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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Operates in Industrial Goods — Packaging & Printing. Per the activity note to the FY2024 annual report, the company manufactures corrugated cardboard boxes.
| Ratio | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Margins | |||||
| Gross Margin | 29.3% | 33.4% | 15.1% | -10.6% | 42.4% |
| EBITDA Margin | 11.8% | 17.9% | -5.6% | -10.6% | 13.0% |
| EBITDAR | 200 | 521 | -145 | -165 | 176 |
| EBITDAR Margin | 12.0% | 18.1% | -5.3% | -10.6% | 13.3% |
| EBIT Margin | 11.8% | 17.9% | -5.7% | -10.6% | 12.6% |
| Net Profit Margin | -28.8% | 17.9% | 2.5% | -17.2% | 2.1% |
| Operating Expense % of Sales | 17.5% | 15.4% | 20.6% | 0.0% | 29.3% |
| Returns | |||||
| Return on Assets (ROA) | -16.9% | 16.0% | 2.3% | -10.0% | 1.0% |
| Return on Equity (ROE) | N/A | N/A | N/A | N/A | N/A |
| ROIC [EBIT / Invested Capital] | 9.0% | 17.7% | -5.7% | -6.9% | 6.7% |
| Leverage & debt balances | |||||
| Debt-to-Assets | 170.7% | 149.4% | 152.1% | 167.0% | 162.1% |
| Debt-to-Equity | -2.09x | -2.67x | -2.67x | -2.22x | -2.31x |
| Debt-to-EBITDA | 24.65x | 9.34x | N/A | N/A | 26.43x |
| Equity-to-Assets | -81.5% | -55.9% | -56.9% | -75.4% | -70.1% |
| Net Debt | 4,504 | 4,695 | 4,435 | 4,378 | 4,463 |
| Cash & Equivalents | 344 | 114 | 191 | 50 | 94 |
| Total Debt | 4,848 | 4,809 | 4,625 | 4,428 | 4,557 |
| Liquidity & working capital | |||||
| Current Ratio | 4.43x | 4.52x | 4.07x | 2.58x | 1.71x |
| Quick Ratio | 3.90x | 4.52x | 4.07x | 2.58x | 1.71x |
| Cash Ratio | 0.61x | 0.19x | 0.33x | 0.06x | 0.07x |
| Total Current Assets | 2,505 | 2,758 | 2,387 | 2,201 | 2,396 |
| Total Current Liabilities | 566 | 610 | 586 | 852 | 1,400 |
| Inventory | 298 | N/A | N/A | N/A | N/A |
| Trade Receivables | 1,854 | 1,942 | 1,898 | 1,864 | 1,881 |
| Trade Payables | 158 | 74 | 74 | 141 | 129 |
| Net Working Capital | 1,940 | 2,149 | 1,800 | 1,349 | 996 |
| Net Working Capital % of Revenue | 116.3% | 74.8% | 66.4% | 87.1% | 75.3% |
| Trade Working Capital | 1,993 | 1,868 | 1,824 | 1,722 | 1,753 |
| Trade Working Capital % of Revenue | 119.5% | 65.0% | 67.2% | 111.2% | 132.4% |
| Change in Trade Working Capital | N/A | -125 | -44 | -102 | 31 |
| Turnover & efficiency | |||||
| Inventory Turnover | 3.96x | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | 92.1 | N/A | N/A | N/A | N/A |
| Receivables Turnover | 0.90x | 1.48x | 1.43x | 0.83x | 0.70x |
| Days Sales Outstanding (DSO) | 405.6 | 246.7 | 255.4 | 439.2 | 518.8 |
| Payables Turnover | 7.47x | 25.80x | 31.22x | 12.12x | 5.93x |
| Days Payable Outstanding (DPO) | 48.9 | 14.1 | 11.7 | 30.1 | 61.5 |
| Cash Conversion Cycle | 448.9 days | 232.6 days | 243.7 days | 409.1 days | 457.3 days |
| Asset Turnover | 0.59x | 0.89x | 0.89x | 0.58x | 0.47x |
| Cash flow & dividends | |||||
| Operating Cash Flow | -845 | -267 | -123 | 93 | 72 |
| Free Cash Flow (OCF − Capex proxy) | -845 | -388 | -123 | 57 | 72 |
| Cash Conversion (OCF / EBITDA) | -429.6% | -51.8% | N/A | N/A | 41.6% |
| Dividends Declared | N/A | N/A | N/A | N/A | N/A |
| Dividend Payout Ratio | N/A | N/A | N/A | N/A | 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.
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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