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ISM annual activity report

ISM annual activity report



We hereby kindly invite the ISM community members – students, teachers, staff and partners – to acquaint themselves with the ISM Activity Report for 2011. Last year we mainly focused on ...

We hereby kindly invite the ISM community members – students, teachers, staff and partners – to acquaint themselves with the ISM Activity Report for 2011. Last year we mainly focused on entrepreneurship, which is one of the values cherished by ISM.



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    ISM annual activity report ISM annual activity report Document Transcript

    • CONTENTSMESSAGE FROM THE MANAGEMENT 3ISM IN A NUTSHELL 4I INSPIRED BY ENTREPRENEURSHIP 5ISM Excellent 100 Partnership ProgrammeFirst International Doctoral Programme in LithuaniaOn the Way to EQUIS AccreditationA Better Place to Study and WorkThe Library Tests New Business ModelsII STAYING CONNECTED 9ISM Business Council – True PartnershipHands-On Executive EducationAn ISM Generation of Business LeadersVilnius – Shanghai – The HagueLithuanian Business Cases – a BreakthroughIII ENTREPRENEURSHIP: SPREADING THE WORD 13Global Entrepreneurship Week – Being a Part of theGlobal MovementSharing KnowledgeAdvocating Socially Responsible EntrepreneurshipIV ISM: FACTS AND FIGURES 16
    • MESSAGE FROM THE MANAGEMENT 3 The world is changing incredibly fast. The changes that have occurredover the past few decades have had a greater influence on the world thanthose that happened over the past few centuries. Knowledge and theconstant search for new ways to apply it are among the key factors ofchange. All of it is perceived as entrepreneurship, which we more oftentend to view as the ability to create a better world and assume personalresponsibility. At our university, we interpret entrepreneurship as the 3I’s:idea, initiative, and implementation. Ideas are impossible without creativity,initiative is impossible without responsibility, and implementation is impos-sible without knowledge. Everyone has a number of ideas and projects in mind, but only few takethe initiative to turn them into products that are beneficial for the wholehumanity. Entrepreneurs are not afraid of experimenting: they are notafraid of making mistakes. The fear of making mistakes forces us to behavestereotypically and think in clichés. If we are to discover new things, wemust take risks—that is, take the path that has never been taken before,even if mistakes are inevitable. As we search and discover, learning becomes exceptionally important.A teacher cannot restrict himself or herself to lecturing only. The mission ofevery teacher is to impart wisdom. A university is a ship that we take tosatisfy our hunger for learning, and a teacher is the leader of the expeditionthat students are eager to follow to experience the joy of discovery. This ishow entrepreneurs—the real creators of the world—are born.Dr. Nerijus PačėsaPresident ISM has done remarkabel achievements in a few years of operation. The University has become a high quality supplier of business education in Lithuania and beyond. A major reason for this is the entrepreneurial spirit of the organi- sation. The effect is recruitment of top quality students and top quality faculty. ISM will allways focus on how things can be done better and how to improve the programmes to serve the business society and students even better. ISM lives as ISM learns. BI Norwegian Business School is proud to be one of the founders of ISM and to be a major academic partner on different study programmes and research. I am sure that ISM in the years to come will take major steps in achieving even more international recognition. Jens P. Tøndel Chairman of the Board, BI Norwegian Business School
    • 4 ISM IN A NUTSHELL Established in 1999 by BI Norwegian Business School and Innovation Norway First private university in Lithuania Campuses in Vilnius and Kaunas All levels of studies: executive education, doctoral, graduate and undergraduate studies Over 2,000 students Almost 2,000 Alumni International Quality Accredita- tion by CEEMAN since 2006 One of the TOP 200 business schools in EDUNIVERSAL global ranking since 2007 European Credit Transfer Label (ECTS label) Accreditation by the Lithuanian Centre for Quality Assessment in Higher Education Best private university in national ranking since 2010 UNIVERSITY OF MANAGEMENT AND ECONOMICSvision:ISM seeks to be a dynamic andmodern European university ofmanagement and economics,serving the lifelong educationalneeds of individuals, business andsociety in general. values: EXPERTISE – creative professionalism ENTREPRENEURSHIP – idea, initiative, implementation We see entrepreneurship as a desire to explore and imple- ment new opportunities to enhance quality and generate a higher value for the organisation as a whole and for eachmission: person individually. For us, entrepreneurship is the realisation of creativity.ISM aims to encourage profe- SOCIAL RESPONSIBILITY – harmony of interests of thessional and socially responsible organisation, its members and societydevelopment of high relevancemanagerial competence and PARTNERSHIP – teaming and cooperation among the staffeconomic thought. of the organisation
    • For us, entrepreneurshipis the realisationof creativity. City, Evelina Gasiūnaitė, Agnė Pilkauskaitė, Dagnė Baltuškaitė, ISM students. The painting was drawn during the course of Abstraction and Reality. INSPIRED BY ENTREPRENEURSHIP I
    • 6 INSPIRED BY ENTREPRENEURSHIP ISM is itself an excellentexample of entrepreneur-ship. The initiative of thefounders to be the first inLithuania to introduce theWestern tradition of businesseducation has made ISM thebest business university in thecountry. Today ISM has well-founded ambitions, hugemotivation, and the ability tosee itself in a broader inter-national context. Our orien-tation towards success setsentrepreneurship at the veryheart of the ISM way-of-life.ISM Excellent 100Partnership Programme In 2011 the University launchedan ISM Excellent 100 PartnershipProgramme, inviting companies toestablish scholarships for the 100best students of social sciences. Byestablishing scholarships companiesnot only contribute to stoppingbrain-drain to foreign countries, butalso establish mutually beneficialrelations with students: knowing thebest students, they will be able tooffer them internships or permanentjobs on graduation. The ISM Excellent 100 PartnershipProgramme is based on financing thedifference between the tuition fee The Results of ISMcharged by the University and the Excellent 100 for 2011funding allocated by the state. Forthe past few years this difference has 71 students admittedbeen financed for some of the beststudents by the University itself, and 14 companies joined thefrom now on a larger number of programmestudents will be able to study com-pletely free of charge. 29 scholarships issued MARIE DOUŠOVÁ Nestle Baltics, General Manager, member of ISM Business Council I am proud that Nestle is one of the sponsors of such a leading educa- tion institution as ISM. We believe ISM plays an important role in Lithuanian society and that the 100 Excellent Programme can help improve its economic development.
    • INSPIRED BY ENTREPRENEURSHIP 7On the Way to EQUIS Accreditation The Quality Centre was established in March 2011 with the aim to monitor and evalu-ate academic quality at ISM, provide feedback to the social partners (students, professors,administrative staff, shareholders, employers, and ministry) and propose ways of qualityimprovement. In the same year, the Quality Assurance System Improvement project was started with EQUISthe help of LTL 1.5 million from EU structural funds. The aim of the project is to review theprocesses and to write a Quality Handbook, in line with the EQUIS Standard, which wouldhelp improve quality processes and provision of quality education. accreditation ISM strives continuously for the highest study quality standards approved by prestigiousquality assurance institutions worldwide and is applying for EQUIS accreditation to prove is our strategicitself as a genuine international, creative and entrepreneurial business university. goal. First International Doctoral Programme in Lithuania The vision of the Baltic Doctoral Programme in Management and The Lithuanian Ministry of Education and Science has approved ISM’s Administration inspires us with application to organise the Baltic doctoral programme in the Management hope for mutually beneficial and Administration field in partnership with Aarhus University (Denmark), BI Norwegian Business School (Norway) and Tartu University (Estonia). outcomes for both the companies For the first time in Lithuania and in the Baltic region four strong higher and the universities involved in the education establishments have combined their academic potential and programme’s development. resources in a joint effort to train International Doctoral students of Business Administration. Lithuania is currently facing a lack of young Mindaugas Glodas, Microsoft research fellows, and the new programme is expected to help the univer- sity train professional researchers and professors. Health Industry Director in CEE, Member of ISM Business Council
    • 8 INSPIRED BY ENTREPRENEURSHIPA better Place to Study and Work In 2011 the University received LTL 3.6 million (EUR 1.04 million) from theEU Structural Funds for its infrastructure upgrade project. The total value ofthe project is estimated at LTL 4.2 million (EUR 1.22 million), and the remain-ing part of the project will be financed from the University’s own funds.Main Project activities include: Our students, renewal of audiovisual equipment in classrooms installation of a new studies information system faculty and renewal of computers in classrooms and those used by employees installation of particularly modern lecture-recording and distance administrative staff learning classrooms in the Vilnius and Kaunas campuses will benefit from more user-friendly and major renewal of the website up-to-date hardware and software. The library Tests New Business Models The Librarys main innovation, the online bookstore ISM Books was launched in 2011. There is a plethora of specialised thematic literature published in the world and it becomes very difficult to select the best one. This universally accessible electronic bookstore offers books and publications that have been evaluated and recommended by our university professors. The ISM bookstore is a unique business model not only in Lithuania but also worldwide. Every day, depending on the information needs of the academic community, we can make specific titles available. By expanding the activities of the library to a virtual bookstore accessible to all, we will become more open and useful.
    • I think ISM is one of the most progressive universities in Lithuania and I am very lucky to be slightly involved with the Business Council. It is very rewarding to see how your experience can translate into useful knowledge and aware- ness about many different things and help new students build their lives, business. Ilja Laurs, member of the ISM Business Council, is the Founder of GetJar, the world’s largest open mobile application store. Ilja has been nominated ‘European Manager of the Year 2011’ by the European Business Press Association, ‘25 European Tech Leaders’ by the Wall Street Journal, ‘10 Start-ups That Will Change Your Life’ by TIME magazine,‘Technology Pioneer 2011’ by the World Economic Forum. 151 3 10STAYING CONNECTED 2 2,323
    • 10 STAYING CONNECTED Close ties with the business world is a priority. Knowledge, theability to anticipate trends, and shared information are impor-tant in conducting research, educating students, and advisingcompanies. Business people are encouraged to actively partici-pate in university life, while students and teachers are encou-raged to be open to business.ISM Business Council – True Partnership The Business Council is an advisory body to the President. The mission of theBusiness Council is to provide advice on strategic learning partnerships withbusinesses meeting their needs for high competence and best employees. TheBusiness Council is composed of the following representatives of: Business partners of the University Well known businesses and entrepreneurs Alumni representatives Respected persons from other institutions or associated bodies The Business Council holds regular meetings at least once a semester during theacademic year. ISM Business Council Members, 2011 The mission of Marius J. Jason AAA Baltic Service Company – Law Firm, Owner; Radisson Blue Astorija Hotel Vilnius, Owner the Business Tadas Vizgirda AstraZeneca Lithuania, General Manager Vladas Lašas UPS Lithuania, General Manager Council Mindaugas Glodas Microsoft Health Industry Director in CEE is to provide advice on strategic Sigutė Seemann Lindorff, General Manager learning partnerships with Ilja Laurs GetJar, Founder and CEO businesses meeting their needs Aušra Žemaitienė Mars Lithuania, Plant Manager for high competence and best Arijandas Šliupas Kaunas airport, General Manager employees. Lina Danienė Swedbank, Sustainability and Societal Affairs Manager; National School Children Academy, Board Chairperson Eugenijus Savičius Junior Achievement Lithuania, Director Giedrius Nomeika Itella Information, Operations Director Outbound CEE Vygandas Jūras MP Investment Bank, Head of the Branch Antanas Juozas Zabulis Omnitel, President, CEO Marie Doušova Nestle Baltics, General Manager Leif Arne Ulland Royal Norwegian Embassy, the Ambassador of Norway to Lithuania Rolandas Barysas Verslo Žinios, Editor-in-ChiefHands-on Executive Education ISM Executive School provides Master’s degrees and training for managersand ensures close ties with the business world. We see the ISM Executive School asa space where business and knowledgeprofessionals together create newknowledge and its derivatives, developnew insights and find new opportuni- ISM Executive School in numbers, 2011:ties for themselves and business(r)evolution. 151 in-company trainings Based on the concept of lifelonglearning, the ISM Executive School 3 open training programmesfocuses on the development of 151 Master of Management modules 10management and leadership skills by 3 10 2applying different forms: customised in-company Master of Management modules Master of Management degree 2,323 2 programme participants in public lectures, seminars and other events Non-degree executive education programmes Research and consultancy 2,323
    • STAYING CONNECTED 11An ISM Generation of Business Leaders The University sees its alumni as ISM certified ambassadors. We realise that theirprofessional value depends on the reputation of ISM, while their reputation, in turn,adds value to ISM. By 2011 ISM had 1,890 alumni. This is a whole new generation of leaders whohave made a significant impact on the development of Lithuanian businesses. Initia-tive, creative and striving for success – ISM alumni are among the most wantedemployees and top executives. To help maintain and nurture the friendship and contacts made during theirstudies, the ISM alumni website was launched in June 2011. All graduates are ISM alumnigrouped by employers, industries, positions and cities. As entrepreneurship isone of the core ISM values, alumni are invited to share their start-up story and employmentspread entrepreneurial ideas, encourage others to take a chance, promote theircompany and find business partners or customers. level – 94 % JŪRATĖ DACIENĖ Head of the Department of HR Development at Danske Bankas, Lithuania As social partners of ISM, we hope to be able to provide a fully-fledged contribution to the education of its students and to win the name of their potential and desired employer, since we want ISM alumni to join our team. Graduates from Executive Master studies 17% 4% 30% 39% Managers and Specialists 11% Middle Management 30% 20% Top Management 20% 68% Self employed, Business owner, Enterpreneur 11% 39% 11% Graduate career from Graduates career from 27% 10% Bachelor studies International Master of Science studies 68%Managers and SpecialistsMiddle Management 17%Top Management 4% 14% % 49% Managers and Specialists Middle Management 27% Self employed, Business owner, Enterpreneur 11% 49% Top Management 10% Self employed, Business owner, Enterpreneur 14%
    • 12 STAYING CONNECTED Vilnius – Shanghai –The Hague These are just a few destinations onour teaching and learning map. Wewish to be where the most importantworld business events take place andwhere business trends emerge. On theother hand, we have valuable experi-ence in a growing and changing marketwhich is interesting to entrepreneursand academics of other countries. For the second year in a row the De Baak Leadership Institute (The Nether-lands) is bringing participants of the Young Executive Programme (YEP) to theISM Executive School. YEP is an intensive leadership programme intended formanagers between the age of 28-38, who want to give their personal develop-ment and their leadership development a kick-start. By coming to Lithuania Other executiveparticipants of YEP swing from ‘safe at home’ to ‘intercultural and international’and so discover new perspectives which can be of help in their leadership. students China – is a destination where ISM takes Lithuanian businessmen. The who come for specificseminar ‘Doing Business in China’ is offered in Shanghai, in cooperation with modules at ISM are from BIFudan University and BI Norwegian Business School. It provides knowledge Norwegian Business Schoolabout the Chinese economy and helps understand how to navigate theChinese business environment. (Norway) and TiasNimbas (business school of Tilburg University and Eindhoven University of Technology, Lithuanian Business Cases – a Breakthrough the Netherlands). ISM Executive School is the first in Lithuania (since 2000) to introduce the casestudy approach in the Master’s Studies programme for executives. During thefirst five years, ISM mostly used case descriptions of foreign firms, because theLithuanian case studies were not yet developed. A few years ago the situation began to change owing to quite a simplesolution – instead of research papers, students of the ISM Executive Master’sprogramme began writing Lithuanian case studies. This practice was successfulat the university. In 2008, ISM started learning the professional methodology for case studywriting, and invited respective lecturers from Great Britain. Today we have thefirst professional Lithuanian case studies developed. VITALIJA FREITAKAITĖ Director of the company Javinė, ISM Executive School Alumna. For business communities, the case studies represent an opportunity to look at their problems through the eyes of focused students. While I was studying at ISM, I saw how a detailed and in-depth analysis of a business case helps identify solutions to many problems. Javinė’s case was one of the first Lithuanian business cases prepared by ISM.
    • The purpose of spreading the idea of entrepreneur- ship is to bring together different stakeholders – gov- ernment, experts, academia, businesses, and youth to share knowledge, experience, good practices, and to raise awareness that entrepreneurship is a life-long learning experience, which starts at school level and continues into further education.ENTREPRENEURSHIP: SPREADING THE WORD
    • 14 ENTREPRENEURSHIP: SPREADING THE WORD Global Entrepreneurship Week – Being a Part ofthe Global Movement Global Entrepreneurship Week (GEW) is the world’s largest celebra-tion of innovators and job creators who launch start-ups that bring ideasto life, drive economic growth and expand human welfare. During one ISM is theweek each November, GEW inspires people everywhere through local,national and global activities designed to help them explore their poten- national hosttial as self-starters and innovators. ISM is the national host of GEW in Lithuania. It has become the tradition of GEW infor GEW Lithuania to involve the following groups: schools, universities,youth organisations, government institutions, and business. LithuaniaThe 4th GEW, 2011: Vilnius Mayor Artūras Zuokas and Ilja Laurs, the founder of GetJar, the world’s largest open mobile application store, expressed their support for promoting entrepreneurship in Lithuania 12 partners from governmental institutions, business and academia More than 2000 activities and events Over 13,000 people from schools, universities and business were involved or participated Sharing Knowledge ISM has achieved growing recognition among high school pupils and their teachers in Lithuania through the considerable number of educational programmes promoting social entrepreneurship and business education in general. The most recent example is ISM University for teachers and high school The ISM students organised free of charge. The event was organised for the second time in 2011 attracting more than 1,000 participants to a series of lectures on leadership, university creativity, management and economics. The project is focused on the idea that entrepreneurship education should not for teachers and high school be limited to teaching it as a single subject. Instead, it should be integrated into the students attracted more than whole curriculum. To unleash and foster the entrepreneurship spirit, high school teachers should be equipped with interactive, creative methods of teaching. 1000 participants
    • ENTREPRENEURSHIP: SPREADING THE WORD 15 Advocating Socially Responsible Entrepreneurship In 2011 ISM joined a new professional volunteer work project ‘Who Needs It?!’aimed at introducing business experiences into the classroom. This will not only helppupils in choosing their professional career path but also inspire them to learn and becreative. It is expected that during the first 4 years of the project 95% of schools will take The professionalpart in it and 3,000 meetings with pupils will be held as planned. The professionalvolunteer work project will involve 2,000 professionals from various businesses. ISM advises and helps businessmen in the preparation of study materials, and also volunteer work project will involve 2,000encourages its community to become volunteers and share their experience. Thusalmost 20 ISM employees will travel around Lithuania and give lectures for school professionals from variousstudents in their subject areas. businesses. Other Social Projects: values: EXPERTISE – creative professionalism Joint initiative by Lithuanian Forum for the Disabled and ISM to boost the study possibilities for disabled people ENTREPRENEURSHIP – idea, initiative, implementation We see entrepreneurship as a desire to explore and imple- Participation in the Lithuanian Junior Achievement ment new opportunities to enhance quality and generate a programme ‘Young Colleague’ higher value for the organisation as a whole and for each person individually. For us, entrepreneurship is the realisation Participation of employees and students in the traditional initiative (Let’s Do of creativity. It) for tidying up the environment SOCIAL RESPONSIBILITY – harmony of interests of the organisation, its members and society PARTNERSHIP – teaming and cooperation among the staff of the organisation
    • ISM: FACTS AND FIGURES 17Study Programmes Bachelor Programmes in English International Business and Communication Economics and Politics Programmes partly in English Business Management and Analysis Economics Finance Finance and Accounting Master of Science Programmes in English Financial Economics International Marketing and Management Master of Management (Executive Education) Programmes in Lithuanian Applied Organisational Psychology Financial Strategy and Management Human Resource Management Leadership: Power and Sense-Making Managerial Accounting Analysis Managerial Economics Marketing Strategy and Management Project Management Process Management Strategic Management Doctoral Studies Programme in English Baltic Doctoral Programme in Management and Business Administration Programme in Lithuanian Economics Students Number of students in 2011 Bachelor – 1,540 Master of Science –177 Executive – 168 Doctoral – 18 ISM Graduates Full time by 2011 international students – 27 Bachelor – 1,315 Nationalities Master of Science – 182 Executive – 373 represented – 25 (exchange students Doctoral – 12 included)
    • 18 PRIĖMIMAS AND FIGURES ISM: FACTS INTERNATIONAL SCOPE Student exchange The ratio of ISM incoming and outgoing students is one of the best among Outgoing – 168 universities in Lithuania. The National Agency for Lifelong Learning Programme (Erasmus/other exchange/ ranked ISM as Number One among Lithuanian universities in terms of the quality of the way it organises programmes for incoming foreign students. double degree/internships) Incoming – 87 Double degree agreements BI Norwegian Business School (Norway) INSEEC Bordeaux (France) INSEEC Paris (France) HEC Management School – University of Liege (Belgium) Groupe Euromed Management (France)Partner universities 96: Europe 81 North America 2 Asia 7 Central and South America 3 Africa 2 Oceania 1
    • ISM: FACTS AND FIGURES 19RESEARCHISM fields of research: Knowledge development in management and economics Application of the developed knowledge in producing study and training innovations Business development solutions Activities: 4 seminars for researchers with participants from 7 different countries Teachers summer academy for the ISM faculty International scientific conference ‘Customer as a Change Driving Force’ with 70 participants from 8 countries EDEN Doctoral Seminar on Writing a Doctoral Thesis, led by world-known researchers – Prof. Andrew Van de Ven (Carlson School of Management of the University of Minnesota, USA) and Prof. Pervez N Ghauri (Kings College London, UK) with 23 participants from 10 countries 3 volumes of the Baltic Journal of Management, including 1 special issue ‘Innova- tion in Services’ Research project ‘Factors influencing successful management of organisational change in SMEs caused by the economic crisis’ approved by the Lithuanian Research Council Total of 8 new Lithuanian business case studies developed Participation in a new project on strategic management games within the frame- work of Leonardo da Vinci Programme In-company research in Barclays Lithuania, Lithuanian Post, Synergium using P360 tool. The research team is preparing to test the Lithuanian version of the tool
    • 20 ISM: FACTS AND FIGURES STUDENT LIFEsomething new to do every day,such as joining educational pro-jects, student organisations,sport teams and clubs, to men-tion but a few:Educational and cultural events, 2011Charity action ‘Christmas with ISM SA’: visit to a children’s home andgiving out Christmas gifts that were collected at ISMISM Movie of the YearPhotography competition ‘Living Outside’: moments from studies abroadISM Live Music EveningUniversity sales competition ‘Sales Guru 2011’: the ISM team came 3rdSpring regatta: the ISM team came 1stUniversity League on the national TV ‘Future Leaders’: the ISM studentteam came 2ndCultural event ‘A night at ISM’Event ‘A day without corruption’Case competition developed and implemented by ISM students‘Creative Shock’: more than 30 teams from universities in Lithuaniaand abroad participatedInternational Village: international students introduced their coun-tries and cultures as well as shared experiences of living in Lithuania.ISM Freshmen EventBusiness competition ‘Business for those starting out’Basketball tournament ‘ISM President’s Cup’ Student organisationsInteractive pre-election discussion ‘Vilnius 2015 and clubs ISM Students’ Association (ISM SA) AIESEC in ISM ISM Choir ISM Business Initiatives’ Club ISM Politics Club ISM Junior Researchers’ Club ISM Investors’ Club ISM Debate Club ISM Rowing Club ISM Basketball team ISM Volleyball team ISM Football team
    • ISM: FACTS AND FIGURES 21 ISM CAMPUS AND STUDENT FACILITIESThe ISM campus in Vilnius islocated in the Old Town. It occu-pies a historic 16th centurybuilding, which used to be aBazillion monastery.Buildings The Kaunas campus is located inTotal area in m2: the former tobacco factory. The ISM building in the centre ofKaunas campus Kaunas is an example of modern2,693, architecture. The revived and reconstructed former tobaccoVilnius campus factory has been adapted to the6,099 students’ needs.LibraryThe aim of the library is toprovide the university commu-nity with the most up-to-date, -tions. The library stores booksand periodicals on business,management and economics aswell as audio and video materials,doctoral theses, and the bestMaster and Bachelor theses. Italso provides access to numerouselectronic databases ande-books.
    • 22 ISM: FACTS AND FIGURESOrganizational Management Shareholders‘Structure of ISM Meeting Board/Chairman of the Board Business Council President Senate/Chairman ISM Fund of Senate Director of International StrategicExecutive Dean of Research Relations Quality Faculty HR Finance School Marketing Develop- Director Studies Director and Career Director Dean Director Director Director ment and Director Infrastruc- ture Memebers of the Board, 2011: Jens P. Tøndel, Chairman of the Board, BI Norwegian Business School Erik Welle-Watne, Innovation Norway Anne Martory Rolv P. Amdam, BI Norwegian Business School Arūnas K. Pemkus, Integrity PR Jolita Butkienė, ISM University of Management and Economics Juozas Granskas, ISM University of Management and Economics Gintarė Alaburdaitė, ISM student representative FINANCIAL STATEMENTSAll amounts are in LTL unless otherwise statedBalance Sheet ASSETS 31.12.2011 31.12.2010 Adjusted Total Fixed Assets 2.348.135 1.805.735 Total Current Assets 2.348.816 1.859.671 TOTAL ASSETS 4.696.951 3.665.406 TOTAL EQUITY 251.881 1.069.322 Total Subsidies 1.062.850 149.738 Total Liabilities after 1 year 435.622 721.819 Total Current Liabilities 2.946.598 1.724.527 TOTAL LIABILITIES 3.382.220 2.446.346 EQUITY AND LIABILITIES 4.696.951 3.665.406Profit (Loss) Statement 2011 2010 Sales and Services 20.321.518 18.537.203 Cost of Services 9.236.587 8.489.708 GROSS PROFIT 11.084.931 10.047.495 TOTAL OPERATING EXPENSES 9.749.686 9.874.685 OPERATING PROFIT 1.335.245 172.810
    • UNIVERSITY OF MANAGEMENT AND ECONOMICSVilnius: Arklių st. 18, tel. +370 5 2123960, Kaunas: E. Ožeškienės st. 18, tel. + 370 3 7302405, Lithuania, ism@ism.lt, www.ism.lt