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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dentstal Corporation LLC (შპს კორპორაცია დენტსტალი) imports and sells stomatological medicines and dental clinic equipment. That is the whole of what its own activity note to the FY2023 annual report describes: the note names no clinic, no treatment and no patient-facing service. It was previously classified as a dental clinic, which the note does not support. The filed P&L agrees with the note rather than the old label — gross margin is 47.8% on ₾3.7m of FY2022 revenue and 37.2% on ₾3.8m in FY2023, which is where device distributors sit in this database; dental clinics here run above 70% because their cost of sales is materials against chargeable labour. EBITDA fell from ₾1.42m to ₾0.43m between the two years while revenue was flat, so the gross margin gave way rather than the volume. Total assets are ₾6.6m against ₾3.8m of revenue. Its latest filing is FY2023, so it carries no FY2024 figures and must not be read as a zero in any FY2024 aggregate.
| Ratio | 2022 | 2023 |
|---|---|---|
| Margins | ||
| Gross Margin | 47.8% | 37.2% |
| EBITDA Margin | 38.5% | 11.3% |
| EBITDAR | 1,504 | 546 |
| EBITDAR Margin | 40.8% | 14.3% |
| EBIT Margin | 37.4% | 10.2% |
| Net Profit Margin | 35.5% | 8.6% |
| Operating Expense % of Sales | 9.2% | 25.8% |
| Returns | ||
| Return on Assets (ROA) | 20.4% | 5.0% |
| Return on Equity (ROE) | 31.9% | 7.4% |
| ROIC [EBIT / Invested Capital] | 29.4% | 8.0% |
| Leverage & debt balances | ||
| Debt-to-Assets | 14.3% | 8.2% |
| Debt-to-Equity | 0.22x | 0.12x |
| Debt-to-EBITDA | 0.65x | 1.25x |
| Equity-to-Assets | 64.0% | 66.7% |
| Net Debt | 598 | 438 |
| Cash & Equivalents | 319 | 105 |
| Total Debt | 917 | 543 |
| Liquidity & working capital | ||
| Current Ratio | 0.00x | 0.00x |
| Quick Ratio | 0.00x | 0.00x |
| Cash Ratio | 0.23x | 0.06x |
| Total Current Assets | 2 | 2 |
| Total Current Liabilities | 1,390 | 1,653 |
| Inventory | N/A | N/A |
| Trade Receivables | 506 | 460 |
| Trade Payables | 987 | 1,117 |
| Net Working Capital | -1,389 | -1,651 |
| Net Working Capital % of Revenue | -37.6% | -43.2% |
| Trade Working Capital | -481 | -658 |
| Trade Working Capital % of Revenue | -13.0% | -17.2% |
| Change in Trade Working Capital | N/A | -177 |
| Turnover & efficiency | ||
| Inventory Turnover | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | N/A |
| Receivables Turnover | 7.29x | 8.32x |
| Days Sales Outstanding (DSO) | 50.1 | 43.9 |
| Payables Turnover | 1.95x | 2.15x |
| Days Payable Outstanding (DPO) | 187.0 | 169.7 |
| Cash Conversion Cycle | -136.9 days | -125.8 days |
| Asset Turnover | 0.58x | 0.58x |
| Cash flow & dividends | ||
| Operating Cash Flow | 12,894 | 3,752 |
| Free Cash Flow (OCF − Capex proxy) | 243 | -215 |
| Cash Conversion (OCF / EBITDA) | 907.1% | 867.3% |
| Dividends Declared | N/A | N/A |
| Dividend Payout Ratio | N/A | N/A |
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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