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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 1,279 · FY2023 98 · FY2024 280 — 3-yr total 1,657
One of Georgia's larger wine producers and exporters under the 'Georgian Wine' / 'Tbilvino-adjacent' brands, with operations across Kakheti.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 48.7% | 45.6% | 47.5% | 49.6% | 54.6% | 50.1% | 43.2% | 50.2% |
| EBITDA Margin | 38.6% | 28.1% | 27.6% | 33.1% | 43.4% | 31.2% | 12.3% | 19.3% |
| EBITDAR | 3,482 | 3,077 | 3,913 | 5,940 | 8,922 | 5,245 | 1,451 | 2,474 |
| EBITDAR Margin | 40.2% | 29.4% | 28.9% | 34.3% | 44.3% | 32.4% | 13.8% | 20.7% |
| EBIT Margin | 33.8% | 23.0% | 22.2% | 27.9% | 38.7% | 24.8% | 0.8% | 9.2% |
| Net Profit Margin | 19.3% | 16.0% | 13.1% | 19.8% | 33.7% | 17.2% | -4.4% | 5.7% |
| Operating Expense % of Sales | 10.1% | 17.5% | 20.0% | 17.4% | 11.6% | 18.9% | 30.9% | 30.9% |
| Returns | ||||||||
| Return on Assets (ROA) | 11.1% | 9.2% | 8.5% | 13.4% | 24.2% | 9.6% | -1.8% | 2.6% |
| Return on Equity (ROE) | 27.4% | 21.5% | 18.7% | 27.2% | 37.2% | 14.5% | -2.5% | 3.6% |
| ROIC [EBIT / Invested Capital] | 22.1% | 14.9% | 15.3% | 23.0% | 30.3% | 15.1% | 0.4% | 4.4% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 48.2% | 47.2% | 48.9% | 43.7% | 28.2% | 27.1% | 19.5% | 24.6% |
| Debt-to-Equity | 1.19x | 1.10x | 1.08x | 0.89x | 0.43x | 0.41x | 0.26x | 0.34x |
| Debt-to-EBITDA | 2.18x | 2.91x | 2.74x | 1.95x | 0.90x | 1.55x | 3.78x | 2.81x |
| Equity-to-Assets | 40.4% | 42.9% | 45.3% | 49.3% | 65.1% | 66.7% | 75.0% | 72.7% |
| Net Debt | 7,112 | 8,401 | 10,156 | 8,388 | 7,468 | 7,249 | 3,409 | 5,576 |
| Cash & Equivalents | 173 | 157 | 62 | 2,821 | 427 | 578 | 1,469 | 915 |
| Total Debt | 7,284 | 8,559 | 10,218 | 11,209 | 7,894 | 7,827 | 4,878 | 6,491 |
| Liquidity & working capital | ||||||||
| Current Ratio | 6.52x | 6.37x | 6.10x | 1.75x | 2.18x | 2.87x | 8.57x | 17.18x |
| Quick Ratio | 1.91x | 1.40x | 1.03x | 0.61x | 0.86x | 0.73x | 2.73x | 3.41x |
| Cash Ratio | 0.12x | 0.09x | 0.03x | 0.31x | 0.05x | 0.10x | 1.07x | 1.32x |
| Total Current Assets | 9,682 | 11,366 | 11,363 | 16,066 | 18,563 | 16,119 | 11,744 | 11,954 |
| Total Current Liabilities | 1,486 | 1,785 | 1,863 | 9,164 | 8,503 | 5,616 | 1,370 | 696 |
| Inventory | 6,842 | 8,876 | 9,449 | 10,462 | 11,284 | 12,015 | 7,999 | 9,585 |
| Trade Receivables | 2,667 | 2,087 | 1,391 | 2,529 | 5,132 | 2,977 | 2,218 | 1,400 |
| Trade Payables | 778 | 1,370 | 828 | 1,418 | 1,723 | 1,717 | 1,256 | 673 |
| Net Working Capital | 8,196 | 9,581 | 9,500 | 6,902 | 10,060 | 10,503 | 10,374 | 11,258 |
| Net Working Capital % of Revenue | 94.6% | 91.4% | 70.2% | 39.8% | 49.9% | 64.9% | 99.0% | 94.2% |
| Trade Working Capital | 8,731 | 9,594 | 10,012 | 11,573 | 14,693 | 13,276 | 8,960 | 10,312 |
| Trade Working Capital % of Revenue | 100.8% | 91.5% | 74.0% | 66.7% | 72.9% | 82.0% | 85.5% | 86.3% |
| Change in Trade Working Capital | N/A | 862 | 419 | 1,561 | 3,120 | -1,417 | -4,316 | 1,352 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 0.65x | 0.64x | 0.75x | 0.83x | 0.81x | 0.67x | 0.74x | 0.62x |
| Days Inventory Outstanding (DIO) | 562.1 | 568.3 | 485.8 | 437.3 | 449.8 | 542.7 | 490.9 | 588.5 |
| Receivables Turnover | 3.25x | 5.02x | 9.72x | 6.86x | 3.93x | 5.44x | 4.72x | 8.53x |
| Days Sales Outstanding (DSO) | 112.4 | 72.7 | 37.5 | 53.2 | 92.9 | 67.1 | 77.3 | 42.8 |
| Payables Turnover | 5.71x | 4.16x | 8.57x | 6.16x | 5.32x | 4.71x | 4.73x | 8.84x |
| Days Payable Outstanding (DPO) | 63.9 | 87.7 | 42.6 | 59.3 | 68.7 | 77.5 | 77.1 | 41.3 |
| Cash Conversion Cycle | 610.6 days | 553.3 days | 480.8 days | 431.3 days | 474.0 days | 532.3 days | 491.0 days | 590.0 days |
| Asset Turnover | 0.57x | 0.58x | 0.65x | 0.68x | 0.72x | 0.56x | 0.42x | 0.45x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 3,566 | 4,400 | 3,171 | 3,200 | 3,729 | 6,569 | 5,660 | 460 |
| Free Cash Flow (OCF − Capex proxy) | 3,566 | 1,553 | -1,731 | 2,513 | 2,911 | 2,195 | 3,911 | -2,111 |
| Cash Conversion (OCF / EBITDA) | 106.7% | 149.5% | 85.0% | 55.8% | 42.6% | 130.0% | 438.1% | 19.9% |
| Dividends Declared | 0 | 0 | 80 | 72 | 1,257 | 1,279 | 98 | 280 |
| Dividend Payout Ratio | 0.0% | 0.0% | 4.5% | 2.1% | 18.5% | 45.8% | N/A | 40.9% |
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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