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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 1,500 · FY2023 11,000 · FY2024 26,435 — 3-yr total 38,935
Operator of duty-free shops in Georgia.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 21.5% | 25.1% | 37.5% | 42.3% | 36.1% | 43.0% | 46.4% | 49.4% |
| EBITDA Margin | 8.5% | 9.2% | 19.6% | -25.2% | 16.6% | 28.6% | 32.0% | 36.1% |
| EBITDAR | 5,732 | 4,982 | 9,212 | -2,141 | 1,430 | 10,008 | 14,960 | 18,215 |
| EBITDAR Margin | 8.5% | 9.2% | 19.6% | -25.2% | 16.6% | 28.6% | 32.0% | 36.1% |
| EBIT Margin | 8.5% | 9.2% | 19.6% | -25.2% | -18.1% | 20.1% | 24.8% | 28.0% |
| Net Profit Margin | 8.2% | 9.1% | 14.8% | -45.1% | -13.4% | 20.8% | 17.5% | 31.7% |
| Operating Expense % of Sales | 13.1% | 15.9% | 17.9% | 68.7% | 23.5% | 15.0% | 15.2% | 13.8% |
| Returns | ||||||||
| Return on Assets (ROA) | 18.3% | 21.6% | 22.2% | -13.9% | -4.6% | 26.8% | 16.6% | 41.8% |
| Return on Equity (ROE) | 33.7% | 28.4% | 45.1% | -34.9% | -11.7% | 46.6% | 64.2% | 1116.4% |
| ROIC [EBIT / Invested Capital] | 38.8% | 30.5% | 35.5% | -10.4% | -8.4% | 45.5% | 30.6% | 46.1% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 0.0% | 0.0% | 36.4% | 35.7% | 39.7% | 22.8% | 60.7% | 82.1% |
| Debt-to-Equity | 0.00x | 0.00x | 0.74x | 0.90x | 1.02x | 0.40x | 2.34x | 21.92x |
| Debt-to-EBITDA | 0.00x | 0.00x | 1.25x | N/A | 6.99x | 0.62x | 2.00x | 1.72x |
| Equity-to-Assets | 54.4% | 76.2% | 49.1% | 39.7% | 39.0% | 57.6% | 25.9% | 3.7% |
| Net Debt | -1,623 | -1,133 | 10,452 | 9,521 | 8,656 | -138 | 25,031 | 29,250 |
| Cash & Equivalents | 1,623 | 1,133 | 1,022 | 359 | 1,342 | 6,294 | 4,878 | 2,141 |
| Total Debt | N/A | N/A | 11,474 | 9,880 | 9,998 | 6,156 | 29,909 | 31,391 |
| Liquidity & working capital | ||||||||
| Current Ratio | 1.37x | 0.53x | 0.22x | 1.39x | 1.22x | 2.23x | 1.60x | 0.84x |
| Quick Ratio | 0.15x | -1.29x | -2.07x | 0.11x | 0.30x | 1.41x | 0.81x | 0.24x |
| Cash Ratio | 0.12x | 0.21x | 0.22x | 0.05x | 0.16x | 0.93x | 0.55x | 0.21x |
| Total Current Assets | 18,877 | 2,899 | 1,022 | 10,569 | 10,346 | 15,096 | 14,217 | 8,618 |
| Total Current Liabilities | 13,748 | 5,455 | 4,553 | 7,606 | 8,496 | 6,780 | 8,864 | 10,250 |
| Inventory | 16,812 | 9,941 | 10,460 | 9,768 | 7,787 | 5,512 | 7,074 | 6,177 |
| Trade Receivables | 174 | 82 | 53 | 35 | 1,062 | 1,808 | 90 | 118 |
| Trade Payables | 13,748 | 5,455 | 4,553 | 5,088 | 5,392 | 5,299 | 3,144 | 4,089 |
| Net Working Capital | 5,129 | -2,556 | -3,531 | 2,963 | 1,850 | 8,316 | 5,353 | -1,632 |
| Net Working Capital % of Revenue | 7.6% | -4.7% | -7.5% | 34.9% | 21.5% | 23.8% | 11.4% | -3.2% |
| Trade Working Capital | 3,238 | 4,568 | 5,960 | 4,715 | 3,457 | 2,021 | 4,020 | 2,206 |
| Trade Working Capital % of Revenue | 4.8% | 8.4% | 12.7% | 55.5% | 40.1% | 5.8% | 8.6% | 4.4% |
| Change in Trade Working Capital | N/A | 1,330 | 1,392 | -1,245 | -1,258 | -1,436 | 1,999 | -1,814 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 3.16x | 4.09x | 2.82x | 0.50x | 0.71x | 3.62x | 3.54x | 4.13x |
| Days Inventory Outstanding (DIO) | 115.6 | 89.3 | 129.7 | 727.2 | 515.9 | 101.0 | 103.0 | 88.3 |
| Receivables Turnover | 388.74x | 661.63x | 888.87x | 242.66x | 8.12x | 19.33x | 519.77x | 427.34x |
| Days Sales Outstanding (DSO) | 0.9 | 0.6 | 0.4 | 1.5 | 44.9 | 18.9 | 0.7 | 0.9 |
| Payables Turnover | 3.86x | 7.45x | 6.47x | 0.96x | 1.02x | 3.76x | 7.98x | 6.24x |
| Days Payable Outstanding (DPO) | 94.5 | 49.0 | 56.4 | 378.8 | 357.2 | 97.1 | 45.8 | 58.5 |
| Cash Conversion Cycle | 22.0 days | 40.8 days | 73.6 days | 349.9 days | 203.6 days | 22.8 days | 57.9 days | 30.7 days |
| Asset Turnover | 2.24x | 2.37x | 1.50x | 0.31x | 0.34x | 1.29x | 0.95x | 1.32x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 6,069 | 3,345 | 10,084 | -1,703 | 3,641 | 11,776 | 10,924 | 18,650 |
| Free Cash Flow (OCF − Capex proxy) | 6,069 | 1,905 | 9,981 | -2,300 | 3,179 | 10,449 | 9,522 | 29,093 |
| Cash Conversion (OCF / EBITDA) | 105.9% | 67.1% | 109.5% | N/A | 254.6% | 117.7% | 73.0% | 102.4% |
| Dividends Declared | 7,500 | 3,896 | 8,603 | 0 | 0 | 1,500 | 11,000 | 26,435 |
| Dividend Payout Ratio | 135.9% | 78.7% | 123.2% | N/A | N/A | 20.7% | 134.0% | 165.4% |
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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