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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2021 2,711 · FY2022 4,488 · FY2023 6,075 — 3-yr total 13,274
Operates in Pharma — Distribution. Per the activity note to the FY2023 annual report, the company conducts wholesale and retail trade in pharmaceutical products in specialized pharmacies.
| Ratio | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Margins | ||||
| Gross Margin | 48.4% | 49.5% | 49.5% | 38.1% |
| EBITDA Margin | 41.3% | 43.0% | 46.2% | 30.7% |
| EBITDAR | 5,318 | 8,817 | 17,552 | 13,876 |
| EBITDAR Margin | 41.3% | 43.0% | 46.2% | 30.7% |
| EBIT Margin | 41.3% | 42.4% | 45.6% | 29.9% |
| Net Profit Margin | 40.2% | 39.9% | 42.9% | 27.1% |
| Operating Expense % of Sales | 7.2% | 6.5% | 4.1% | 7.4% |
| Returns | ||||
| Return on Assets (ROA) | 43.1% | 43.1% | 54.7% | 30.1% |
| Return on Equity (ROE) | 47.6% | 50.1% | 57.9% | 35.7% |
| ROIC [EBIT / Invested Capital] | 51.3% | 65.8% | 74.7% | 52.8% |
| Leverage & debt balances | ||||
| Debt-to-Assets | 0.0% | 11.6% | 0.0% | 9.9% |
| Debt-to-Equity | 0.00x | 0.14x | 0.00x | 0.12x |
| Debt-to-EBITDA | 0.00x | 0.25x | 0.00x | 0.29x |
| Equity-to-Assets | 90.6% | 86.0% | 94.4% | 84.4% |
| Net Debt | -491 | -3,121 | -4,982 | -8,763 |
| Cash & Equivalents | 491 | 5,330 | 4,982 | 12,797 |
| Total Debt | N/A | 2,209 | N/A | 4,034 |
| Liquidity & working capital | ||||
| Current Ratio | 9.42x | 6.60x | 16.04x | 5.64x |
| Quick Ratio | 5.12x | 6.60x | 16.04x | 5.64x |
| Cash Ratio | 0.51x | 2.34x | 3.22x | 2.01x |
| Total Current Assets | 9,068 | 15,018 | 24,863 | 35,912 |
| Total Current Liabilities | 963 | 2,275 | 1,550 | 6,368 |
| Inventory | 4,133 | N/A | N/A | N/A |
| Trade Receivables | 4,663 | 4,999 | 10,912 | 15,972 |
| Trade Payables | 1,133 | 446 | 1,655 | 2,301 |
| Net Working Capital | 8,105 | 12,742 | 23,314 | 29,544 |
| Net Working Capital % of Revenue | 62.9% | 62.1% | 61.4% | 65.5% |
| Trade Working Capital | 7,662 | 4,553 | 9,257 | 13,671 |
| Trade Working Capital % of Revenue | 59.5% | 22.2% | 24.4% | 30.3% |
| Change in Trade Working Capital | N/A | -3,110 | 4,704 | 4,414 |
| Turnover & efficiency | ||||
| Inventory Turnover | 1.61x | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | 227.0 | N/A | N/A | N/A |
| Receivables Turnover | 2.76x | 4.10x | 3.48x | 2.83x |
| Days Sales Outstanding (DSO) | 132.1 | 89.0 | 104.8 | 129.2 |
| Payables Turnover | 5.86x | 23.22x | 11.59x | 12.14x |
| Days Payable Outstanding (DPO) | 62.2 | 15.7 | 31.5 | 30.1 |
| Cash Conversion Cycle | 296.8 days | 73.3 days | 73.3 days | 99.1 days |
| Asset Turnover | 1.07x | 1.08x | 1.27x | 1.11x |
| Cash flow & dividends | ||||
| Operating Cash Flow | N/A | 5,958 | 7,300 | 10,166 |
| Free Cash Flow (OCF − Capex proxy) | N/A | 5,130 | 6,283 | 9,750 |
| Cash Conversion (OCF / EBITDA) | N/A | 67.6% | 41.6% | 73.3% |
| Dividends Declared | 0 | 2,711 | 4,488 | 6,075 |
| Dividend Payout Ratio | 0.0% | 33.2% | 27.5% | 49.6% |
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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