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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 1,600 · FY2023 0 · FY2024 5,836 — 3-yr total 7,436
Major Georgian dairy and food producer under the Sante brand, manufacturing milk, yoghurts, cheeses, ice cream and other FMCG products.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 36.4% | 35.7% | 36.7% | 36.6% | 34.4% | 4.9% | 14.1% | 0.3% |
| EBITDA Margin | 21.7% | 7.8% | 5.4% | 7.0% | 3.7% | -4.1% | 3.6% | -14.4% |
| EBITDAR | 15,254 | 6,186 | 4,671 | 7,605 | 5,275 | -2,410 | 6,103 | -8,972 |
| EBITDAR Margin | 21.9% | 7.9% | 5.6% | 7.9% | 4.8% | -2.6% | 6.1% | -10.1% |
| EBIT Margin | 21.4% | 7.6% | 5.2% | 6.0% | 2.5% | -4.7% | 2.0% | -17.6% |
| Net Profit Margin | 11.3% | 7.9% | 4.9% | 5.7% | 3.8% | 2.9% | 13.4% | -1.7% |
| Operating Expense % of Sales | 14.7% | 27.9% | 31.3% | 29.7% | 30.7% | 9.0% | 10.5% | 14.7% |
| Returns | ||||||||
| Return on Assets (ROA) | 13.4% | 9.7% | 5.8% | 5.1% | 3.5% | 2.5% | 10.6% | -1.3% |
| Return on Equity (ROE) | 17.0% | 11.7% | 7.2% | 6.1% | 4.4% | 2.9% | 12.4% | -1.5% |
| ROIC [EBIT / Invested Capital] | 35.5% | 11.8% | 9.0% | 7.2% | 3.7% | -4.8% | 1.9% | -15.3% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 0.6% | 0.3% | 0.1% | 2.3% | 3.5% | 2.5% | 2.0% | 4.3% |
| Debt-to-Equity | 0.01x | 0.00x | 0.00x | 0.03x | 0.04x | 0.03x | 0.02x | 0.05x |
| Debt-to-EBITDA | 0.02x | 0.03x | 0.01x | 0.37x | 1.02x | N/A | 0.70x | N/A |
| Equity-to-Assets | 78.9% | 82.8% | 79.6% | 84.4% | 79.7% | 86.4% | 85.5% | 85.4% |
| Net Debt | -4,456 | -2,518 | -8,069 | -9,819 | -17,899 | -3,575 | -6,019 | -659 |
| Cash & Equivalents | 4,806 | 2,692 | 8,112 | 12,320 | 22,028 | 6,341 | 8,506 | 5,833 |
| Total Debt | 350 | 174 | 43 | 2,501 | 4,129 | 2,766 | 2,487 | 5,174 |
| Liquidity & working capital | ||||||||
| Current Ratio | 1.67x | 1.83x | 2.01x | 2.52x | 2.30x | 3.33x | 3.36x | 2.68x |
| Quick Ratio | 0.96x | 0.95x | 1.26x | 1.48x | 1.61x | 2.40x | 2.38x | 1.71x |
| Cash Ratio | 0.41x | 0.25x | 0.56x | 0.86x | 1.11x | 0.54x | 0.54x | 0.43x |
| Total Current Assets | 19,549 | 20,037 | 29,181 | 36,320 | 45,664 | 39,189 | 52,498 | 36,518 |
| Total Current Liabilities | 11,693 | 10,933 | 14,551 | 14,386 | 19,854 | 11,764 | 15,634 | 13,607 |
| Inventory | 8,273 | 9,697 | 10,903 | 15,001 | 13,732 | 10,966 | 15,275 | 13,276 |
| Trade Receivables | 5,748 | 6,854 | 9,278 | 7,204 | 8,808 | 21,191 | 26,944 | 15,860 |
| Trade Payables | 11,506 | 9,131 | 12,623 | 13,057 | 18,192 | 9,816 | 13,399 | 10,842 |
| Net Working Capital | 7,856 | 9,105 | 14,630 | 21,934 | 25,810 | 27,425 | 36,864 | 22,910 |
| Net Working Capital % of Revenue | 11.3% | 11.7% | 17.4% | 22.8% | 23.5% | 29.2% | 36.9% | 25.7% |
| Trade Working Capital | 2,515 | 7,420 | 7,558 | 9,148 | 4,348 | 22,341 | 28,819 | 18,293 |
| Trade Working Capital % of Revenue | 3.6% | 9.5% | 9.0% | 9.5% | 4.0% | 23.8% | 28.9% | 20.5% |
| Change in Trade Working Capital | N/A | 4,904 | 138 | 1,590 | -4,801 | 17,994 | 6,478 | -10,526 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 5.35x | 5.16x | 4.88x | 4.06x | 5.24x | 8.14x | 5.62x | 6.70x |
| Days Inventory Outstanding (DIO) | 68.2 | 70.8 | 74.8 | 89.9 | 69.7 | 44.8 | 65.0 | 54.5 |
| Receivables Turnover | 12.11x | 11.36x | 9.07x | 13.35x | 12.44x | 4.43x | 3.71x | 5.62x |
| Days Sales Outstanding (DSO) | 30.1 | 32.1 | 40.3 | 27.3 | 29.3 | 82.4 | 98.5 | 64.9 |
| Payables Turnover | 3.85x | 5.48x | 4.22x | 4.67x | 3.95x | 9.10x | 6.40x | 8.20x |
| Days Payable Outstanding (DPO) | 94.9 | 66.6 | 86.6 | 78.2 | 92.4 | 40.1 | 57.0 | 44.5 |
| Cash Conversion Cycle | 3.5 days | 36.3 days | 28.5 days | 39.0 days | 6.7 days | 87.1 days | 106.4 days | 74.9 days |
| Asset Turnover | 1.18x | 1.22x | 1.18x | 0.90x | 0.93x | 0.86x | 0.79x | 0.74x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 11,562 | 3,909 | 5,082 | 2,200 | 10,224 | -13,274 | 5,973 | 10,418 |
| Free Cash Flow (OCF − Capex proxy) | 11,562 | -1,986 | 5,671 | 672 | 8,396 | -12,393 | 2,568 | -1,201 |
| Cash Conversion (OCF / EBITDA) | 76.4% | 64.0% | 111.1% | 32.8% | 253.3% | N/A | 167.0% | N/A |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 1,600 | 0 | 5,836 |
| Dividend Payout Ratio | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 58.1% | 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.
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Ownership & directors from companyinfo.ge (public corporate registry).
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