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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 938 · FY2023 1,348 · FY2024 2,328 — 3-yr total 4,614
Georgian packaging and printing company producing flexible/printed packaging.
Subsidiary of Publishing House Color (100.0%)
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 37.9% | 42.6% | 37.0% | 37.1% | 28.6% | 28.5% | 25.9% |
| EBITDA Margin | 22.7% | 18.6% | 13.2% | 14.2% | 13.5% | 11.9% | 6.0% |
| EBITDAR | 1,283 | 2,197 | 3,461 | 4,552 | 4,196 | 3,786 | 2,149 |
| EBITDAR Margin | 23.9% | 25.0% | 19.4% | 17.8% | 13.9% | 12.2% | 6.3% |
| EBIT Margin | 12.8% | 12.6% | 4.4% | 10.1% | 12.4% | 10.9% | 5.0% |
| Net Profit Margin | 9.0% | 8.1% | -5.1% | 12.2% | 13.3% | 8.0% | 1.9% |
| Operating Expense % of Sales | 15.2% | 24.0% | 23.8% | 22.9% | 15.1% | 16.6% | 19.8% |
| Returns | |||||||
| Return on Assets (ROA) | 11.3% | 6.4% | -5.9% | 15.5% | 17.4% | 9.9% | 2.4% |
| Return on Equity (ROE) | N/A | 129.5% | -36.2% | 62.0% | 49.5% | 27.0% | 8.4% |
| ROIC [EBIT / Invested Capital] | 25.4% | 13.2% | 7.0% | 15.6% | 19.4% | 16.3% | 7.8% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 71.3% | 72.5% | 59.4% | 58.7% | 50.4% | 46.9% | 55.4% |
| Debt-to-Equity | -18.94x | 14.74x | 3.68x | 2.35x | 1.43x | 1.29x | 1.95x |
| Debt-to-EBITDA | 2.52x | 4.95x | 3.91x | 3.26x | 2.85x | 3.21x | 7.18x |
| Equity-to-Assets | -3.8% | 4.9% | 16.2% | 25.0% | 35.2% | 36.5% | 28.4% |
| Net Debt | 2,857 | 7,784 | 8,645 | 11,446 | 11,180 | 11,502 | 14,241 |
| Cash & Equivalents | 213 | 308 | 541 | 347 | 423 | 379 | 475 |
| Total Debt | 3,070 | 8,092 | 9,186 | 11,793 | 11,603 | 11,881 | 14,716 |
| Liquidity & working capital | |||||||
| Current Ratio | 1.78x | 2.03x | 1.30x | 1.42x | 1.46x | 1.35x | 1.06x |
| Quick Ratio | 0.74x | 1.01x | 0.62x | 0.76x | 0.81x | 0.70x | 0.58x |
| Cash Ratio | 0.16x | 0.12x | 0.09x | 0.06x | 0.06x | 0.04x | 0.05x |
| Total Current Assets | 2,426 | 5,069 | 7,667 | 8,820 | 10,297 | 11,497 | 10,828 |
| Total Current Liabilities | 1,365 | 2,500 | 5,880 | 6,220 | 7,041 | 8,517 | 10,258 |
| Inventory | 1,416 | 2,556 | 4,028 | 4,110 | 4,578 | 5,506 | 4,854 |
| Trade Receivables | 789 | 2,137 | 2,808 | 3,705 | 4,185 | 3,958 | 4,331 |
| Trade Payables | 1,281 | 2,479 | 3,442 | 3,112 | 3,152 | 4,002 | 4,120 |
| Net Working Capital | 1,060 | 2,569 | 1,787 | 2,600 | 3,256 | 2,980 | 571 |
| Net Working Capital % of Revenue | 19.8% | 29.2% | 10.0% | 10.2% | 10.8% | 9.6% | 1.7% |
| Trade Working Capital | 924 | 2,213 | 3,393 | 4,703 | 5,611 | 5,462 | 5,064 |
| Trade Working Capital % of Revenue | 17.2% | 25.2% | 19.0% | 18.4% | 18.6% | 17.6% | 14.9% |
| Change in Trade Working Capital | N/A | 1,289 | 1,180 | 1,310 | 908 | -149 | -398 |
| Turnover & efficiency | |||||||
| Inventory Turnover | 2.36x | 1.97x | 2.79x | 3.91x | 4.71x | 4.04x | 5.18x |
| Days Inventory Outstanding (DIO) | 154.9 | 185.2 | 130.9 | 93.4 | 77.4 | 90.3 | 70.4 |
| Receivables Turnover | 6.80x | 4.11x | 6.34x | 6.89x | 7.22x | 7.86x | 7.83x |
| Days Sales Outstanding (DSO) | 53.7 | 88.8 | 57.5 | 53.0 | 50.6 | 46.4 | 46.6 |
| Payables Turnover | 2.60x | 2.03x | 3.26x | 5.16x | 6.85x | 5.56x | 6.10x |
| Days Payable Outstanding (DPO) | 140.2 | 179.6 | 111.9 | 70.7 | 53.3 | 65.6 | 59.8 |
| Cash Conversion Cycle | 68.5 days | 94.3 days | 76.6 days | 75.7 days | 74.7 days | 71.1 days | 57.2 days |
| Asset Turnover | 1.25x | 0.79x | 1.15x | 1.27x | 1.31x | 1.23x | 1.28x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | 632 | 210 | 1,952 | 3,749 | 4,612 | 5,663 | 4,697 |
| Free Cash Flow (OCF − Capex proxy) | 684 | -4,673 | 1,316 | -2,212 | 3,919 | 2,223 | 919 |
| Cash Conversion (OCF / EBITDA) | 52.0% | 12.8% | 83.1% | 103.8% | 113.3% | 153.1% | 229.1% |
| Dividends Declared | 0 | 0 | 0 | 577 | 938 | 1,348 | 2,328 |
| Dividend Payout Ratio | 0.0% | 0.0% | N/A | 18.5% | 23.4% | 54.0% | 367.4% |
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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