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Valdymo koordinavimo centras Governance Coordination Centre

State Owned Enterprises

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.

KEY FINANCIAL PERFORMANCE INDICATORS FOR THE PERIOD 2022-2024

  • Annual EBITDA:
    • 2022 ≥ 1,8 ml. Eur,
    • 2023 ≥ 2 ml. Eur,
    • 2024 ≥ 2,2 ml. Eur.
  • Annual financial debt to EBITDA ratio:
    • 2022 ≤ 5 times,
    • 2023 ≤ 4 times,
    • 2024 ≤ 3 times.

TARGETED SPECIFIC INDICATORS FOR THE PERIOD 2023-2025

  • Annual return on equity ROE,%:
    • 2023 – 17,1
    • 2024  – 17,2
    • 2025  – 17,5
  • Total capacity utilization of the production line, %:
    • 2023 ≥ 85
    • 2024 ≥ 86
    • 2025 ≥ 87
  • The share of ammunition exports in sales, calculated from total sales in euros minus sales to KAM, VRM and LŠS, %:
    • 2023-2025 ≥ 95
  • The ratio of the average monthly gross earnings in the Company to the average monthly gross earnings in the national economy:
    • 2023 ≥ 1,1
    • 2024 ≥ 1,15
    • 2025 ≥ 1,2

          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 9,408 7,912 9,184 10,364
Cost of goods sold 6,888 6,121 7,104 7,554
Gross profit (loss) 2,520 1,792 2,080 2,811
Gross profit margin 27% 23% 23% 27%
Operating expenses 809 903 955 1,324
Operating profit (loss) 1,711 889 1,125 1,487
Operating profit margin 18% 11% 12% 14%
EBITDA 2,357 1,228 1,526 1,807
EBITDA margin 25% 16% 17% 17%
Net profit (loss) 1,175 292 533 1,015
Net profit margin 12% 4% 6% 10%
2019-06 2020-06 2021-06 2022-06
Revenue 3,421 4,115 5,475 9,033
Cost of goods sold 2,591 3,231 3,967 6,200
Gross profit (loss) 830 884 1,508 2,833
Gross profit margin % % % %
Operating expenses 422 491 580 720
Operating profit (loss) 409 393 928 2,112
Operating profit margin % % % %
EBITDA 569 586 1,090 2,538
EBITDA margin 17% 14% 20% 28%
Net profit (loss) 277 257 730 1,747
Net profit margin 8% 6% 13% 19%

* 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 13,075 12,800 12,518 12,987
Intangible assets 8 7 3 7
Tangible assets 13,068 12,793 12,515 12,980
Financial assets
Other non-current assets
Current assets 6,824 7,189 7,300 7,264
Inventories and prepaid expenses 4,478 4,417 3,921 5,516
Accounts receivable in one year 74 346 94 55
Other current assets
Cash and cash equivalents 2,272 2,426 3,285 1,692
Total assets 19,925 20,004 19,833 20,271
Equity 8,530 8,555 8,988 9,947
Grants and subsidies
Liabilities 11,394 11,449 10,845 10,298
Financial liabilities 10,775 10,773 10,260 9,454
Long-term liabilities 10,726 9,936 9,386 8,586
Short-term liabilities 668 1,513 1,459 1,712
Equity and liabilities 19,925 20,004 19,833 20,271
2020-06 2021-06 2022-06
Non-current assets 12,642 12,456 12,884
Intangible assets 3 7 5
Tangible assets 12,638 12,449 12,879
Financial assets
Other non-current assets
Current assets 7,164 8,337 8,916
Inventories and prepaid expenses 4,507 4,006 5,329
Accounts receivable in one year 90 181 30
Other current assets
Cash and cash equivalents 2,567 4,150 3,557
Total assets 19,833 20,805 21,827
Equity 8,812 9,791 11,591
Grants and subsidies
Liabilities 11,021 11,014 10,234
Financial liabilities 10,286 9,786 8,586
Long-term liabilities 9,936 9,386 8,586
Short-term liabilities 1,085 1,628 1,648
Equity and liabilities 19,833 20,805 21,827

* 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) 6% 1% 3% 5%
Return on equity (ROE) 15% 3% 6% 11%
Return on capital employed (ROCE) 20% 10% 12% 16%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 1.26 1.26 1.14 0.95
Current Ratio 10.21 4.75 5.00 4.24
Quick ratio 3.51 1.83 2.32 1.02
Turnover ratios
Asset turnover 0.48 0.40 0.46 0.52
Fixed asset turnover 0.70 0.61 0.73 0.81
Equity turnover 1.18 0.93 1.05 1.09
Profitability ratios
EBITDA margin 25% 16% 17% 17%
Operating profit margin 18% 11% 12% 14%
Net profit margin 12% 4% 6% 10%
Other ratios
Dividends to the State 266.49 100.00 55.50 103.70
Dividends paid / net profit 0.23 0.34 0.10 0.10

* 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) 1% % 5% 10%
Return on equity (ROE) 3% % 11% 19%
Return on capital employed (ROCE) 10% 4% 10% 21%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 1.26 1.00 0.95 0.74
Current Ratio 4.75 6.60 5.12 5.41
Quick ratio 1.83 2.45 2.66 2.18
Turnover ratios
Asset turnover 0.40 0.41 0.27 0.42
Fixed asset turnover 0.61 0.65 0.44 0.71
Equity turnover 0.93 0.93 0.59 0.84
Profitability ratios
EBITDA margin 16% 14% 20% 28%
Operating profit margin 11% % % %
Net profit margin 4% 6% 13% 19%
Other ratios
Dividends to the State 100.00
Dividends paid / net profit 0.34

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 n. metinės 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. 6 mėn. tarpinės ataskaitos 2014 m. 9 mėn. tarpinės ataskaitos
2012 m. metinės ataskaitos 2012 m. 3 mėn. tarpinės ataskaitos 2012 m. 9 mėn. tarpinės ataskaitos
2013 m. 3 mėn. tarpinės ataskaitos 2013 m. 6 mėn. tarpinės ataskaitos 2013 m. metinės ataskaitos 2013 m. 12 mėn. tarpinės ataskaitos 2013 m. 9 mėn. tarpinės ataskaitos
2011 m. 6 mėn. tarpinės ataskaitos 2011 m. metinės ataskaitos
2010 m. metinės ataskaitos

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%
http://www.ggg-ammo.lt/
Return to the State

104 EUR thousand

ROE

10.7%

Number of employees

93

Financial data provided as at end-December 2021

Management

  • Aleksandras NikonovasChief Executive Officer

Information as of: 2023/05/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Dangirutis JanušasUAB Verslo konsultacijų spektras; Independent member

MEMBERS OF THE BOARD OF DIRECTORS

  • Aldas BeginskasMinistry of Finance
  • Eimundas MačiulisUAB Amber infra; Independent member
  • Remigijus ŠtarasUAB Topo grupė; Independent member
  • Laima KalinauskienėMinistry of Finance

Information as of: 2023/05/01