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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2021 0 · FY2022 78 · FY2023 0 — 3-yr total 78
Operates in FMCG. Per the activity note to the FY2023 annual report, the company distributes food and beverages through specialized and non-specialized shops at wholesale and retail.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 27.9% | 30.7% | 29.0% | 27.6% | 31.5% | 40.5% | 43.5% |
| EBITDA Margin | 15.6% | 7.2% | 0.4% | -5.9% | -1.9% | 4.8% | 4.2% |
| EBITDAR | 3,629 | 1,978 | 89 | -1,257 | -364 | 1,311 | 1,194 |
| EBITDAR Margin | 17.8% | 9.3% | 0.4% | -5.9% | -1.9% | 4.8% | 4.2% |
| EBIT Margin | 15.1% | 6.7% | 0.4% | -5.9% | -1.9% | 4.8% | 4.2% |
| Net Profit Margin | 4.2% | 6.2% | 2.0% | -8.6% | 1.2% | 6.0% | 2.9% |
| Operating Expense % of Sales | 12.3% | 23.5% | 28.5% | 33.4% | 33.3% | 37.3% | 40.2% |
| Returns | |||||||
| Return on Assets (ROA) | 8.2% | 12.3% | 3.0% | -15.4% | 1.8% | 9.1% | 5.0% |
| Return on Equity (ROE) | 14.1% | 17.9% | 5.3% | -28.6% | 3.3% | 17.0% | 8.6% |
| ROIC [EBIT / Invested Capital] | 42.1% | 18.7% | 0.9% | -14.5% | -3.6% | 10.8% | 9.8% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 13.5% | 6.0% | 17.0% | 20.2% | 24.2% | 15.3% | 17.3% |
| Debt-to-Equity | 0.23x | 0.09x | 0.29x | 0.38x | 0.43x | 0.29x | 0.30x |
| Debt-to-EBITDA | 0.45x | 0.42x | 26.52x | N/A | N/A | 2.08x | 2.39x |
| Equity-to-Assets | 58.5% | 68.4% | 57.9% | 53.7% | 55.8% | 53.7% | 58.4% |
| Net Debt | 1,178 | 327 | 1,981 | 2,248 | 3,014 | 2,555 | 2,595 |
| Cash & Equivalents | 235 | 316 | 379 | 179 | 55 | 166 | 259 |
| Total Debt | 1,413 | 643 | 2,360 | 2,427 | 3,069 | 2,721 | 2,854 |
| Liquidity & working capital | |||||||
| Current Ratio | 2.35x | 2.95x | 2.51x | 2.44x | 2.27x | 2.00x | 2.05x |
| Quick Ratio | 1.21x | 1.69x | 1.46x | 1.68x | 1.58x | 1.55x | 1.53x |
| Cash Ratio | 0.06x | 0.09x | 0.09x | 0.05x | 0.01x | 0.02x | 0.04x |
| Total Current Assets | 9,603 | 10,016 | 11,120 | 8,633 | 9,082 | 13,766 | 12,416 |
| Total Current Liabilities | 4,090 | 3,392 | 4,423 | 3,536 | 4,005 | 6,873 | 6,068 |
| Inventory | 4,645 | 4,291 | 4,641 | 2,687 | 2,743 | 3,121 | 3,105 |
| Trade Receivables | 4,715 | 5,324 | 5,925 | 5,641 | 5,506 | 9,500 | 8,311 |
| Trade Payables | 2,926 | 2,749 | 3,486 | 3,136 | 2,459 | 5,342 | 3,860 |
| Net Working Capital | 5,513 | 6,624 | 6,697 | 5,097 | 5,077 | 6,893 | 6,348 |
| Net Working Capital % of Revenue | 27.1% | 31.1% | 32.0% | 23.7% | 25.9% | 25.4% | 22.4% |
| Trade Working Capital | 6,434 | 6,866 | 7,080 | 5,192 | 5,790 | 7,279 | 7,556 |
| Trade Working Capital % of Revenue | 31.6% | 32.2% | 33.8% | 24.2% | 29.5% | 26.8% | 26.6% |
| Change in Trade Working Capital | N/A | 432 | 214 | -1,888 | 598 | 1,489 | 277 |
| Turnover & efficiency | |||||||
| Inventory Turnover | 3.16x | 3.44x | 3.21x | 5.79x | 4.90x | 5.18x | 5.16x |
| Days Inventory Outstanding (DIO) | 115.6 | 106.0 | 113.8 | 63.0 | 74.6 | 70.5 | 70.7 |
| Receivables Turnover | 4.31x | 4.00x | 3.54x | 3.81x | 3.56x | 2.86x | 3.41x |
| Days Sales Outstanding (DSO) | 84.6 | 91.1 | 103.2 | 95.8 | 102.6 | 127.7 | 106.9 |
| Payables Turnover | 5.01x | 5.38x | 4.27x | 4.96x | 5.46x | 3.03x | 4.15x |
| Days Payable Outstanding (DPO) | 72.8 | 67.9 | 85.5 | 73.6 | 66.8 | 120.6 | 87.9 |
| Cash Conversion Cycle | 127.4 days | 129.2 days | 131.6 days | 85.3 days | 110.3 days | 77.6 days | 89.7 days |
| Asset Turnover | 1.94x | 1.99x | 1.51x | 1.79x | 1.54x | 1.53x | 1.72x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | -612 | 1,039 | -802 | 759 | -1,083 | -400 | 818 |
| Free Cash Flow (OCF − Capex proxy) | -612 | 936 | -2,952 | 290 | -1,523 | -755 | 818 |
| Cash Conversion (OCF / EBITDA) | -19.3% | 68.1% | -901.1% | N/A | N/A | -30.5% | 68.5% |
| Dividends Declared | 155 | 101 | 86 | 9 | 0 | 78 | 0 |
| Dividend Payout Ratio | 18.0% | 7.7% | 20.3% | N/A | 0.0% | 4.8% | 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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