Giraitės ginkluotės gamykla
AB GIRAITĖS GINKLUOTĖS GAMYKLA (GGG) is a manufacturer of military and civilian ammunition. The company has advanced technologies, manufacturing facilities and a quality management system. GGG participates in tenders issued by the NATO Support and Procurement Agency (NSPA). 95% of the company’s production is exported to more than 30 countries.
2022/23 GOOD CORPORATE GOVERNANCE INDEX
2021/22 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
2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|
Revenue | 7,912 | 9,184 | 10,364 | 15,241 |
Cost of goods sold | 6,121 | 7,104 | 7,554 | 10,925 |
Gross profit (loss) | 1,792 | 2,080 | 2,811 | 4,317 |
Gross profit margin | 23% | 23% | 27% | 28% |
Operating expenses | 803 | 873 | 1,252 | 1,658 |
Operating profit (loss) | 889 | 1,125 | 1,487 | 2,580 |
Operating profit margin | 11% | 12% | 14% | 17% |
EBITDA | 1,228 | 1,526 | 1,807 | 3,438 |
EBITDA margin | 16% | 17% | 17% | 23% |
Net profit (loss) | 292 | 533 | 1,015 | 2,339 |
Net profit margin | 4% | 6% | 10% | 15% |
2020-06 | 2021-06 | 2022-06 | 2023-06 | |
---|---|---|---|---|
Revenue | 4,115 | 5,475 | 9,033 | 11,789 |
Cost of goods sold | 3,231 | 3,967 | 6,200 | 8,249 |
Gross profit (loss) | 884 | 1,508 | 2,833 | 3,540 |
Gross profit margin | 21% | 28% | 31% | 30% |
Operating expenses | 436 | 554 | 666 | 767 |
Operating profit (loss) | 393 | 928 | 2,112 | 2,715 |
Operating profit margin | 10% | 17% | 23% | 23% |
EBITDA | 586 | 1,090 | 2,538 | 3,187 |
EBITDA margin | 14% | 20% | 28% | 27% |
Net profit (loss) | 257 | 730 | 1,747 | 2,241 |
Net profit margin | 6% | 13% | 19% | 19% |
Balance sheet
2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|
Non-current assets | 12,800 | 12,518 | 12,987 | 14,011 |
Intangible assets | 7 | 3 | 7 | 4 |
Tangible assets | 12,793 | 12,515 | 12,980 | 14,007 |
Financial assets | ||||
Other non-current assets | ||||
Current assets | 7,189 | 7,300 | 7,264 | 9,216 |
Inventories and prepaid expenses | 4,417 | 3,921 | 5,516 | 8,746 |
Accounts receivable in one year | 346 | 94 | 55 | 111 |
Other current assets | ||||
Cash and cash equivalents | 2,426 | 3,285 | 1,692 | 360 |
Total assets | 20,004 | 19,833 | 20,271 | 23,251 |
Equity | 8,555 | 8,988 | 9,947 | 12,183 |
Grants and subsidies | ||||
Liabilities | 11,449 | 10,845 | 10,298 | 11,059 |
Financial liabilities | 9,936 | 10,260 | 9,454 | 8,649 |
Long-term liabilities | 9,936 | 9,386 | 8,586 | 8,086 |
Short-term liabilities | 1,513 | 1,459 | 1,712 | 2,973 |
Equity and liabilities | 20,004 | 19,833 | 20,271 | 23,251 |
2020-06 | 2021-06 | 2022-06 | 2023-06 | |
---|---|---|---|---|
Non-current assets | 12,642 | 12,456 | 12,884 | 13,662 |
Intangible assets | 3 | 7 | 5 | 3 |
Tangible assets | 12,638 | 12,449 | 12,879 | 13,659 |
Financial assets | 0 | 0 | 0 | 0 |
Other non-current assets | 0 | 0 | 0 | 0 |
Current assets | 7,164 | 8,337 | 8,916 | 10,555 |
Inventories and prepaid expenses | 4,507 | 4,006 | 5,329 | 8,753 |
Accounts receivable in one year | 90 | 181 | 30 | 1,069 |
Other current assets | 0 | 0 | 0 | 0 |
Cash and cash equivalents | 2,567 | 4,150 | 3,557 | 733 |
Total assets | 19,833 | 20,805 | 21,827 | 24,231 |
Equity | 8,812 | 9,791 | 11,591 | 13,372 |
Grants and subsidies | 0 | 0 | 0 | |
Liabilities | 11,021 | 11,014 | 10,234 | 10,859 |
Financial liabilities | 10,286 | 9,786 | 8,586 | 8,086 |
Long-term liabilities | 9,936 | 9,386 | 8,586 | 8,086 |
Short-term liabilities | 1,085 | 1,628 | 1,648 | 2,773 |
Equity and liabilities | 19,833 | 20,805 | 21,827 | 24,231 |
Financial ratios
2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|
Capital return ratios | ||||
Return on assets (ROA) | 1% | 3% | 5% | 11% |
Return on equity (ROE) | 3% | 6% | 11% | 21% |
Return on capital employed (ROCE) | 5% | 6% | 8% | 13% |
Capital structure and liquidity ratios | ||||
Debt / asset ratio (D/A) | 0.54 | 0.52 | 0.47 | 0.37 |
Current Ratio | 4.75 | 5.00 | 4.24 | 3.10 |
Quick ratio | 1.83 | 2.32 | 1.02 | 0.16 |
Turnover ratios | ||||
Asset turnover | 0.40 | 0.46 | 0.51 | 0.66 |
Fixed asset turnover | 0.62 | 0.73 | 0.80 | 1.09 |
Equity turnover | 0.92 | 1.02 | 1.04 | 1.25 |
Profitability ratios | ||||
EBITDA margin | 16% | 17% | 17% | 23% |
Operating profit margin | 11% | 12% | 14% | 17% |
Net profit margin | 4% | 6% | 10% | 15% |
Other ratios | ||||
Dividends to the State | 100.00 | 55.50 | 103.70 | 1,052.20 |
Dividends paid / net profit | 0.34 | 0.10 | 0.10 | 0.45 |
2020-06 | 2021-06 | 2022-06 | 2023-06 | |
---|---|---|---|---|
Capital return ratios | ||||
Return on assets (ROA) | 1% | 5% | 10% | 12% |
Return on equity (ROE) | 3% | 11% | 19% | 23% |
Return on capital employed (ROCE) | 2% | 5% | 10% | 13% |
Capital structure and liquidity ratios | ||||
Debt / asset ratio (D/A) | 0.52 | 0.47 | 0.39 | 0.33 |
Current Ratio | 6.60 | 5.12 | 5.41 | 3.81 |
Quick ratio | 2.45 | 2.66 | 2.18 | 0.65 |
Turnover ratios | ||||
Asset turnover | 0.21 | 0.26 | 0.41 | 0.49 |
Fixed asset turnover | 0.33 | 0.44 | 0.70 | 0.86 |
Equity turnover | 0.47 | 0.56 | 0.78 | 0.88 |
Profitability ratios | ||||
EBITDA margin | 14% | 20% | 28% | 27% |
Operating profit margin | 10% | 17% | 23% | 23% |
Net profit margin | 6% | 13% | 19% | 19% |
Other ratios | ||||
Dividends to the State | ||||
Dividends paid / net profit |
Financial statments
About the company
- Official nameAB Giraitės ginkluotės gamykla
- Legal formPublic limited liability company (AB)
- Company code110080729
- SectorOther
- Line of businessProduction of ammo
- Institution representing the StateMinistry of Finance
- Share belonging to the State100%
Return to the State
1.1 EUR milion
ROE
21.1%
Number of employees
105
Financial data provided as at end-December 2022
KEY FINANCIAL PERFORMANCE INDICATORS FOR THE PERIOD 2022–2024
- Annual EBITDA:
- 2022: ≥ 1.8 million EUR,
- 2023: ≥ 2 million EUR,
- 2024: ≥ 2.2 million EUR.
- Debt-to-EBITDA ratio:
- 2022: ≤ 5 times,
- 2023: ≤ 4 times,
- 2024: ≤ 3 times.
TARGETED SPECIALIZED INDICATORS FOR THE PERIOD 2024–2026
- Annual financial debt-to-equity ratio, times:
- 2024: 0.7
- 2025: 0.6
- 2026: 0.5
- Overall production line capacity utilization, %:
- 2024: ≥ 85
- 2025: ≥ 86
- 2026: ≥ 87
- Share of shell exports in sales, calculated from total sales in euros excluding sales to KAM, VRM, and LŠS, %:
- 2024-2026: ≥ 95
- Total energy consumption per 1000 units of produced shells, kWh/unit:
- 2024: ≤ 36
- 2025: ≤ 35
- 2026: ≤ 34
Management
- Aleksandras NikonovasChief Executive Officer
Information as of: 2024/03/01
Board of Directors
CHAIRMAN OF THE BOARD OF DIRECTORS
- Dangirutis JanušasIndependent member; UAB Verslo konsultacijų spektras; VĮ Registrų centras; UAB Toksika; VĮ Žemės ūkio duomenų centras
MEMBERS OF THE BOARD OF DIRECTORS
- Aldas BeginskasMinistry of Finance
- Eimundas MačiulisIndependent member; UAB Amber infra
- Remigijus ŠtarasIndependent member; UAB Topo grupė
- Laima KalinauskienėMinistry of Finance
Information as of: 2024/03/01