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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 — Production - Food. Per the activity note to the FY2024 annual report, the company produces dairy products. Founded in 2008; engaged in dairy product manufacturing.
Subsidiary of Nikora (100.0%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 19.1% | 22.2% | 23.0% | 15.3% | 7.7% | 6.7% | 17.6% | 18.7% |
| EBITDA Margin | 4.6% | 5.7% | 6.2% | 8.6% | 0.8% | 0.3% | 9.9% | 11.7% |
| EBITDAR | 241 | 370 | 429 | 530 | 46 | 18 | 764 | 893 |
| EBITDAR Margin | 4.6% | 5.7% | 6.2% | 8.6% | 0.8% | 0.3% | 9.9% | 11.7% |
| EBIT Margin | 3.6% | 4.4% | 4.9% | 7.2% | -0.6% | -1.0% | 8.9% | 10.7% |
| Net Profit Margin | -3.4% | 0.3% | -0.5% | 0.2% | -5.4% | -6.0% | 4.8% | 6.8% |
| Operating Expense % of Sales | 14.5% | 16.5% | 17.3% | 6.9% | 7.1% | 6.6% | 7.8% | 7.2% |
| Returns | ||||||||
| Return on Assets (ROA) | -5.7% | 0.6% | -1.1% | 0.5% | -10.8% | -14.6% | 13.0% | 15.8% |
| Return on Equity (ROE) | -30.8% | 2.9% | -6.4% | 2.7% | -114.4% | N/A | 160.6% | 69.1% |
| ROIC [EBIT / Invested Capital] | 9.0% | 10.9% | 11.3% | 16.9% | -1.4% | -2.6% | 26.0% | 27.3% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 50.1% | 69.2% | 74.3% | 68.9% | 77.4% | 96.5% | 85.0% | 69.3% |
| Debt-to-Equity | 2.71x | 3.49x | 4.46x | 3.66x | 8.21x | -19.03x | 10.48x | 3.03x |
| Debt-to-EBITDA | 6.40x | 5.53x | 5.73x | 3.91x | 47.11x | 148.00x | 3.17x | 2.54x |
| Equity-to-Assets | 18.5% | 19.8% | 16.7% | 18.8% | 9.4% | -5.1% | 8.1% | 22.9% |
| Net Debt | 1,532 | 2,039 | 2,448 | 2,061 | 2,158 | 2,659 | 2,418 | 2,264 |
| Cash & Equivalents | 11 | 7 | 9 | 9 | 9 | 5 | 2 | 2 |
| Total Debt | 1,543 | 2,046 | 2,457 | 2,070 | 2,167 | 2,664 | 2,420 | 2,266 |
| Liquidity & working capital | ||||||||
| Current Ratio | 2.06x | 1.23x | 1.24x | 1.34x | 0.74x | 0.69x | 0.84x | 1.15x |
| Quick Ratio | 1.28x | 0.57x | 0.55x | 0.62x | 0.36x | 0.35x | 0.41x | 0.65x |
| Cash Ratio | 0.01x | 0.00x | 0.01x | 0.01x | 0.00x | 0.00x | 0.00x | 0.00x |
| Total Current Assets | 1,993 | 1,878 | 1,978 | 1,850 | 1,800 | 2,016 | 1,874 | 2,368 |
| Total Current Liabilities | 966 | 1,531 | 1,590 | 1,384 | 2,421 | 2,901 | 2,239 | 2,063 |
| Inventory | 752 | 1,010 | 1,104 | 992 | 930 | 1,007 | 946 | 1,019 |
| Trade Receivables | 1,004 | 670 | 404 | 598 | 548 | 658 | 767 | 1,155 |
| Trade Payables | 936 | 323 | 299 | 369 | 367 | 237 | 196 | 258 |
| Net Working Capital | 1,027 | 347 | 388 | 466 | -621 | -885 | -365 | 305 |
| Net Working Capital % of Revenue | 19.7% | 5.3% | 5.6% | 7.6% | -11.0% | -13.2% | -4.7% | 4.0% |
| Trade Working Capital | 820 | 1,357 | 1,209 | 1,221 | 1,111 | 1,428 | 1,517 | 1,916 |
| Trade Working Capital % of Revenue | 15.7% | 20.7% | 17.5% | 19.8% | 19.7% | 21.4% | 19.6% | 25.1% |
| Change in Trade Working Capital | N/A | 537 | -148 | 12 | -110 | 317 | 89 | 399 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 5.60x | 5.04x | 4.82x | 5.27x | 5.60x | 6.19x | 6.73x | 6.10x |
| Days Inventory Outstanding (DIO) | 65.2 | 72.4 | 75.8 | 69.3 | 65.2 | 59.0 | 54.2 | 59.9 |
| Receivables Turnover | 5.19x | 9.77x | 17.11x | 10.32x | 10.30x | 10.16x | 10.07x | 6.61x |
| Days Sales Outstanding (DSO) | 70.4 | 37.4 | 21.3 | 35.4 | 35.5 | 35.9 | 36.2 | 55.2 |
| Payables Turnover | 4.50x | 15.76x | 17.79x | 14.17x | 14.19x | 26.30x | 32.48x | 24.07x |
| Days Payable Outstanding (DPO) | 81.1 | 23.2 | 20.5 | 25.8 | 25.7 | 13.9 | 11.2 | 15.2 |
| Cash Conversion Cycle | 54.4 days | 86.6 days | 76.6 days | 78.9 days | 74.9 days | 81.0 days | 79.2 days | 99.9 days |
| Asset Turnover | 1.69x | 2.21x | 2.09x | 2.05x | 2.02x | 2.42x | 2.71x | 2.33x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | -192 | -141 | 283 | 706 | 63 | -421 | 728 | 428 |
| Free Cash Flow (OCF − Capex proxy) | -192 | -384 | 169 | 580 | -86 | -444 | 678 | 241 |
| Cash Conversion (OCF / EBITDA) | -79.7% | -38.1% | 66.0% | 133.2% | 137.0% | -2338.9% | 95.3% | 47.9% |
| Dividends Declared | 0 | 260 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | N/A | 1529.4% | N/A | 0.0% | N/A | N/A | 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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