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Valdymo koordinavimo centras Governance Coordination Centre

State Owned Enterprises

The drilling and blasting company was founded in 1959 and registered as AB Detonas in 1994.
The company’s main activity is the manufacture and trade of explosives and blasting works.

KEY FINANCIAL PERFORMANCE INDICATORS FOR THE PERIOD 2022-2024

  • Average annual EBITDA:
    • 2022–2024 ≥ 0,5 ml. Eur
  • Annual ratio of financial debt to equity:
    • 2022–2024 limit 0,1–0,3 times

TARGETED SPECIFIC INDICATORS FOR THE PERIOD 2022-2024

  • Other operating income, thousand EUR:
    • 2022 > 200
    • 2023 > 300
    • 2024 > 400
  • Blasting of rocks, thousand cubic meters:
    • 2022-2024 – 1500
  • Number of significant discrepancies, units:
    • 2022-2024 – 0
  • Number of serious injuries / deaths at work, units::
    • 2022-2024 – 0

       2021/22 GOOD CORPORATE GOVERNANCE INDEX    

       2020/21 GOOD CORPORATE GOVERNANCE INDEX    

Sk – Transparency dimension
KO – Board dimension
SP – Strategic planning and target achievement dimension
GI – Good governance ratio

Financial results

P/L Statment

2018 2019 2020 2021
Revenue 3,401 2,141 2,834 3,105
Cost of goods sold 2,056 1,539 1,695 2,320
Gross profit (loss) 1,345 602 1,139 785
Gross profit margin 40% 28% 40% 25%
Operating expenses 705 569 842 616
Operating profit (loss) 640 33 296 169
Operating profit margin 19% 2% 10% 5%
EBITDA 865 297 556 589
EBITDA margin 25% 14% 20% 19%
Net profit (loss) 624 84 363 278
Net profit margin 18% 4% 13% 9%
2019-06 2020-06 2021-06 2022-06
Revenue 959 972 1,249 1,337
Cost of goods sold 756 661 915 1,268
Gross profit (loss) 203 311 334 69
Gross profit margin % % % %
Operating expenses 381 273 278 286
Operating profit (loss) -178 38 56 -217
Operating profit margin % % % %
EBITDA -62 160 248 83
EBITDA margin -7% 16% 20% 6%
Net profit (loss) -162 56 113 -60
Net profit margin -17% 6% 9% -4%

* Left axis

** Right axis

*** All data in Profit and Loss Statement table and corresponding chart is in EUR thousand, unless otherwise noted

Balance sheet

2018 2019 2020 2021
Non-current assets 2,917 3,211 3,293 3,361
Intangible assets 9 13 11 14
Tangible assets 2,886 3,184 3,252 3,315
Financial assets
Other non-current assets 23 14 31 32
Current assets 1,087 676 1,026 978
Inventories and prepaid expenses 266 224 124 243
Accounts receivable in one year 334 247 294 145
Other current assets
Cash and cash equivalents 487 205 608 591
Total assets 4,015 3,898 4,358 4,387
Equity 3,742 3,276 3,499 3,531
Grants and subsidies
Liabilities 272 622 859 857
Financial liabilities 245 511 493
Long-term liabilities 8 197 395 343
Short-term liabilities 251 425 464 514
Equity and liabilities 4,015 3,898 4,358 4,387
2020-06 2021-06 2022-06
Non-current assets 3,173 3,214 3,216
Intangible assets 10 8 12
Tangible assets 3,149 3,182 3,173
Financial assets
Other non-current assets 14 24 32
Current assets 866 1,013 944
Inventories and prepaid expenses 275 183 463
Accounts receivable in one year 339 328 428
Other current assets
Cash and cash equivalents 252 502 53
Total assets 4,066 4,236 4,170
Equity 3,192 3,366 3,224
Grants and subsidies
Liabilities 874 870 946
Financial liabilities 270 482 415
Long-term liabilities 253 430 343
Short-term liabilities 618 440 603
Equity and liabilities 4,066 4,236 4,170

* All data in Balance Sheet table and corresponding chart is in EUR thousand, unless otherwise noted

Financial ratios

2018 2019 2020 2021
Capital return ratios
Return on assets (ROA) 15% 2% 9% 6%
Return on equity (ROE) 16% 2% 11% 8%
Return on capital employed (ROCE) 35% 6% 18% 17%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.07 0.15 0.14
Current Ratio 4.34 1.59 2.21 1.90
Quick ratio 3.28 1.06 1.94 1.43
Turnover ratios
Asset turnover 0.81 0.54 0.69 0.71
Fixed asset turnover 1.19 0.70 0.87 0.93
Equity turnover 0.87 0.61 0.84 0.88
Profitability ratios
EBITDA margin 25% 14% 20% 19%
Operating profit margin 19% 2% 10% 5%
Net profit margin 18% 4% 13% 9%
Other ratios
Dividends to the State 550.40 140.10 246.70 247.30
Dividends paid / net profit 0.88 1.66 0.68 0.89

* Left axis

** Right axis

*** Dividends to the state in Financial Ratios table is in EUR thousand

2019-06 2020-06 2021-06 2022-06
Capital return ratios
Return on assets (ROA) 2% % 10% 3%
Return on equity (ROE) 2% % 12% 3%
Return on capital employed (ROCE) 6% 4% 7% -3%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.07 0.14 0.14 0.13
Current Ratio 1.59 1.40 2.30 1.57
Quick ratio 1.06 0.96 1.88 0.80
Turnover ratios
Asset turnover 0.54 0.48 0.30 0.32
Fixed asset turnover 0.70 0.61 0.39 0.42
Equity turnover 0.61 0.61 0.38 0.41
Profitability ratios
EBITDA margin 14% 16% 20% 6%
Operating profit margin 2% % % %
Net profit margin 4% 6% 9% -4%
Other ratios
Dividends to the State 140.10
Dividends paid / net profit 1.66

Financial statments

2021 m. 6 mėn. tarpinės ataskaitos 2021 m. metinės ataskaitos
2020 m. 6 mėn. tarpinės ataskaitos 2020 m. metinės ataskaitos
2019 m. metinės ataskaitos 2019 m. 6 mėn. tarpinės ataskaitos
2018 m. metininės ataskaitos 2018 m. 6 mėn. tarpinės ataskaitos
2017 m. 6 mėn. tarpinės ataskaitos 2017 m. metinės ataskaitos
2016 m. metinės ataskaitos 2016 m. 6 mėn. tarpinės ataskaitos 2016 m. 3 mėn. tarpinės ataskaitos
2015 m. 12 mėn. tarpinės ataskaitos 2015 m. 9 mėn. tarpinės ataskaitos 2015 m. 6 mėn. tarpinės ataskaitos 2015 m. 3 mėn. tarpinės ataskaitos
2014 m. metinės ataskaitos 2014 m. 12 mėn. tarpinės ataskaitos 2014 m. 3 mėn. tarpinės ataskaitos 2014 m. 9 mėn. tarpinės ataskaitos 2014 m. 6 mėn. tarpinės ataskaitos
2012 m. metinės ataskaitos
2013 m. 3 mėn. tarpinės ataskaitos 2013 m. 6 mėn. tarpinės ataskaitos 2013 m. metinės ataskaitos 2013 m. 9 mėn. tarpinės ataskaitos 2013 m. 12 mėn. tarpinės ataskaitos
2011 m. metinės ataskaitos
2010 m. metinės ataskaitos

Expectations of the state

Target return on equity undefined

Letter of Expectations

About the company

  • Official nameAB „Detonas“
  • Legal formPublic limited liability company (AB)
  • Company code134170932
  • SectorOther
  • Line of businessDemolition works
  • Institution representing the StateMinistry of Transport and Communications
  • Share belonging to the State100%
http://www.detonas.eu/
ROE

3.2%

Number of employees

47

Financial data provided as at end-December 2021

Management

  • Vaidas ZubavičiusDirector General

Information as of: 2023/01/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Mantas ŠukevičiusUAB Victory Funds; MB Buteo Invest; Independent member

MEMBERS OF THE BOARD OF DIRECTORS

  • Evaldas MargisUAB Baltic Mink Corporation; UAB Nordic Metrology Science; Independent member
  • Ramunė MikalauskienėMinistry of Transport and Communications

Information as of: 2023/01/01