Holding Georgian Industrial Group (შპს ჰოლდინგი საქართველოს ინდუსტრიული ჯგუფი)

panel 2026-09-21Ask

separate · GEL, thousands

financial ratiosXLSX

Ratio	2017	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	17.9%	22.3%	14.2%	23.2%	29.1%	17.7%	18.4%	24.2%
EBITDA Margin	10.3%	18.5%	10.0%	8.6%	15.5%	11.7%	5.1%	5.5%
EBITDAR	28,357	39,056	27,023	17,853	23,253	23,654	8,981	8,067
EBITDAR Margin	10.3%	18.5%	10.0%	8.6%	15.5%	11.7%	5.1%	5.5%
EBIT Margin	9.0%	16.9%	-53.6%	8.6%	12.3%	8.7%	3.2%	-13.1%
Net Profit Margin	-7.3%	-18.5%	-98.1%	-34.9%	-10.4%	20.6%	13.1%	-39.1%
Operating Expense % of Sales	7.6%	3.8%	4.2%	14.6%	15.8%	6.8%	13.9%	19.2%
Returns
Return on Assets (ROA)	-3.0%	-6.1%	-70.3%	-21.5%	-4.5%	11.5%	7.1%	-19.2%
Return on Equity (ROE)	-7.8%	-18.1%	N/A	N/A	N/A	N/A	N/A	N/A
ROIC [EBIT / Invested Capital]	4.0%	5.8%	-44.6%	6.2%	6.4%	5.9%	1.8%	-7.7%
Leverage & debt balances
Debt-to-Assets	54.5%	61.5%	99.1%	128.0%	131.8%	111.0%	111.5%	134.9%
Debt-to-Equity	1.43x	1.84x	-7.67x	-3.34x	-3.18x	-4.71x	-7.36x	-3.20x
Debt-to-EBITDA	12.92x	10.18x	13.84x	24.20x	19.87x	16.95x	40.81x	49.49x
Equity-to-Assets	38.0%	33.5%	-12.9%	-38.4%	-41.4%	-23.6%	-15.1%	-42.2%
Net Debt	361,675	395,957	373,896	418,349	434,937	383,985	355,309	372,868
Cash & Equivalents	4,682	1,529	14	13,703	27,162	16,987	11,181	26,386
Total Debt	366,357	397,486	373,910	432,052	462,099	400,972	366,490	399,254
Liquidity & working capital
Current Ratio	0.43x	1.13x	1.05x	0.90x	1.98x	0.39x	2.35x	1.54x
Quick Ratio	0.43x	1.13x	0.94x	0.79x	1.78x	0.36x	2.10x	1.31x
Cash Ratio	0.04x	0.01x	0.00x	0.11x	0.40x	0.04x	0.21x	0.43x
Total Current Assets	52,497	139,463	142,628	112,919	135,492	150,242	124,089	94,924
Total Current Liabilities	122,706	123,605	136,287	124,923	68,507	382,028	52,739	61,713
Inventory	20	19	14,665	14,355	13,480	12,921	13,312	14,365
Trade Receivables	43,136	23,221	46,870	53,108	49,379	61,373	49,599	21,051
Trade Payables	43,251	25,427	47,293	31,311	31,761	42,017	7,254	18,421
Net Working Capital	-70,209	15,858	6,341	-12,004	66,985	-231,786	71,350	33,211
Net Working Capital % of Revenue	-25.5%	7.5%	2.3%	-5.8%	44.6%	-114.8%	40.2%	22.8%
Trade Working Capital	-95	-2,187	14,242	36,152	31,098	32,277	55,657	16,995
Trade Working Capital % of Revenue	-0.0%	-1.0%	5.3%	17.4%	20.7%	16.0%	31.3%	11.7%
Change in Trade Working Capital	N/A	-2,092	16,429	21,910	-5,054	1,179	23,380	-38,662
Turnover & efficiency
Inventory Turnover	11069.66x	8627.89x	15.80x	11.11x	7.90x	12.86x	10.89x	7.67x
Days Inventory Outstanding (DIO)	0.0	0.0	23.1	32.8	46.2	28.4	33.5	47.6
Receivables Turnover	6.38x	9.09x	5.76x	3.91x	3.04x	3.29x	3.58x	6.91x
Days Sales Outstanding (DSO)	57.2	40.2	63.3	93.3	120.0	111.0	101.9	52.9
Payables Turnover	5.22x	6.45x	4.90x	5.10x	3.35x	3.95x	19.98x	5.98x
Days Payable Outstanding (DPO)	69.9	56.6	74.5	71.6	108.9	92.3	18.3	61.0
Cash Conversion Cycle	-12.6 days	-16.4 days	11.9 days	54.5 days	57.4 days	47.0 days	117.1 days	39.4 days
Asset Turnover	0.41x	0.33x	0.72x	0.62x	0.43x	0.56x	0.54x	0.49x
Cash flow & dividends
Operating Cash Flow	17,961	13,999	-7,757	16,781	16,487	12,653	13,472	3,243
Free Cash Flow (OCF − Capex proxy)	17,961	-2	29,247	19,685	-21,101	14,740	18,382	23,091
Cash Conversion (OCF / EBITDA)	63.3%	35.8%	-28.7%	94.0%	70.9%	53.5%	150.0%	40.2%
Dividends Declared	57	59	87	62	61	52	105	108
Dividend Payout Ratio	N/A	N/A	N/A	N/A	N/A	0.1%	0.5%	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.

Holding Georgian Industrial Group

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