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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 2022-2024

  • Annual return on equity ROE,%:
    • 2022 – 9,7
    • 2023 – 10,3
    • 2024 – 10,4
  • Total energy consumption per unit of ammunition produced, Wh / unit:
    • 2022 ≤ 50
    • 2023 ≤ 49
    • 2024 ≤ 48
  • Share of ammunition exports in sales,%:
    • 2022 ≥ 70
    • 2023 ≥ 80
    • 2024 ≥ 90
  • The ratio of the average monthly gross earnings in the Company to the average monthly gross earnings in the national economy:
    • 2022 ≥ 1,2
    • 2023 ≥ 1,25
    • 2024 ≥ 1,3

          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 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%
2018-06 2019-06 2020-06 2021-06
Revenue 4,635 3,421 4,115 5,475
Cost of goods sold 3,399 2,591 3,231 3,967
Gross profit (loss) 1,235 830 884 1,508
Gross profit margin % % 24% 28%
Operating expenses 368 422 491 580
Operating profit (loss) 868 409 393 928
Operating profit margin % % 12% 17%
EBITDA 569 1,090
EBITDA margin % % 17% 20%
Net profit (loss) 950 277 257 858
Net profit margin % % 8% 16%

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
2019-06 2020-06 2021-06
Non-current assets 12,952 12,642 12,456
Intangible assets 10 3 7
Tangible assets 12,942 12,638 12,449
Financial assets
Other non-current assets
Current assets 7,217 7,164 8,337
Inventories and prepaid expenses 5,153 4,507 4,006
Accounts receivable in one year 135 90 181
Other current assets
Cash and cash equivalents 1,929 2,567 4,150
Total assets 20,193 19,833 20,805
Equity 8,540 8,812 9,791
Grants and subsidies
Liabilities 11,653 11,021 11,014
Financial liabilities 10,636 10,286 9,786
Long-term liabilities 10,726 9,936 9,386
Short-term liabilities
Equity and liabilities 20,193 19,833 20,805

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
2018-06 2019-06 2020-06 2021-06
Capital return ratios
Return on assets (ROA) 2% % % 6%
Return on equity (ROE) 6% % % 12%
Return on capital employed (ROCE) 11% -2% 4% 9%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 1.60 1.17 1.00
Current Ratio 7.51
Quick ratio 0.72
Turnover ratios
Asset turnover 0.35 0.34 0.21 0.27
Fixed asset turnover 0.50 0.53 0.32 0.44
Equity turnover 0.96 0.80 0.47 0.59
Profitability ratios
EBITDA margin 20% % 17% 20%
Operating profit margin 15% % 12% 17%
Net profit margin 6% % 8% 16%
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

104 EUR thousand

ROE

10.7%

Number of employees

93

Financial data provided as at end-December 2021

Management

  • Aleksandras NikonovasDirector General

Information as of: 2022/09/01

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: 2022/09/01