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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 19,308 · FY2023 20,025 · FY2024 20,976 — 3-yr total 60,308
Operator of Lilo Mall, one of the largest open-air wholesale and retail markets in Tbilisi.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 94.7% | 94.4% | 94.7% | 96.3% | 96.2% | 96.5% | 96.1% | 97.2% |
| EBITDA Margin | 86.1% | 69.0% | 72.6% | 72.1% | 72.4% | 70.4% | 69.2% | 70.2% |
| EBITDAR | 27,034 | 24,237 | 27,422 | 22,157 | 28,815 | 27,909 | 27,131 | 28,875 |
| EBITDAR Margin | 86.3% | 69.3% | 72.8% | 72.1% | 72.4% | 70.4% | 69.2% | 70.2% |
| EBIT Margin | 77.6% | 62.3% | 66.4% | 64.3% | 66.9% | 65.6% | 67.8% | 68.7% |
| Net Profit Margin | 67.5% | 55.4% | 56.1% | 50.8% | 47.8% | 55.5% | 48.2% | 57.0% |
| Operating Expense % of Sales | 8.6% | 25.5% | 22.1% | 24.3% | 23.7% | 26.1% | 26.9% | 27.1% |
| Returns | ||||||||
| Return on Assets (ROA) | 56.6% | 58.1% | 66.3% | 48.5% | 60.8% | 16.8% | 14.6% | 18.1% |
| Return on Equity (ROE) | 93.9% | 79.4% | 80.8% | 57.5% | 67.4% | 17.6% | 15.2% | 18.8% |
| ROIC [EBIT / Invested Capital] | 71.6% | 69.9% | 80.5% | 67.8% | 96.7% | 20.1% | 20.9% | 22.2% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 32.6% | 21.4% | 16.8% | 8.9% | 0.0% | 3.5% | 2.9% | 2.4% |
| Debt-to-Equity | 0.54x | 0.29x | 0.20x | 0.11x | 0.00x | 0.04x | 0.03x | 0.02x |
| Debt-to-EBITDA | 0.45x | 0.30x | 0.20x | 0.13x | 0.00x | 0.17x | 0.14x | 0.11x |
| Equity-to-Assets | 60.3% | 73.1% | 82.1% | 84.3% | 90.1% | 95.5% | 95.9% | 96.4% |
| Net Debt | 11,409 | 6,818 | 4,890 | 2,021 | -678 | 4,225 | 3,072 | 2,530 |
| Cash & Equivalents | 780 | 307 | 451 | 846 | 678 | 389 | 709 | 545 |
| Total Debt | 12,189 | 7,125 | 5,342 | 2,867 | N/A | 4,614 | 3,781 | 3,075 |
| Liquidity & working capital | ||||||||
| Current Ratio | 1.54x | 0.82x | 6.04x | 1.81x | 1.52x | 3.79x | 1.43x | 1.77x |
| Quick Ratio | 1.48x | 0.75x | 5.67x | 1.75x | 1.49x | 3.73x | 1.35x | 1.68x |
| Cash Ratio | 0.30x | 0.17x | 1.30x | 0.39x | 0.22x | 0.30x | 0.46x | 0.34x |
| Total Current Assets | 4,046 | 1,499 | 2,102 | 3,935 | 4,722 | 4,962 | 2,218 | 2,872 |
| Total Current Liabilities | 2,627 | 1,820 | 348 | 2,175 | 3,098 | 1,310 | 1,547 | 1,620 |
| Inventory | 169 | 130 | 129 | 124 | 119 | 78 | 137 | 145 |
| Trade Receivables | 3,097 | 1,061 | 1,522 | 2,965 | 3,925 | 4,225 | 1,371 | 2,182 |
| Trade Payables | 2,627 | 1,820 | 348 | 401 | 388 | 281 | 568 | 797 |
| Net Working Capital | 1,418 | -322 | 1,754 | 1,760 | 1,623 | 3,652 | 671 | 1,253 |
| Net Working Capital % of Revenue | 4.5% | -0.9% | 4.7% | 5.7% | 4.1% | 9.2% | 1.7% | 3.0% |
| Trade Working Capital | 638 | -629 | 1,303 | 2,688 | 3,656 | 4,022 | 941 | 1,530 |
| Trade Working Capital % of Revenue | 2.0% | -1.8% | 3.5% | 8.7% | 9.2% | 10.1% | 2.4% | 3.7% |
| Change in Trade Working Capital | N/A | -1,267 | 1,932 | 1,385 | 968 | 366 | -3,082 | 589 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 9.78x | 14.96x | 15.42x | 9.06x | 12.79x | 17.62x | 11.16x | 7.85x |
| Days Inventory Outstanding (DIO) | 37.3 | 24.4 | 23.7 | 40.3 | 28.5 | 20.7 | 32.7 | 46.5 |
| Receivables Turnover | 10.12x | 32.94x | 24.75x | 10.37x | 10.13x | 9.39x | 28.58x | 18.85x |
| Days Sales Outstanding (DSO) | 36.1 | 11.1 | 14.7 | 35.2 | 36.0 | 38.9 | 12.8 | 19.4 |
| Payables Turnover | 0.63x | 1.07x | 5.71x | 2.80x | 3.92x | 4.90x | 2.69x | 1.42x |
| Days Payable Outstanding (DPO) | 579.2 | 341.0 | 64.0 | 130.2 | 93.2 | 74.4 | 135.6 | 256.5 |
| Cash Conversion Cycle | -505.8 days | -305.6 days | -25.6 days | -54.7 days | -28.6 days | -14.8 days | -90.1 days | -190.6 days |
| Asset Turnover | 0.84x | 1.05x | 1.18x | 0.96x | 1.27x | 0.30x | 0.30x | 0.32x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 16,530 | 18,131 | 19,768 | 16,443 | 20,381 | 23,202 | 22,968 | 23,515 |
| Free Cash Flow (OCF − Capex proxy) | 16,530 | 17,039 | 19,444 | 15,612 | 19,820 | 15,512 | 21,539 | 23,432 |
| Cash Conversion (OCF / EBITDA) | 61.3% | 75.2% | 72.3% | 74.2% | 70.7% | 83.1% | 84.7% | 81.4% |
| Dividends Declared | 16,216 | 17,512 | 19,334 | 14,645 | 17,934 | 19,308 | 20,025 | 20,976 |
| Dividend Payout Ratio | 76.7% | 90.5% | 91.5% | 93.9% | 94.3% | 87.7% | 106.1% | 89.5% |
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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