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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 0 · FY2023 0 · FY2024 0
Operates in FMCG. Per the activity note to the FY2024 annual report, the company manufactures and distributes baked bread products and semi-finished food items. Founded in 2004. Supplies retail and wholesale food distribution.
Subsidiary of Nikora (80.0%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 16.9% | 11.2% | 12.9% | 14.6% | 14.5% | 23.6% | 29.2% | 25.7% |
| EBITDA Margin | 6.7% | -8.7% | -2.8% | 1.2% | -0.8% | 8.7% | 13.2% | 10.1% |
| EBITDAR | 388 | -462 | -143 | 71 | -59 | 783 | 1,334 | 1,049 |
| EBITDAR Margin | 6.7% | -8.7% | -2.8% | 1.2% | -0.8% | 8.7% | 13.2% | 10.1% |
| EBIT Margin | 6.1% | -9.5% | -3.8% | 0.4% | -1.4% | 7.9% | 12.7% | 9.1% |
| Net Profit Margin | -4.9% | -18.3% | -16.2% | -10.3% | -6.2% | 2.2% | 8.9% | 6.0% |
| Operating Expense % of Sales | 10.2% | 20.0% | 16.7% | 15.5% | 15.3% | 14.9% | 16.0% | 15.6% |
| Returns | ||||||||
| Return on Assets (ROA) | -26.2% | -40.2% | -32.8% | -27.8% | -27.4% | 8.9% | 34.3% | 19.4% |
| Return on Equity (ROE) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| ROIC [EBIT / Invested Capital] | 46.2% | -58.4% | -20.8% | 4.2% | -22.5% | 77.4% | 72.2% | 34.3% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 103.0% | 90.0% | 107.5% | 122.4% | 173.4% | 128.3% | 100.0% | 90.8% |
| Debt-to-Equity | -3.25x | -1.66x | -1.53x | -1.24x | -1.18x | -1.47x | -3.37x | -19.36x |
| Debt-to-EBITDA | 2.84x | N/A | N/A | 36.82x | N/A | 3.68x | 1.97x | 2.79x |
| Equity-to-Assets | -31.7% | -54.3% | -70.4% | -98.3% | -146.3% | -87.2% | -29.6% | -4.7% |
| Net Debt | 1,100 | 2,164 | 2,753 | 2,614 | 2,874 | 2,879 | 2,551 | 2,922 |
| Cash & Equivalents | 1 | 0 | 6 | 0 | 3 | 1 | 71 | 0 |
| Total Debt | 1,101 | 2,164 | 2,759 | 2,614 | 2,877 | 2,880 | 2,622 | 2,922 |
| Liquidity & working capital | ||||||||
| Current Ratio | 0.42x | 0.13x | 0.16x | 0.17x | 0.10x | 0.16x | 0.27x | 0.30x |
| Quick Ratio | 0.20x | 0.03x | 0.07x | 0.07x | 0.01x | 0.06x | 0.12x | 0.08x |
| Cash Ratio | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.02x | 0.00x |
| Total Current Assets | 357 | 235 | 410 | 466 | 352 | 527 | 797 | 741 |
| Total Current Liabilities | 849 | 1,876 | 2,518 | 2,722 | 3,351 | 3,374 | 2,914 | 2,433 |
| Inventory | 185 | 180 | 222 | 281 | 305 | 339 | 433 | 536 |
| Trade Receivables | 86 | 44 | 133 | 125 | 25 | 164 | 197 | 185 |
| Trade Payables | 307 | 1,544 | 1,246 | 1,422 | 1,211 | 974 | 516 | 448 |
| Net Working Capital | -492 | -1,641 | -2,107 | -2,256 | -2,999 | -2,847 | -2,117 | -1,691 |
| Net Working Capital % of Revenue | -8.5% | -31.0% | -40.7% | -38.9% | -40.9% | -31.6% | -21.0% | -16.3% |
| Trade Working Capital | -37 | -1,320 | -892 | -1,016 | -880 | -471 | 114 | 273 |
| Trade Working Capital % of Revenue | -0.6% | -25.0% | -17.2% | -17.5% | -12.0% | -5.2% | 1.1% | 2.6% |
| Change in Trade Working Capital | N/A | -1,284 | 428 | -124 | 135 | 409 | 585 | 159 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 25.96x | 26.10x | 20.32x | 17.64x | 20.54x | 20.30x | 16.47x | 14.44x |
| Days Inventory Outstanding (DIO) | 14.1 | 14.0 | 18.0 | 20.7 | 17.8 | 18.0 | 22.2 | 25.3 |
| Receivables Turnover | 66.81x | 119.29x | 39.04x | 46.24x | 287.67x | 54.81x | 51.24x | 56.31x |
| Days Sales Outstanding (DSO) | 5.5 | 3.1 | 9.4 | 7.9 | 1.3 | 6.7 | 7.1 | 6.5 |
| Payables Turnover | 15.59x | 3.04x | 3.62x | 3.48x | 5.18x | 7.06x | 13.82x | 17.27x |
| Days Payable Outstanding (DPO) | 23.4 | 120.0 | 100.9 | 104.8 | 70.5 | 51.7 | 26.4 | 21.1 |
| Cash Conversion Cycle | -3.9 days | -103.0 days | -73.6 days | -76.2 days | -51.5 days | -27.1 days | 2.9 days | 10.6 days |
| Asset Turnover | 5.39x | 2.20x | 2.02x | 2.71x | 4.42x | 4.01x | 3.84x | 3.23x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | -492 | 566 | -609 | 93 | -308 | 248 | 988 | 1,211 |
| Free Cash Flow (OCF − Capex proxy) | -492 | -1,047 | -608 | 41 | -388 | -60 | 260 | -40 |
| Cash Conversion (OCF / EBITDA) | -126.9% | N/A | N/A | 130.7% | N/A | 31.7% | 74.1% | 115.5% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.0% | 0.0% |
Money rows — EBITDAR, net debt, cash, total debt, operating and free cash flow, dividends declared — are in GEL, thousands. Margins, returns and payout are percentages; turnover and leverage are multiples; DIO/DSO/DPO are days. Hover a metric name for its definition.
Shareholders, directors and group links from the companyinfo.ge public register — as filed, so stakes need not sum to 100% where a holding is undisclosed.
Ownership & directors from companyinfo.ge (public corporate registry).
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