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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

          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

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

1.1 EUR milion

ROE

21.1%

Number of employees

105

Financial data provided as at end-December 2022

Management

  • Aleksandras NikonovasChief Executive Officer

Information as of: 2023/11/03

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Dangirutis JanušasUAB Verslo konsultacijų spektras; Independent member; VĮ Registrų centras; UAB „Toksika“; VĮ Žemės ūkio duomenų centras

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: 2023/11/03