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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 38,360 · FY2023 122,306 · FY2024 51,270 — 3-yr total 211,936
JSC GEPHA (Georgian Pharmacy) is Georgia's largest pharmaceutical retailer and wholesaler and the retail-pharmacy business of Georgia Capital PLC (LSE: CGEO), which owns ~98%. It was formed in 2017 by merging two chains founded in 1994 — GPC (premium) and ABC Pharmacia (mass-market, retail brand Pharmadepot) — originally under Georgia Healthcare Group, and became a direct Georgia Capital subsidiary in the December 2023 reorganization. Operates ~450 pharmacies in Georgia under the GPC and Pharmadepot banners (plus ~19 in Armenia) and a nationwide wholesale/distribution arm, holding roughly a third of the market.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 24.4% | 25.5% | 25.5% | 25.4% | 26.0% | 29.3% | 29.7% | 31.7% |
| EBITDA Margin | 18.0% | 10.2% | 12.8% | 13.8% | 13.4% | 14.0% | 13.1% | 14.2% |
| EBITDAR | 97,833 | 70,242 | 82,163 | 97,262 | 108,900 | 116,713 | 111,424 | 125,038 |
| EBITDAR Margin | 21.7% | 13.5% | 13.4% | 14.3% | 13.9% | 14.8% | 13.5% | 14.5% |
| EBIT Margin | 17.5% | 9.7% | 9.8% | 10.7% | 10.1% | 10.2% | 8.8% | 9.4% |
| Net Profit Margin | 8.3% | 8.8% | 8.4% | 6.4% | 10.5% | 10.6% | 7.3% | 6.0% |
| Operating Expense % of Sales | 6.5% | 15.3% | 12.7% | 11.7% | 12.8% | 15.5% | 16.9% | 18.0% |
| Returns | ||||||||
| Return on Assets (ROA) | 14.4% | 16.1% | 13.1% | 9.4% | 15.7% | 14.8% | 10.1% | 9.3% |
| Return on Equity (ROE) | 31.7% | 35.5% | 33.7% | 26.5% | 39.1% | 32.6% | 30.4% | 25.7% |
| ROIC [EBIT / Invested Capital] | 59.9% | 33.8% | 24.5% | 28.2% | 26.2% | 24.3% | 20.0% | 22.1% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 9.3% | 13.5% | 25.3% | 24.2% | 25.2% | 21.7% | 32.2% | 30.8% |
| Debt-to-Equity | 0.20x | 0.30x | 0.65x | 0.68x | 0.63x | 0.48x | 0.97x | 0.85x |
| Debt-to-EBITDA | 0.30x | 0.72x | 1.26x | 1.19x | 1.26x | 1.11x | 1.79x | 1.40x |
| Equity-to-Assets | 45.4% | 45.3% | 38.9% | 35.5% | 40.1% | 45.5% | 33.0% | 36.3% |
| Net Debt | 13,575 | 21,618 | 91,638 | 94,549 | 91,213 | 74,358 | 165,696 | 162,983 |
| Cash & Equivalents | 10,464 | 16,405 | 7,774 | 16,978 | 40,240 | 48,324 | 26,645 | 8,009 |
| Total Debt | 24,039 | 38,023 | 99,412 | 111,527 | 131,453 | 122,682 | 192,341 | 170,992 |
| Liquidity & working capital | ||||||||
| Current Ratio | 1.58x | 1.40x | 1.33x | 1.33x | 1.40x | 1.51x | 1.19x | 1.25x |
| Quick Ratio | 0.51x | 0.45x | 0.36x | 0.49x | 0.56x | 0.52x | 0.28x | 0.30x |
| Cash Ratio | 0.10x | 0.12x | 0.05x | 0.08x | 0.18x | 0.22x | 0.10x | 0.03x |
| Total Current Assets | 165,073 | 187,622 | 213,092 | 283,343 | 318,164 | 331,756 | 329,246 | 297,560 |
| Total Current Liabilities | 104,751 | 134,396 | 160,458 | 212,443 | 227,336 | 219,242 | 276,813 | 238,620 |
| Inventory | 111,871 | 127,815 | 154,970 | 179,547 | 191,266 | 218,328 | 251,858 | 225,239 |
| Trade Receivables | 24,332 | 27,787 | 40,157 | 57,948 | 59,112 | 35,630 | 43,122 | 45,553 |
| Trade Payables | 76,425 | 79,768 | 110,690 | 159,121 | 166,562 | 164,827 | 183,332 | 156,227 |
| Net Working Capital | 60,322 | 53,226 | 52,634 | 70,900 | 90,828 | 112,514 | 52,433 | 58,940 |
| Net Working Capital % of Revenue | 13.4% | 10.3% | 8.6% | 10.4% | 11.6% | 14.2% | 6.4% | 6.8% |
| Trade Working Capital | 59,778 | 75,834 | 84,437 | 78,374 | 83,816 | 89,131 | 111,648 | 114,565 |
| Trade Working Capital % of Revenue | 13.3% | 14.6% | 13.7% | 11.5% | 10.7% | 11.3% | 13.6% | 13.3% |
| Change in Trade Working Capital | N/A | 16,056 | 8,603 | -6,063 | 5,442 | 5,315 | 22,517 | 2,917 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 3.04x | 3.02x | 2.95x | 2.82x | 3.03x | 2.56x | 2.30x | 2.61x |
| Days Inventory Outstanding (DIO) | 120.0 | 120.7 | 123.6 | 129.2 | 120.5 | 142.7 | 158.7 | 139.7 |
| Receivables Turnover | 18.51x | 18.66x | 15.31x | 11.72x | 13.24x | 22.17x | 19.10x | 18.92x |
| Days Sales Outstanding (DSO) | 19.7 | 19.6 | 23.8 | 31.1 | 27.6 | 16.5 | 19.1 | 19.3 |
| Payables Turnover | 4.45x | 4.84x | 4.14x | 3.19x | 3.48x | 3.39x | 3.16x | 3.77x |
| Days Payable Outstanding (DPO) | 82.0 | 75.4 | 88.2 | 114.5 | 104.9 | 107.7 | 115.5 | 96.9 |
| Cash Conversion Cycle | 57.7 days | 64.9 days | 59.1 days | 45.8 days | 43.1 days | 51.4 days | 62.3 days | 62.1 days |
| Asset Turnover | 1.74x | 1.84x | 1.57x | 1.47x | 1.50x | 1.39x | 1.38x | 1.55x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 15,037 | 32,755 | 74,328 | 86,625 | 105,808 | 114,916 | 86,214 | 118,680 |
| Free Cash Flow (OCF − Capex proxy) | 15,037 | 11,870 | 53,147 | 60,408 | 76,529 | 90,706 | 111,452 | 89,858 |
| Cash Conversion (OCF / EBITDA) | 18.6% | 62.0% | 94.2% | 92.1% | 101.2% | 103.9% | 80.1% | 97.0% |
| Dividends Declared | 0 | 32,700 | 26,629 | 32,413 | 37,064 | 38,360 | 122,306 | 51,270 |
| Dividend Payout Ratio | 0.0% | 72.0% | 51.8% | 74.6% | 45.2% | 45.7% | 203.6% | 98.9% |
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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