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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 0 · FY2023 4,162 · FY2024 2,672 — 3-yr total 6,834
Winery in the Tsinandali area of Kakheti, Georgia's principal wine-growing region.
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 37.5% | 43.0% | 34.7% | 42.1% | 38.0% | 27.5% | 35.1% |
| EBITDA Margin | 23.7% | 36.9% | 25.3% | 33.3% | 27.9% | 20.5% | 26.6% |
| EBITDAR | 2,516 | 8,405 | 2,736 | 5,257 | 5,623 | 4,222 | 7,502 |
| EBITDAR Margin | 24.4% | 37.2% | 26.6% | 33.9% | 28.6% | 20.6% | 26.6% |
| EBIT Margin | 20.9% | 35.7% | 21.1% | 30.6% | 24.9% | 19.6% | 25.8% |
| Net Profit Margin | 28.0% | 40.2% | 44.7% | 33.9% | 25.1% | 25.2% | 30.1% |
| Operating Expense % of Sales | 13.8% | 6.1% | 9.4% | 8.7% | 10.1% | 7.0% | 8.5% |
| Returns | |||||||
| Return on Assets (ROA) | 13.7% | 31.1% | 12.5% | 12.8% | 12.2% | 12.9% | 17.0% |
| Return on Equity (ROE) | 15.5% | 34.0% | 15.6% | 16.0% | 15.0% | 15.2% | 21.3% |
| ROIC [EBIT / Invested Capital] | 13.5% | 35.0% | 8.4% | 17.4% | 12.6% | 11.5% | 16.9% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 9.7% | 6.7% | 19.5% | 20.0% | 18.4% | 13.0% | 17.6% |
| Debt-to-Equity | 0.11x | 0.07x | 0.24x | 0.25x | 0.23x | 0.15x | 0.22x |
| Debt-to-EBITDA | 0.84x | 0.23x | 2.75x | 1.58x | 1.36x | 1.25x | 1.17x |
| Equity-to-Assets | 88.2% | 91.4% | 80.5% | 79.9% | 81.4% | 84.6% | 80.1% |
| Net Debt | -2,680 | -3,627 | -3,550 | -5,498 | 6,016 | 1,042 | 3,135 |
| Cash & Equivalents | 4,723 | 5,579 | 10,699 | 13,680 | 1,449 | 4,201 | 5,597 |
| Total Debt | 2,044 | 1,952 | 7,148 | 8,182 | 7,465 | 5,243 | 8,733 |
| Liquidity & working capital | |||||||
| Current Ratio | 4.35x | 8.99x | 407.72x | 372.11x | 6.36x | 5.75x | 3.67x |
| Quick Ratio | 4.35x | -5.29x | 12.39x | 74.86x | 3.04x | 2.78x | 2.00x |
| Cash Ratio | 4.35x | 8.99x | 407.72x | 372.11x | 0.33x | 0.97x | 0.67x |
| Total Current Assets | 4,723 | 5,579 | 10,699 | 13,680 | 27,843 | 24,965 | 30,521 |
| Total Current Liabilities | 1,086 | 621 | 26 | 37 | 4,378 | 4,339 | 8,315 |
| Inventory | N/A | 8,865 | 10,374 | 10,927 | 14,542 | 12,923 | 13,886 |
| Trade Receivables | 5,545 | 10,015 | 7,905 | 7,864 | 5,987 | 5,093 | 7,714 |
| Trade Payables | 226 | 368 | N/A | 11 | 47 | 482 | 174 |
| Net Working Capital | 3,638 | 4,958 | 10,672 | 13,643 | 23,466 | 20,627 | 22,206 |
| Net Working Capital % of Revenue | 35.3% | 21.9% | 103.9% | 87.9% | 119.2% | 100.5% | 78.8% |
| Trade Working Capital | 5,320 | 18,511 | 18,279 | 18,781 | 20,482 | 17,534 | 21,426 |
| Trade Working Capital % of Revenue | 51.6% | 81.9% | 178.0% | 121.0% | 104.0% | 85.4% | 76.1% |
| Change in Trade Working Capital | N/A | 13,192 | -233 | 502 | 1,701 | -2,948 | 3,891 |
| Turnover & efficiency | |||||||
| Inventory Turnover | N/A | 1.45x | 0.65x | 0.82x | 0.84x | 1.15x | 1.32x |
| Days Inventory Outstanding (DIO) | N/A | 251.1 | 564.8 | 443.6 | 434.5 | 316.7 | 277.3 |
| Receivables Turnover | 1.86x | 2.26x | 1.30x | 1.97x | 3.29x | 4.03x | 3.65x |
| Days Sales Outstanding (DSO) | 196.2 | 161.7 | 281.0 | 185.0 | 111.0 | 90.5 | 100.0 |
| Payables Turnover | 28.58x | 35.02x | N/A | 854.47x | 261.02x | 30.88x | 105.25x |
| Days Payable Outstanding (DPO) | 12.8 | 10.4 | N/A | 0.4 | 1.4 | 11.8 | 3.5 |
| Cash Conversion Cycle | 183.5 days | 402.4 days | 845.8 days | 628.2 days | 544.1 days | 395.4 days | 373.8 days |
| Asset Turnover | 0.49x | 0.77x | 0.28x | 0.38x | 0.49x | 0.51x | 0.57x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | -2,925 | 1,933 | 2,141 | 2,339 | -5,596 | 9,181 | 5,940 |
| Free Cash Flow (OCF − Capex proxy) | -2,750 | 2,012 | 2,263 | 2,719 | -5,182 | 9,083 | 669 |
| Cash Conversion (OCF / EBITDA) | -119.9% | 23.2% | 82.4% | 45.2% | -101.8% | 218.5% | 79.4% |
| Dividends Declared | N/A | N/A | N/A | N/A | 0 | 4,162 | 2,672 |
| Dividend Payout Ratio | N/A | N/A | N/A | N/A | 0.0% | 80.5% | 31.6% |
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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