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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 18,596 · FY2023 21,004 · FY2024 16,000 — 3-yr total 55,600
Georgian FMCG distributor and importer of European food and household products.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 35.5% | 31.2% | 29.7% | 33.8% | 34.5% | 40.0% | 40.1% | 40.1% |
| EBITDA Margin | 27.7% | 11.3% | 12.9% | 16.4% | 16.0% | 21.6% | 21.9% | 18.8% |
| EBITDAR | 8,822 | 5,647 | 6,967 | 11,433 | 14,104 | 23,897 | 29,460 | 27,550 |
| EBITDAR Margin | 30.9% | 14.7% | 14.0% | 17.6% | 17.0% | 22.5% | 22.6% | 19.9% |
| EBIT Margin | 25.6% | 9.6% | 8.8% | 12.0% | 12.0% | 18.6% | 19.5% | 16.1% |
| Net Profit Margin | 6.3% | 8.4% | 15.3% | 7.2% | 10.6% | 17.9% | 17.9% | 13.9% |
| Operating Expense % of Sales | 7.8% | 19.9% | 16.8% | 17.3% | 18.6% | 18.4% | 18.2% | 21.3% |
| Returns | ||||||||
| Return on Assets (ROA) | 10.2% | 15.6% | 20.1% | 9.9% | 17.4% | 35.7% | 39.9% | 28.1% |
| Return on Equity (ROE) | 16.4% | 28.2% | 45.1% | 29.1% | 52.2% | 110.4% | 119.1% | 84.2% |
| ROIC [EBIT / Invested Capital] | 49.3% | 24.7% | 19.5% | 34.5% | 41.6% | 83.5% | 96.0% | 62.1% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 22.8% | 18.9% | 15.6% | 17.8% | 15.8% | 15.2% | 13.9% | 24.1% |
| Debt-to-Equity | 0.37x | 0.34x | 0.35x | 0.52x | 0.47x | 0.47x | 0.41x | 0.72x |
| Debt-to-EBITDA | 0.51x | 0.90x | 0.92x | 0.78x | 0.60x | 0.35x | 0.28x | 0.63x |
| Equity-to-Assets | 62.0% | 55.4% | 44.5% | 34.0% | 33.3% | 32.3% | 33.5% | 33.4% |
| Net Debt | 3,849 | 3,534 | 5,460 | 6,705 | 7,072 | 6,497 | 6,779 | 13,146 |
| Cash & Equivalents | 192 | 353 | 430 | 1,690 | 883 | 1,606 | 1,325 | 3,387 |
| Total Debt | 4,040 | 3,887 | 5,890 | 8,395 | 7,955 | 8,103 | 8,103 | 16,532 |
| Liquidity & working capital | ||||||||
| Current Ratio | 1.63x | 1.36x | 1.66x | 1.14x | 1.09x | 1.13x | 1.18x | 1.05x |
| Quick Ratio | 0.76x | 0.61x | 0.88x | 0.46x | 0.46x | 0.43x | 0.53x | 0.47x |
| Cash Ratio | 0.03x | 0.04x | 0.04x | 0.09x | 0.04x | 0.06x | 0.04x | 0.10x |
| Total Current Assets | 10,645 | 12,423 | 19,791 | 20,683 | 21,957 | 28,790 | 35,184 | 37,457 |
| Total Current Liabilities | 6,521 | 9,164 | 11,918 | 18,125 | 20,090 | 25,500 | 29,803 | 35,647 |
| Inventory | 5,708 | 6,861 | 9,336 | 12,259 | 12,810 | 17,909 | 19,487 | 20,760 |
| Trade Receivables | 4,462 | 5,215 | 8,754 | 6,640 | 7,877 | 8,427 | 13,611 | 12,483 |
| Trade Payables | 2,678 | 5,141 | 6,028 | 9,729 | 11,572 | 14,441 | 18,158 | 16,367 |
| Net Working Capital | 4,123 | 3,260 | 7,873 | 2,558 | 1,866 | 3,289 | 5,381 | 1,809 |
| Net Working Capital % of Revenue | 14.4% | 8.5% | 15.9% | 3.9% | 2.3% | 3.1% | 4.1% | 1.3% |
| Trade Working Capital | 7,492 | 6,935 | 12,062 | 9,169 | 9,115 | 11,896 | 14,939 | 16,876 |
| Trade Working Capital % of Revenue | 26.2% | 18.1% | 24.3% | 14.1% | 11.0% | 11.2% | 11.5% | 12.2% |
| Change in Trade Working Capital | N/A | -557 | 5,127 | -2,892 | -55 | 2,781 | 3,044 | 1,936 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 3.23x | 3.84x | 3.74x | 3.51x | 4.24x | 3.56x | 4.01x | 4.00x |
| Days Inventory Outstanding (DIO) | 113.2 | 95.0 | 97.6 | 103.9 | 86.1 | 102.4 | 91.1 | 91.2 |
| Receivables Turnover | 6.40x | 7.35x | 5.67x | 9.80x | 10.53x | 12.63x | 9.57x | 11.11x |
| Days Sales Outstanding (DSO) | 57.0 | 49.7 | 64.3 | 37.3 | 34.7 | 28.9 | 38.1 | 32.8 |
| Payables Turnover | 6.87x | 5.13x | 5.79x | 4.43x | 4.69x | 4.42x | 4.30x | 5.08x |
| Days Payable Outstanding (DPO) | 53.1 | 71.2 | 63.0 | 82.4 | 77.8 | 82.6 | 84.9 | 71.9 |
| Cash Conversion Cycle | 117.1 days | 73.5 days | 98.9 days | 58.7 days | 43.0 days | 48.7 days | 44.4 days | 52.1 days |
| Asset Turnover | 1.61x | 1.86x | 1.31x | 1.38x | 1.64x | 1.99x | 2.23x | 2.02x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 1,947 | 3,603 | 3,496 | 12,863 | 10,549 | 18,416 | 22,958 | 20,639 |
| Free Cash Flow (OCF − Capex proxy) | 1,947 | 2,234 | 1,292 | 5,270 | 7,904 | 21,488 | 21,936 | 11,135 |
| Cash Conversion (OCF / EBITDA) | 24.6% | 83.2% | 54.6% | 120.2% | 79.7% | 80.2% | 80.5% | 79.1% |
| Dividends Declared | 300 | 2,400 | 2,148 | 5,471 | 8,008 | 18,596 | 21,004 | 16,000 |
| Dividend Payout Ratio | 16.6% | 74.8% | 28.3% | 117.3% | 91.2% | 97.6% | 89.9% | 82.9% |
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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