Black Sea Group (შპს კომპანია ბლექ სი გრუპი)

panel 2026-09-21Ask

as filed · GEL, thousands

financial ratiosXLSX

Ratio	2017	2018	2019	2020	2021	2022	2023
Margins
Gross Margin	55.0%	59.5%	55.6%	60.2%	47.3%	19.4%	-44.5%
EBITDA Margin	21.6%	3.8%	8.4%	2.8%	-13.2%	10.8%	-67.2%
EBITDAR	25,300	3,846	20,504	7,936	-7,014	6,391	-18,626
EBITDAR Margin	27.2%	7.0%	11.4%	5.8%	-11.5%	11.0%	-66.4%
EBIT Margin	14.2%	-10.3%	3.8%	-3.8%	-24.5%	4.2%	-68.7%
Net Profit Margin	-4.0%	-8.4%	3.2%	-5.4%	-7.6%	4.0%	-67.2%
Operating Expense % of Sales	33.4%	55.8%	47.1%	57.4%	60.5%	8.5%	22.8%
Returns
Return on Assets (ROA)	-4.5%	-4.6%	4.7%	-7.4%	-6.8%	2.7%	-31.2%
Return on Equity (ROE)	-11.7%	-17.2%	18.3%	-30.4%	-23.8%	7.8%	-181.0%
ROIC [EBIT / Invested Capital]	37.6%	-22.9%	13.2%	-10.5%	-45.3%	5.8%	-122.8%
Leverage & debt balances
Debt-to-Assets	9.7%	13.4%	18.5%	26.0%	19.8%	15.1%	8.9%
Debt-to-Equity	0.25x	0.50x	0.72x	1.07x	0.70x	0.44x	0.52x
Debt-to-EBITDA	0.40x	6.50x	1.50x	6.84x	N/A	2.06x	N/A
Equity-to-Assets	38.8%	26.7%	25.9%	24.3%	28.4%	34.4%	17.3%
Net Debt	3,377	-2,101	19,164	25,531	13,562	12,570	5,272
Cash & Equivalents	4,599	15,540	3,424	364	77	338	125
Total Debt	7,976	13,439	22,588	25,895	13,639	12,908	5,398
Liquidity & working capital
Current Ratio	0.53x	0.94x	0.72x	0.75x	0.88x	0.98x	0.71x
Quick Ratio	0.28x	0.67x	0.40x	0.31x	0.32x	0.61x	0.43x
Cash Ratio	0.10x	0.38x	0.04x	0.01x	0.00x	0.01x	0.00x
Total Current Assets	25,083	38,256	60,202	49,840	33,369	52,743	34,147
Total Current Liabilities	47,763	40,567	84,057	66,095	38,055	53,929	48,383
Inventory	11,484	11,242	26,890	29,406	21,271	19,700	13,240
Trade Receivables	6,959	4,029	8,343	13,734	6,379	23,026	19,888
Trade Payables	12,564	11,527	19,319	32,541	18,741	30,203	30,992
Net Working Capital	-22,680	-2,311	-23,855	-16,255	-4,686	-1,186	-14,236
Net Working Capital % of Revenue	-24.4%	-4.2%	-13.3%	-11.8%	-7.7%	-2.1%	-50.7%
Trade Working Capital	5,879	3,744	15,914	10,599	8,909	12,524	2,136
Trade Working Capital % of Revenue	6.3%	6.9%	8.9%	7.7%	14.6%	21.6%	7.6%
Change in Trade Working Capital	N/A	-2,135	12,170	-5,315	-1,690	3,615	-10,387
Turnover & efficiency
Inventory Turnover	3.64x	1.97x	2.96x	1.86x	1.52x	2.37x	3.06x
Days Inventory Outstanding (DIO)	100.1	185.7	123.3	195.8	240.8	154.1	119.2
Receivables Turnover	13.38x	13.55x	21.48x	10.02x	9.59x	2.51x	1.41x
Days Sales Outstanding (DSO)	27.3	26.9	17.0	36.4	38.1	145.3	258.8
Payables Turnover	3.33x	1.92x	4.12x	1.68x	1.72x	1.54x	1.31x
Days Payable Outstanding (DPO)	109.6	190.4	88.6	216.7	212.2	236.3	279.1
Cash Conversion Cycle	17.9 days	22.2 days	51.7 days	15.6 days	66.7 days	63.1 days	98.9 days
Asset Turnover	1.13x	0.54x	1.47x	1.38x	0.89x	0.68x	0.46x
Cash flow & dividends
Operating Cash Flow	6,146	13,623	-9,916	6,295	-1,567	-1,655	4,741
Free Cash Flow (OCF − Capex proxy)	6,146	8,398	-20,113	-2,959	12,008	338	7,221
Cash Conversion (OCF / EBITDA)	30.6%	658.8%	-65.7%	166.3%	N/A	-26.4%	N/A
Dividends Declared	466	404	963	0	0	0	0
Dividend Payout Ratio	N/A	N/A	16.7%	N/A	N/A	0.0%	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.

Black Sea Group

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