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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

       2020 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%
2018-06 2019-06 2020-06 2021-06
Revenue 1,268 959 972 1,249
Cost of goods sold 851 756 661 915
Gross profit (loss) 416 203 311 334
Gross profit margin % % 21% 27%
Operating expenses 333 381 273 278
Operating profit (loss) 83 -178 38 56
Operating profit margin % % -19% 4%
EBITDA -62 248
EBITDA margin % % -7% 20%
Net profit (loss) 96 -162 56 113
Net profit margin % % -17% 9%

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
2019-06 2020-06 2021-06
Non-current assets 2,946 3,173 3,214
Intangible assets 10 10 8
Tangible assets 2,912 3,149 3,182
Financial assets
Other non-current assets 24 14 24
Current assets 1,101 866 1,013
Inventories and prepaid expenses 110 275 183
Accounts receivable in one year 810 339 328
Other current assets
Cash and cash equivalents 181 252 502
Total assets 4,066 4,066 4,236
Equity 3,030 3,192 3,366
Grants and subsidies
Liabilities 1,036 874 870
Financial liabilities 275 240 415
Long-term liabilities 275 253 430
Short-term liabilities 30 67
Equity and liabilities 4,066 4,066 4,236

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
2018-06 2019-06 2020-06 2021-06
Capital return ratios
Return on assets (ROA) 14% % % 10%
Return on equity (ROE) 15% % % 13%
Return on capital employed (ROCE) 34% -5% -8% 6%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.08 0.14
Current Ratio 4.86 28.86 15.16
Quick ratio 4.39 19.71 12.42
Turnover ratios
Asset turnover 0.79 0.47 0.24 0.30
Fixed asset turnover 1.28 0.65 0.32 0.39
Equity turnover 0.84 0.63 0.31 0.38
Profitability ratios
EBITDA margin 27% % -7% 20%
Operating profit margin 19% % -19% 4%
Net profit margin 18% % -17% 9%
Other ratios
Dividends to the State 413.10
Dividends paid / net profit 0.70

Expectations of the state

Target return on equity undefined

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/
Return to the State

247 EUR thousand

ROE

7.9%

Number of employees

49

Financial data provided as at end-December 2021

Management

  • Vaidas ZubavičiusDirector General

Information as of: 2022/09/01

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; Independent member
  • Ramunė MikalauskienėMinistry of Transport and Communications

Information as of: 2022/09/01