2.2.2. Members of the supervisory board should be appointed for a specific
term, subject to individual re-election for a new term in office in order to
ensure necessary development of professional experience.
Irrelevant
2.2.3. Chair of the supervisory board should be a person whose current or
past positions constituted no obstacle to carry out impartial activities. A
former manager or management board member of the company should not
be immediately appointed as chair of the supervisory board either. Where
the company decides to depart from these recommendations, it should
provide information on the measures taken to ensure impartiality of the
supervision.
Irrelevant
2.2.4. Each member should devote sufficient time and attention to perform
his duties as a member of the supervisory board. Each member of the
supervisory board should undertake to limit his other professional obligations
(particularly the managing positions in other companies) so that they would
not interfere with the proper performance of the duties of a member of the
supervisory board. Should a member of the supervisory board attend less
than a half of the meetings of the supervisory board throughout the financial
year of the company, the shareholders of the company should be notified
thereof.
Irrelevant
2.2.5. When it is proposed to appoint a member of the supervisory board, it
should be announced which members of the supervisory board are deemed
to be independent. The supervisory board may decide that, despite the fact
that a particular member meets all the criteria of independence, he/she
cannot be considered independent due to special personal or company-
related circumstances.
Irrelevant
2.2.6. The amount of remuneration to members of the supervisory board for
their activity and participation in meetings of the supervisory board should be
approved by the general meeting of shareholders.
Irrelevant
2.2.7. Every year the supervisory board should carry out an assessment of
its activities. It should include evaluation of the structure of the supervisory
board, its work organisation and ability to act as a group, evaluation of the
competence and work efficiency of each member of the supervisory board,
and evaluation whether the supervisory board has achieved its objectives.
The supervisory board should, at least once a year, make public respective
information about its internal structure and working procedures.
Irrelevant
3. PRINCIPLE: BOARD
3.1. FUNCTIONS AND LIABILITY OF THE BOARD
The management board should ensure the implementation of the company’s strategy and good corporate governance with due
regard to the interests of its shareholders, employees and other interest groups.
3.1.1. The management board should ensure the implementation of the
company’s strategy approved by the supervisory board if the latter has been
formed at the company. In such cases where the supervisory board is not
formed, the management board is also responsible for the approval of the
company’s strategy.
Yes
3.1.2. As a collegial management body of the company, the management
board performs the functions assigned to it by the Law and in the articles of
association of the company, and in such cases where the supervisory board
is not formed in the company, it performs inter alia the supervisory functions
Yes
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
40
established in the Law. By performing the functions assigned to it, the
management board should take into account the needs of the company’s
shareholders, employees and other interest groups by respectively striving to
achieve sustainable business development.
3.1.3. The management board should ensure compliance with the laws and
the internal policy of the company applicable to the company or a group of
companies to which this company belongs. It should also establish the
respective risk management and control measures aimed at ensuring regular
and direct liability of managers.
Yes
3.1.4. Moreover, the management board should ensure that the measures
included into the OECD Good Practice Guidance on Internal Controls, Ethics
and Compliance are applied at the company in order to ensure
adherence to the applicable laws, rules and standards.
Yes
3.1.5. When appointing the manager of the company, the management
board should take into account the appropriate balance between the
candidate’s qualifications, experience and competence.
Yes
3.2. FORMATION OF THE MANAGEMENT BOARD
3.2.1. The members of the management board elected by the supervisory
board or, if the supervisory board is not formed, by the general meeting of
shareholders should collectively ensure the required diversity of
qualifications, professional experience and competences and seek for
gender equality With a view to maintain a proper balance in terms of the
current qualifications possessed by the members of the management board,
it should be ensured that the members of the management board would
have, as a whole, diverse knowledge, opinions and experience to duly
perform their tasks.
Yes
3.2.2. Names and surnames of the candidates to become members of the
management board, information on their educational background,
qualifications, professional experience, current positions, other important
professional obligations and potential conflicts of interest should be disclosed
without violating the requirements of the legal acts regulating the handling of
personal data at the meeting of the supervisory board in which the
management board or individual members of the management board are
elected. In the event that the supervisory board is not formed, the information
specified in this paragraph should be submitted to the general meeting of
shareholders. The management board should, on yearly basis, collect data
provided in this paragraph on its members and disclose it in the company’s
annual report.
Yes
3.2.3. All new members of the management board should be familiarised
with their duties and the structure and operations of the company.
Yes
3.2.4. Members of the management board should be appointed for a specific
term, subject to individual re-election for a new term in office in order to
ensure necessary development of professional experience and sufficiently
frequent reconfirmation of their status
Yes
3.2.5. Chair of the management board should be a person whose current or
past positions constitute no obstacle to carry out impartial activity Where the
supervisory board is not formed, the former manager of the company should
not be immediately appointed as chair of the management board. Where the
company decides to depart from these recommendations, it should provide
information on the measures taken to ensure impartiality of the supervision.
Yes
3.2.6. Each member of the management board should devote sufficient time
and attention to perform his duties as a member of the supervisory board.
Should a member of the management board attend less than a half of the
meetings of the management board throughout the financial year of the
company, the supervisory board of the company or, if the supervisory board
is not formed at the company, the general meeting of shareholders should be
notified thereof.
Yes
3.2.7. In the event that the management board is elected in the cases
established by the Law where the supervisory board is not formed at the
company, and some of its members will be independent, it should be
announced which members of the management board are deemed as
independent. The management board may decide that, despite the fact that
Yes
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
41
a particular member meets all the criteria of independence established by
the Law, he/she cannot be considered independent due to special personal
or company-related circumstances.
3.2.8. The general meeting of shareholders of the company should approve
the amount of remuneration to the members of the management board for
their activity and participation in the meetings of the management board.
Yes
3.2.9. The members of the management board should act in good faith, with
care and responsibility for the benefit and the interests of the company and
its shareholders with due regard to other stakeholders. When adopting
decisions, they should not act in their personal interest; they should be
subject to no-compete agreements and they should not use the business
information or opportunities related to the company’s operations in violation
of the company’s interests.
Yes
3.2.10. Every year the management board should carry out an assessment
of its activities. It should include evaluation of the structure of the
management board, its work organisation and ability to act as a group,
evaluation of the competence and work efficiency of each member of the
management board, and evaluation whether the management board has
achieved its objectives. The management board
, at least once a year, make public respective information about its internal
structure and working procedures in observance of the legal acts regulating
the processing of personal
data.
Yes
4. PRINCIPLE: Rules of procedure of the supervisory board and the management board of the company
The rules of procedure of the supervisory board, if it is formed at the company, and of the management board should ensure
efficient operation and decision-making of these bodies and promote active cooperation between the company’s management
bodies.
4.1. The management board and the supervisory board, if the latter is formed
at the company, should act in close cooperation in order to attain benefit for
the company and its shareholders. Good corporate governance requires an
open discussion between the management board and the supervisory board.
The management board should regularly and, where necessary, immediately
inform the supervisory board about any matters significant for the company
that are related to planning, business development, risk management and
control, and compliance with the obligations at the company. The
management board should inform he supervisory board about any
derogations in its business development from the previously formulated
plans and objectives by
specifying the reasons for this.
Yes
4.2. It is recommended that meetings of the company’s collegial bodies
should be held at the respective intervals, according to the pre-approved
schedule. Each company is free to decide how often meetings of the
collegial bodies should be convened but it is recommended that these
meetings should be convened at such intervals that uninterruptable
resolution of essential corporate governance issues would be ensured.
Meetings of the company’s collegial bodies should be convened
at least once per quarter.
Yes
4.3. Members of a collegial body should be notified of the meeting being
convened in advance so that they would have sufficient time for proper
preparation for the issues to be considered at the meeting and a fruitful
discussion could be held and appropriate decisions could be adopted. Along
with the notice of the meeting being convened all materials relevant to the
issues on the agenda of the meeting should be submitted to the members of
the collegial body The agenda of the meeting should not be changed or
supplemented during the meeting, unless all members of the collegial body
present at the meeting agree with such change or supplement to the agenda,
or certain issues that are important to the company require immediate
resolution.
Yes
4.4. In order to coordinate the activities of the company’s collegial bodies
and ensure effective decision-making process, the chairs of the company’s
Yes
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
42
collegial supervision and management bodies should mutually agree on the
dates and agendas of the meetings and close cooperate in resolving other
matters related to corporate governance. Meetings of the company’s
supervisory board should be open to members of the management board,
particularly in such cases where issues concerning the removal of the
management board members, their responsibility
or remuneration are discussed.
5. PRINCIPLE: NOMINATION, REMUNERATION AND AUDIT COMMITTEES
5.1. PURPOSE AND FORMATION OF COMMITTEES
The committees formed at the company should increase the work efficiency of the supervisory board or, where the supervisory
board is not formed, of the management board which performs the supervisory functions by ensuring that decisions are based
on due consideration and help organise its work in such a way that the decisions it takes would be free of material conflicts of
interest. Committees should exercise independent judgment and integrity when performing their functions and provide the
collegial body with recommendations concerning the decisions of the collegial body. However, the final decision should be
adopted by the collegial body.
5.1.1. Taking due account of the company-related circumstances and the
chosen corporate governance structure, the supervisory board of the
company or,
in cases where the supervisory board is not formed, the management board
which performs the supervisory functions, establishes committees. It is
recommended that the collegial body should form the nomination,
remuneration and audit committees.
Irrelevant
5.1.2. Companies may decide to set up fewer than three committees. In such
case companies should explain in detail why they have chosen the
alternative approach, and how the chosen approach corresponds with the
objectives set for the three different committees.
Irrelevant
5.1.3. In the cases established by the legal acts the functions assigned to the
committees formed at companies may be performed by the collegial body
itself. In such case the provisions of this Code pertaining to the committees
(particularly those related to their role, operation and transparency) should
apply, where relevant, to the collegial body as a whole.
Yes
5.1.4. Committees established by the collegial body should normally be
composed of at least three members. Subject to the requirements of the
legal acts, committees could be comprised only of two members as well.
Members of each committee should be selected on the basis of their
competences by giving priority to independent members of the collegial
body. The chair of the management board should not serve as the chair of
committees.
Yes
5.1.5. The authority of each committee formed should be determined by the
collegial body itself. Committees should perform their duties according to the
authority delegated to them and regularly inform the collegial body about
their activities and performance on a regular basis. The authority of each
committee defining its role and specifying its rights and duties should be
made public at least once a year (as part of the information disclosed by the
company on its governance structure and practice on an annual basis). In
compliance with the legal acts regulating the processing of personal data,
companies should also include in their annual reports the statements of the
existing committees on their composition, the number of meetings and
attendance over the year as well as the main directions of their activities and
performance.
Irrelevant
5.1.6. With a view to ensure the independence and impartiality of the
committees, the members of the collegial body who are not members of the
committees should normally have a right to participate in the meetings of the
committee only if invited by the committee. A committee may invite or
request that certain employees of the company or experts would participate
in the meeting. Chair of each committee should have the possibility to
maintain direct communication with the shareholders. Cases where such
practice is to be applied should be specified in the rules regulating the
activities of the committee.
Irrelevant
5.2. NOMINATION COMMITTEE
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
43
5.2.1. The key functions of the nomination committee should be the
following: 1) to select candidates to fill vacancies in the membership of
supervisory and management bodies and the administration and recommend
the collegial body to approve them The nomination committee should
evaluate the balance of skills, knowledge and experience in the management
body, prepare a description of the functions and capabilities required to
assume a particular position and assess the time commitment expected;
Irrelevant
2) assess, on a regular basis, the structure, size and composition of the
supervisory and management bodies as well as the skills, knowledge and
activity of its members, and provide the collegial body with recommendations
on how the required changes should be sought; ; 4) devote the attention
necessary to ensure succession planning.
5.2.2. When dealing with issues related to members of the collegial body
who have employment relationships with the company and the heads of the
administration, the manager of the company should be consulted by granting
him/her the right to submit proposals to the Nomination Committee.
Irrelevant
5.3. REMUNERATION COMMITTEE
5.3.1. The key functions of the remuneration committee should be the
following: 1) submit to the collegial body proposals on the remuneration
policy applied to members of the supervisory and management bodies and
the heads of the administration for approval. Such policy should include all
forms of remuneration, including the fixed-rate remuneration, performance-
based remuneration, financial incentive schemes, pension arrangements and
termination payments as well as conditions which would allow the company
to recover the amounts or suspend the payments by specifying the
circumstances under which it would be expedient to do so; 2) submit to the
collegial body proposals regarding individual remuneration for members of
the collegial bodies and the heads of the administration in order to ensure
that they would be consistent with the company’s remuneration policy and
the evaluation of the performance of the persons concerned; 3) review, on a
regular basis, the remuneration policy and its implementation.
Irrelevant
The functions of the
remuneration committee
are performed by the
management board.
5.4. AUDIT COMMITTEE.
5.4.1. The key functions of the audit committee are defined in the legal acts
regulating the activities of the audit committee.
Irrelevant
The functions of the
remuneration committee
are performed by the
management board.
5.4.2. All members of the committee should be provided with detailed
information on specific issues of the company’s accounting system, finances
and operations. The heads of the company’s administration should inform
the audit committee about the methods of accounting for significant and
unusual transactions where the accounting may be subject to different
approaches.
Irrelevant
5.4.3. The audit committee should decide whether the participation of the
chair of the management board, the manager of the company, the chief
finance officer (or senior employees responsible for finance and accounting),
the internal and external auditors in its meetings is required (and, if required,
when). The committee should be entitled, when needed, to meet the
relevant persons without members of the management bodies present.
Irrelevant
5.4.4. The audit committee should be informed about the internal auditor’s
work programme and should be furnished with internal audit reports or
periodic summaries. The audit committee should also be informed about the
work programme of external auditors and should receive from the audit firm
a report describing all relationships between the independent audit firm and
the company and its group.
Irrelevant
5.4.5. The audit committee should examine whether the company complies
with the applicable provisions regulating the possibility of lodging a complaint
or reporting anonymously his/her suspicions of potential violations committed
at the company and should also ensure that there is a procedure in place for
proportionate and independent investigation of such issues and appropriate
follow-up actions.
Irrelevant
5.4.6. The audit committee should submit to the supervisory board or, where
the supervisory board is not formed, to the management board its activity
Irrelevant
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
44
report at least once in every six months, at the time that annual and half-
annual reports are approved.
6. PRINCIPLE: PREVENTION AND DISCLOSURE OF CONFLICTS OF INTEREST
The corporate governance framework should encourage members of the company’s supervisory and management bodies to
avoid conflicts of interest and ensure a transparent and effective mechanism of disclosure of conflicts of interest related to
members of the supervisory and management bodies.
Any member of the company’s supervisory and management body should
avoid a situation where his/her personal interests are or may be in conflict
with the company’s interests. In case such a situation did occur, a member
of the company’s supervisory or management body should, within a
reasonable period of time, notify other members of the same body or the
body of the company which elected him/her or the company’s shareholders
of such situation of a conflict of interest, indicate the nature of interests and,
where possible, their value.
Yes
7. PRINCIPLE: REMUNERATION POLICY OF THE COMPANY
The remuneration policy and the procedure for review and disclosure of such policy established the company should prevent
potential conflicts of interest and abuse in determining remuneration of members of the collegial bodies and heads of the
administration, in addition it should ensure the publicity and transparency of the company’s remuneration policy and its long-
term strategy.
7.1. The company should approve and post the remuneration policy on the
website of the company; such policy should be reviewed on a regular basis
and be consistent with the company’s long-term strategy.
Yes
7.2. The remuneration policy should include all forms of remuneration,
including the fixed-rate remuneration, performance-based remuneration,
financial incentive schemes, pension arrangements and termination
payments as well as the conditions specifying the cases where the company
can recover the disbursed amounts or suspend the payments.
Yes
7.3. With a view to avoid potential conflicts of interest, the remuneration
policy should provide that members of the collegial bodies which perform the
supervisory functions should not receive remuneration based on the
company’s performance.
Yes
7.4. The remuneration policy should provide sufficient information on the
policy regarding termination payments. Termination payments should not
exceed a fixed amount or a fixed number of annual wages and in general
should not be higher than the non-variable component of remuneration for
two years or the equivalent thereof. Termination payments should not be
paid if the contract is terminated due to inadequate performance.
Irrelevant
7.5. In the event that the financial incentive scheme is applied at the
company, the remuneration policy should contain sufficient information about
the retention of shares after the award thereof. Where remuneration is based
on the award of shares, shares should not be vested at least for three years
after the award thereof. After vesting, members of the collegial bodies and
heads of the administration should retain a certain number of shares until the
end of their term in office, subject to the need to compensate for any costs
related to the acquisition of shares.
Irrelevant
7.6. The company should publish information about the implementation of
the remuneration policy on its website, with a key focus on the remuneration
policy in respect of the collegial bodies and managers in the next and, where
relevant, subsequent financial years. It should also contain a review of how
the remuneration policy was implemented during the previous financial year.
The information of such nature should not include any details having a
commercial value. Particular attention should be paid on the major changes
in the company’s remuneration policy, compared to the previous financial
year.
Yes
7.7. It is recommended that the remuneration policy or any major change of
the policy should be included on the agenda of the general meeting of
shareholders. The schemes under which members and employees of a
collegial body receive remuneration in shares or share options should be
approved by the general meeting of shareholders.
Yes
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
45
8. PRINCIPLE: ROLE OF STAKEHOLDERS IN CORPORATE GOVERNANCE
The corporate governance framework should recognise the rights of stakeholders entrenched in the laws or mutual agreements
and encourage active cooperation between companies and stakeholders in creating the company value, jobs and financial
sustainability. In the context of this principle the concept “stakeholders” includes investors, employees, creditors, suppliers,
clients, local community and other persons having certain interests in the company concerned.
8.1. The corporate governance framework should ensure that the rights and
lawful interests of stakeholders are protected.
Yes
8.2. The corporate governance framework should create conditions for
stakeholders to participate in corporate governance in the manner prescribed
by law. Examples of participation by stakeholders in corporate governance
include the participation of employees or their representatives in the adoption
of decisions that are important for the company, consultations with
employees or their representatives on corporate governance and other
important matters, participation of employees in the company’s authorised
capital, involvement of creditors in corporate governance in the cases of the
company’s insolvency, etc.
No
8.3. Where stakeholders participate in the corporate governance process,
they should have access to relevant information.
Yes
8.4. Stakeholders should be provided with the possibility of reporting
confidentially any illegal or unethical practices to the collegial body
performing the supervisory function.
Yes
9. PRINCIPLE: DISCLOSURE OF INFORMATION
The corporate governance framework should ensure the timely and accurate disclosure of all material corporate issues,
including the financial situation, operations and governance of the company.
9.1. In accordance with the company’s procedure on confidential information
and commercial secrets and the legal acts regulating the processing of
personal data, the information publicly disclosed by the company should
include but not be limited to the following: 9.1.1. operating and financial
results of the company; 9.1.2. objectives and non-financial information of the
company; 9.1.3. persons holding a stake in the company or controlling it
directly and/or indirectly and/or together with related persons as well as the
structure of the group of companies and their relationships by specifying the
final beneficiary; 9.1.4. members of the company’s supervisory and
management bodies who are deemed independent, the manager of the
company, the shares or votes held by them at the company, participation in
corporate governance of other companies, their competence and
remuneration; 9.1.5. reports of the existing committees on their composition,
number of meetings and attendance of members during the last year as well
as the main directions and results of their activities; 9.1.6. potential key risk
factors, the company’s risk management and supervision policy; 9.1.7. the
company’s transactions with related parties; 9.1.8. main issues related to
employees and other stakeholders (for instance, human resource policy,
participation of employees in corporate governance, award of the company’s
shares or share options as incentives, relationships with creditors, suppliers,
local community, etc.); 9.1.9. structure and strategy of corporate governance;
9.1.10. initiatives and measures of social responsibility policy and anti-
corruption fight, significant current or planned investment projects. This list is
deemed minimum and companies are encouraged not to restrict themselves
to the disclosure of information included into this list. This principle of the
Code does not exempt companies from their obligation to disclose
information as provided for in the applicable legal acts.
Yes
9.2. When disclosing the information specified in paragraph 9.1.1 of
recommendation 9.1, it is recommended that the company which is a parent
company in respect of other companies should disclose information about
the consolidated results of the whole group of companies.
Yes
9.3. When disclosing the information specified in paragraph 9.1.4 of
recommendation 9.1, it is recommended that the information on the
professional experience and qualifications of members of the company’s
supervisory and management bodies and the manager of the company as
well as potential conflicts of interest which could affect their decisions should
be provided. It is further recommended that the remuneration or other
income of members of the company’s supervisory and management bodies
Yes
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
46
and the manager of the company should be disclosed, as provided for in
greater detail in Principle 7.
9.4. Information should be disclosed in such manner that no shareholders or
investors are discriminated in terms of the method of receipt and scope of
information. Information should be disclosed to all parties concerned at the
same time.
Yes
10. PRINCIPLE: SELECTION OF THE COMPANY'S AUDIT FIRM
The company’s audit firm selection mechanism should ensure the independence of the report and opinion of the audit firm.
10.1. With a view to obtain an objective opinion on the company’s financial
condition and financial results, the company’s annual financial statements
and the financial information provided in its annual report should be audited
by an independent audit firm.
Yes
10.2. It is recommended that the audit firm would be proposed to the general
meeting of shareholders by the supervisory board or, if the supervisory board
is not formed at the company, by the management board of the company.
Yes
10.3. In the event that the audit firm has received remuneration from the
company for the non-audit services provided, the company should disclose
this publicly. This information should also be available to the supervisory
board or, if the supervisory board is not formed at the company, by the
management board of the company when considering which audit firm
should be proposed to the general meeting of shareholders.
Yes
II. ANNEX TO THE ANNUAL REPORT
VIVA adheres to the Resolution No. 1052 of the Government of the Republic of Lithuania of 14 July
2010 'On approval of the description of the guidelines for assurance of activity transparency of state-
controlled companies' (hereinafter referred to as the Transparency Guidelines).
PRINCIPLES/RECOMMENDATIONS
Yes/No/Irrelevant
General Requirements
Information should ensure the timely and accurate disclosure of all material corporate issues, including the
financial situation, operations and governance of the company.
Yes
Information should be disclosed in such manner that no shareholders or investors are discriminated in
terms of the method of receipt and scope of information. Information should be disclosed to all parties
concerned at the same time.
Yes
It is recommended to publish notices about material events before or after the trading session of Vilnius
Stock Exchange to provide all shareholders and investors of the Company with equal opportunities to
access the information and make appropriate investment decisions.
Yes
It is recommended to publish the company's annual report, the collection of financial statements and other
periodical reports prepared by the company on the company's website, placement of the company's
notices about material events and dynamics of the prices of the company's shares on the stock exchange
is also recommended.
Yes
Modes of information dissemination should ensure unbiased, timely and cost-effective access to the
information for information users, and in the cases established by the legislation – free access. Use of
information technologies is recommended for spreading information at the larger scale, for example,
publishing information on the company's website. It is recommended to publish and place information on
the company's website not only in Lithuanian but also in the English language, if possible and needed – in
other languages as well.
Yes
In the event that the audit firm has received remuneration from the company for the non-audit services
provided, the company should disclose this to its shareholders. This information should also be available
to the supervisory board or, if the supervisory board is not formed at the company, by the management
board of the company when considering which audit firm should be proposed to the general meeting of
shareholders.
Yes
The company's activity and financial results are disclosed.
Yes
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
47
The holding company discloses consolidated results.
Irrelevant
Persons owning or controlling the package of the company's shares are disclosed.
Yes
Members of the company's supervisory and management boards, the head of the company, and their
remunerations are disclosed. It is recommended that the information on the professional experience and
qualifications of members of the company’s supervisory and management bodies and the manager of the
company as well as potential conflicts of interest which could affect their decisions should be provided. It
is further recommended that the remuneration or other income of members of the company’s supervisory
and management bodies and the manager of the company should be disclosed.
Yes
Potential predicted material risk factors are disclosed.
Yes
Transactions of the company and associated persons, also transactions concluded outside the course of
the usual activity of the company are disclosed.
Yes
Main matters concerning the employees and other stakeholders are disclosed. Disclosure of information
about the relations of the company and stakeholders, such as, employees, creditors, suppliers, local
community, including the corporate policy regarding human resources, programmes of involvement of
employees in the company's share capital, etc. is recommended.
Yes
The structure and strategy of the company's management are disclosed.
Yes
Material information about the governance procedure effective in the Company.
Yes
Powers of every committee defining its role and naming its rights and duties.
Irrelevant
Minutes of the general meetings of shareholders (in Lithuanian and English and/or other foreign
languages) are published. Such documents may be published on the company's website of public access
to the extent that their public disclosure is not detrimental to the company or the company’s commercial
secrets are not disclosed.
Not applicable, as
VIKA has only one
shareholder.
Report of the remuneration policy is published
Yes
Report on compliance by the company with the Code of Corporate Governance of the companies listed on
NASDAQ QMX Vilnius is published.
Yes
Transparency guidelines stipulate publishing of information on Internet
Goals and objectives of the company set by the shareholder:
Yes
Financial results;
Yes
Operating results;
Yes
Present number of the staff;
Yes
Yearly wage bill;
Yes
Monthly salary of the managers and their deputies;
Yes
Purchases and investments made, in progress and planned during the financial year;
Yes
Transparency guidelines stipulate publishing of information on Internet
Accounting is kept according to the International Financial Accounting Standards.
Yes
Collection of annual financial statements is audited according to the international standards of auditing.
Yes
Annual report is published on the website by 30 April.
Yes
Annual report contains the following:
Activity strategy and goals (financial and non-financial), unless it constitutes a commercial secret of the
state-governed company (if activity strategy and goals of a state-governed company contains information
considered as commercial secret, a shortened activity strategy and goals excluding the above-mentioned
information is published (presented);
Yes
Compliance of the achieved operating results with the activity goals of the state-governed company;
Yes
Man events with material importance for the activity of a state-governed company that took place during
the reporting period;
Yes
Information about the market of services provided or products manufactured, unless it is a commercial
Yes
Valstybės investicinis kapitalas (UAB) (Limited Liability Company), company code: 305611945
Gedimino pr. 38, LT-01104 Vilnius, Republic of Lithuania
Financial statements for the year that ended on 31 December 2023
(all amounts are in Euro, unless otherwise stated)
48
secret;
Main clients and their main groups, unless it is a commercial secret. If state-governed companies disclose
information about segments, the main clients are presented by separate segments;
Yes
Investments during the reporting period, major investment projects in progress or planned;
Yes
Total yearly wage bill, average monthly salary by positions and/or divisions;
Yes
Social, environmental initiatives and policy under implementation;
Irrelevant
Information about adherence to the Transparency guidelines: it is specified how they are implemented,
which clauses are disregarded and why;
Yes
Main financial indicators describing the activity (profitability, liquidity, asset effectiveness), their dynamics
during 3 years;
Published from
the day the
Company was
incorporated
Management bodies;
Information about the audit of annual financial statements completed (the entity that conducted the audit,
remuneration for auditing); other significant information affecting the activity of the state-governed
company came to light prior to the publication of the annual report;
Yes
Information and reports that a listed company must disclose according to the Law on Financial Reporting
of the Republic of Lithuania and the Code of Corporate Governance of the companies listed on NASDAQ
OMX Vilnius
Yes
Dividends policy;
Irrelevant
Information about the progress of implementation of the activity strategy and goals (financial and non-
financial).
https://www.vika.lt/
Yes
By 30 April, information about special liabilities under implementation, conclusions by an independent
auditor on yearly financial statements are published on the website.
Irrelevant
A shareholder is provided with the following together with the annual report:
Information about the salary of the managers in the last year
Yes
to determine the variable element of the managers' monthly performance result indicators, implementation
of the above-mentioned indicators, variable part of the managers' monthly salary fixed (in Euro and the
percentage of the fixed part of the managers' monthly salary) and paid variable part of monthly salary (in
Euro and the percentage of the fixed part of the managers' monthly salary).
Yes
Interim report
State-governed companies of the category I or II prepare an interim report for 6 months, which is
published on the website by 31 August. Interim report briefly present the most significant information
about the indicators characterising the activity of the state-governed company and their changes
compared to the previous periods.
Yes
A collection of 6 months' interim financial statements is prepared and published on Internet by 31 August.
Yes
Dokumentą elektroniniu parašu
pasirašė INGA,ČĖSNIENĖ
Data: 2024-04-09 12:10:33
Dokumentą elektroniniu parašu
pasirašė ROBERTAS,VYŠNIAUSKAS
Data: 2024-04-09 12:48:13