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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 1,631 · FY2023 2,119 · FY2024 1,989 — 3-yr total 5,739
Operates in FMCG. Per the activity note to the FY2024 annual report, the company produces meat products — semi-smoked and boiled sausage, frankfurters, saveloys and ham — together with semi-finished foods, for the Georgian market. Brands include Chef Meister raw-smoked sausage and Mardi traditional Georgian, Russian and European dishes such as khinkali, pelmeni and blini.
Subsidiary of Nikora (100.0%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 29.1% | 31.0% | 21.9% | 19.7% | 19.7% | 21.6% | 22.4% | 20.5% |
| EBITDA Margin | 17.3% | 11.7% | 9.7% | 8.2% | 8.3% | 11.4% | 12.3% | 9.6% |
| EBITDAR | 5,132 | 4,147 | 4,216 | 3,873 | 4,652 | 7,357 | 8,805 | 7,552 |
| EBITDAR Margin | 17.3% | 11.7% | 9.7% | 8.2% | 8.3% | 11.4% | 12.3% | 9.6% |
| EBIT Margin | 15.8% | 10.6% | 8.8% | 7.3% | 7.4% | 10.8% | 11.5% | 8.8% |
| Net Profit Margin | 6.1% | 8.7% | 6.8% | 4.5% | 7.6% | 10.8% | 10.7% | 8.2% |
| Operating Expense % of Sales | 11.7% | 19.3% | 12.3% | 11.5% | 11.4% | 10.2% | 10.2% | 10.9% |
| Returns | ||||||||
| Return on Assets (ROA) | 20.0% | 25.2% | 18.8% | 14.7% | 23.8% | 30.4% | 29.0% | 20.5% |
| Return on Equity (ROE) | 35.1% | 48.3% | 39.7% | 31.5% | 43.9% | 47.8% | 38.1% | 26.1% |
| ROIC [EBIT / Invested Capital] | 72.1% | 38.2% | 29.5% | 26.7% | 26.0% | 37.2% | 34.7% | 24.5% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 17.1% | 28.7% | 35.7% | 43.5% | 35.8% | 22.8% | 19.2% | 18.9% |
| Debt-to-Equity | 0.30x | 0.55x | 0.75x | 0.93x | 0.66x | 0.36x | 0.25x | 0.24x |
| Debt-to-EBITDA | 0.30x | 0.85x | 1.33x | 1.63x | 1.37x | 0.71x | 0.58x | 0.79x |
| Equity-to-Assets | 57.0% | 52.1% | 47.5% | 46.8% | 54.3% | 63.6% | 76.1% | 78.6% |
| Net Debt | 1,372 | 3,437 | 5,497 | 6,160 | 6,092 | 4,139 | 3,558 | 3,624 |
| Cash & Equivalents | 165 | 92 | 101 | 144 | 294 | 1,085 | 1,548 | 2,317 |
| Total Debt | 1,537 | 3,529 | 5,598 | 6,304 | 6,386 | 5,224 | 5,106 | 5,941 |
| Liquidity & working capital | ||||||||
| Current Ratio | 1.18x | 1.45x | 1.77x | 1.87x | 1.58x | 2.82x | 6.11x | 5.07x |
| Quick Ratio | 0.64x | 0.77x | 1.03x | 0.97x | 0.99x | 1.89x | 4.15x | 3.71x |
| Cash Ratio | 0.06x | 0.03x | 0.02x | 0.05x | 0.06x | 0.25x | 0.66x | 0.70x |
| Total Current Assets | 3,151 | 5,218 | 7,286 | 5,913 | 7,893 | 11,989 | 14,334 | 16,770 |
| Total Current Liabilities | 2,672 | 3,590 | 4,125 | 3,162 | 4,987 | 4,257 | 2,345 | 3,305 |
| Inventory | 1,444 | 2,470 | 3,019 | 2,843 | 2,965 | 3,949 | 4,594 | 4,503 |
| Trade Receivables | 1,417 | 2,092 | 3,847 | 2,926 | 4,634 | 6,955 | 8,192 | 9,950 |
| Trade Payables | 2,267 | 2,343 | 2,619 | 1,377 | 1,733 | 3,061 | 1,179 | 700 |
| Net Working Capital | 479 | 1,628 | 3,161 | 2,751 | 2,906 | 7,732 | 11,989 | 13,465 |
| Net Working Capital % of Revenue | 1.6% | 4.6% | 7.3% | 5.8% | 5.2% | 11.9% | 16.7% | 17.0% |
| Trade Working Capital | 594 | 2,219 | 4,247 | 4,392 | 5,866 | 7,843 | 11,607 | 13,753 |
| Trade Working Capital % of Revenue | 2.0% | 6.2% | 9.8% | 9.3% | 10.5% | 12.1% | 16.2% | 17.4% |
| Change in Trade Working Capital | N/A | 1,625 | 2,028 | 145 | 1,474 | 1,977 | 3,764 | 2,146 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 14.53x | 9.92x | 11.25x | 13.32x | 15.14x | 12.86x | 12.13x | 13.94x |
| Days Inventory Outstanding (DIO) | 25.1 | 36.8 | 32.4 | 27.4 | 24.1 | 28.4 | 30.1 | 26.2 |
| Receivables Turnover | 20.88x | 16.98x | 11.30x | 16.12x | 12.06x | 9.31x | 8.77x | 7.94x |
| Days Sales Outstanding (DSO) | 17.5 | 21.5 | 32.3 | 22.6 | 30.3 | 39.2 | 41.6 | 46.0 |
| Payables Turnover | 9.26x | 10.46x | 12.97x | 27.50x | 25.91x | 16.59x | 47.27x | 89.69x |
| Days Payable Outstanding (DPO) | 39.4 | 34.9 | 28.1 | 13.3 | 14.1 | 22.0 | 7.7 | 4.1 |
| Cash Conversion Cycle | 3.2 days | 23.4 days | 36.6 days | 36.8 days | 40.3 days | 45.6 days | 64.0 days | 68.1 days |
| Asset Turnover | 3.29x | 2.89x | 2.77x | 3.25x | 3.13x | 2.82x | 2.70x | 2.51x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 2,789 | 2,025 | 2,772 | 4,394 | 3,548 | 4,531 | 5,852 | 5,890 |
| Free Cash Flow (OCF − Capex proxy) | 2,789 | -135 | 464 | 3,236 | 1,314 | 3,083 | 2,815 | 1,986 |
| Cash Conversion (OCF / EBITDA) | 54.3% | 48.8% | 65.7% | 113.5% | 76.3% | 61.6% | 66.5% | 78.0% |
| Dividends Declared | 2,511 | 3,274 | 2,180 | 2,885 | 2,355 | 1,631 | 2,119 | 1,989 |
| Dividend Payout Ratio | 139.7% | 105.9% | 73.8% | 135.2% | 55.4% | 23.4% | 27.5% | 30.8% |
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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