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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 643 · FY2023 812 · FY2024 1,059 — 3-yr total 2,514
Operates in FMCG — Distribution. Per the activity note to the FY2024 annual report, the company imports and sells alcoholic and non-alcoholic beverages and food products.
Subsidiary of Nikora (100.0%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 19.9% | 19.1% | 21.7% | 19.2% | 7.1% | 6.5% | 5.9% | 5.9% |
| EBITDA Margin | 12.2% | 2.0% | 7.1% | 6.9% | 5.2% | 5.0% | 4.3% | 4.4% |
| EBITDAR | 2,242 | 416 | 1,642 | 1,893 | 2,608 | 3,822 | 4,384 | 6,137 |
| EBITDAR Margin | 12.2% | 2.0% | 7.1% | 6.9% | 5.2% | 5.0% | 4.3% | 4.4% |
| EBIT Margin | 12.2% | 1.7% | 6.4% | 6.2% | 5.2% | 4.8% | 4.2% | 4.4% |
| Net Profit Margin | 1.8% | 3.4% | 2.5% | 0.9% | 3.2% | 3.3% | 2.4% | 3.2% |
| Operating Expense % of Sales | 7.8% | 17.1% | 14.6% | 12.6% | 1.8% | 1.6% | 1.6% | 1.5% |
| Returns | ||||||||
| Return on Assets (ROA) | 5.1% | 9.2% | 6.4% | 2.0% | 8.5% | 10.9% | 9.0% | 12.5% |
| Return on Equity (ROE) | 336.0% | 87.9% | 41.0% | 14.6% | 56.8% | 54.0% | 38.5% | 45.0% |
| ROIC [EBIT / Invested Capital] | 62.9% | 7.6% | 22.9% | 22.9% | 17.7% | 21.2% | 22.4% | 26.2% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 53.6% | 51.2% | 56.8% | 51.3% | 61.7% | 54.1% | 46.2% | 37.7% |
| Debt-to-Equity | 35.16x | 4.90x | 3.62x | 3.67x | 4.11x | 2.67x | 1.98x | 1.36x |
| Debt-to-EBITDA | 1.55x | 9.65x | 3.07x | 3.16x | 4.47x | 3.34x | 2.91x | 2.16x |
| Equity-to-Assets | 1.5% | 10.4% | 15.7% | 14.0% | 15.0% | 20.2% | 23.3% | 27.8% |
| Net Debt | 3,467 | 4,004 | 5,007 | 5,791 | 11,655 | 12,770 | 12,775 | 13,283 |
| Cash & Equivalents | 17 | 14 | 26 | 183 | 3 | 2 | 2 | 3 |
| Total Debt | 3,484 | 4,018 | 5,033 | 5,974 | 11,658 | 12,772 | 12,777 | 13,286 |
| Liquidity & working capital | ||||||||
| Current Ratio | 1.14x | 1.03x | 1.29x | 1.30x | 1.16x | 1.24x | 1.38x | 1.45x |
| Quick Ratio | 0.59x | 0.53x | 0.76x | 1.08x | 1.06x | 1.02x | 1.14x | 1.25x |
| Cash Ratio | 0.00x | 0.00x | 0.00x | 0.02x | 0.00x | 0.00x | 0.00x | 0.00x |
| Total Current Assets | 6,078 | 7,278 | 8,040 | 11,407 | 18,622 | 23,446 | 27,509 | 35,229 |
| Total Current Liabilities | 5,326 | 7,032 | 6,245 | 8,794 | 16,050 | 18,843 | 19,959 | 24,241 |
| Inventory | 2,937 | 3,567 | 3,275 | 1,900 | 1,639 | 4,315 | 4,852 | 4,938 |
| Trade Receivables | 3,124 | 3,697 | 4,739 | 9,324 | 16,980 | 19,129 | 22,655 | 30,288 |
| Trade Payables | 2,915 | 3,014 | 2,442 | 4,050 | 4,392 | 6,071 | 8,412 | 12,185 |
| Net Working Capital | 752 | 246 | 1,795 | 2,613 | 2,572 | 4,603 | 7,550 | 10,988 |
| Net Working Capital % of Revenue | 4.1% | 1.2% | 7.8% | 9.5% | 5.2% | 6.0% | 7.4% | 7.9% |
| Trade Working Capital | 3,146 | 4,250 | 5,572 | 7,174 | 14,227 | 17,373 | 19,095 | 23,041 |
| Trade Working Capital % of Revenue | 17.1% | 19.9% | 24.2% | 26.0% | 28.6% | 22.5% | 18.7% | 16.6% |
| Change in Trade Working Capital | N/A | 1,104 | 1,322 | 1,602 | 7,053 | 3,146 | 1,722 | 3,946 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 5.03x | 4.83x | 5.50x | 11.73x | 28.19x | 16.69x | 19.75x | 26.40x |
| Days Inventory Outstanding (DIO) | 72.6 | 75.5 | 66.4 | 31.1 | 12.9 | 21.9 | 18.5 | 13.8 |
| Receivables Turnover | 5.90x | 5.76x | 4.85x | 2.96x | 2.93x | 4.03x | 4.50x | 4.58x |
| Days Sales Outstanding (DSO) | 61.9 | 63.3 | 75.2 | 123.4 | 124.7 | 90.6 | 81.2 | 79.8 |
| Payables Turnover | 5.06x | 5.72x | 7.37x | 5.50x | 10.52x | 11.86x | 11.39x | 10.70x |
| Days Payable Outstanding (DPO) | 72.1 | 63.8 | 49.5 | 66.3 | 34.7 | 30.8 | 32.0 | 34.1 |
| Cash Conversion Cycle | 62.4 days | 75.0 days | 92.1 days | 88.2 days | 102.9 days | 81.7 days | 67.6 days | 59.5 days |
| Asset Turnover | 2.84x | 2.71x | 2.60x | 2.37x | 2.63x | 3.26x | 3.69x | 3.93x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | -14 | -196 | -237 | -678 | -5,451 | -481 | 826 | 654 |
| Free Cash Flow (OCF − Capex proxy) | -14 | -434 | -665 | -338 | -5,451 | -481 | 826 | 654 |
| Cash Conversion (OCF / EBITDA) | -0.6% | -47.1% | -14.4% | -35.8% | -209.0% | -12.6% | 18.8% | 10.7% |
| Dividends Declared | 0 | 0 | 0 | 0 | 400 | 643 | 812 | 1,059 |
| Dividend Payout Ratio | 0.0% | 0.0% | 0.0% | 0.0% | 24.8% | 24.9% | 32.7% | 24.0% |
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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