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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 13,137 · FY2023 1,936 · FY2024 2,615 — 3-yr total 17,687
Georgian apparel and footwear retailer/importer operating under the Modus brand.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 25.8% | 25.9% | 26.7% | 29.1% | 29.8% | 30.3% | 29.8% | 29.1% |
| EBITDA Margin | 16.4% | 14.2% | 13.9% | 14.7% | 18.2% | 17.0% | 13.4% | 10.9% |
| EBITDAR | 14,080 | 14,228 | 15,681 | 17,799 | 24,149 | 24,690 | 19,291 | 16,443 |
| EBITDAR Margin | 16.4% | 14.2% | 13.9% | 14.7% | 18.2% | 17.0% | 13.4% | 10.9% |
| EBIT Margin | 13.8% | 11.4% | 11.0% | 8.9% | 20.8% | 15.2% | 9.4% | 8.5% |
| Net Profit Margin | 12.9% | 9.7% | 8.4% | 5.1% | 20.1% | 14.7% | 14.1% | 9.4% |
| Operating Expense % of Sales | 9.5% | 11.7% | 12.8% | 14.4% | 11.6% | 13.3% | 16.5% | 18.2% |
| Returns | ||||||||
| Return on Assets (ROA) | 12.4% | 9.5% | 8.3% | 5.2% | 20.1% | 14.7% | 12.8% | 9.3% |
| Return on Equity (ROE) | 19.7% | 14.5% | 12.4% | 7.5% | 25.5% | 18.9% | 15.6% | 10.0% |
| ROIC [EBIT / Invested Capital] | 15.7% | 13.5% | 13.0% | 9.9% | 22.4% | 17.4% | 9.4% | 9.0% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 24.8% | 18.4% | 18.4% | 22.9% | 15.7% | 16.9% | 13.5% | 2.8% |
| Debt-to-Equity | 0.40x | 0.28x | 0.28x | 0.33x | 0.20x | 0.22x | 0.16x | 0.03x |
| Debt-to-EBITDA | 1.58x | 1.33x | 1.35x | 1.54x | 0.86x | 0.99x | 1.12x | 0.26x |
| Equity-to-Assets | 62.8% | 65.2% | 66.6% | 68.9% | 78.9% | 77.7% | 82.2% | 93.1% |
| Net Debt | 19,435 | 17,770 | 19,063 | 25,624 | 18,998 | 13,912 | 13,569 | -200 |
| Cash & Equivalents | 2,820 | 1,109 | 2,074 | 1,749 | 1,718 | 10,535 | 7,947 | 4,419 |
| Total Debt | 22,255 | 18,880 | 21,137 | 27,373 | 20,716 | 24,448 | 21,516 | 4,220 |
| Liquidity & working capital | ||||||||
| Current Ratio | 5.53x | 3.86x | 4.44x | 4.55x | 3.13x | 9.14x | 14.37x | 13.33x |
| Quick Ratio | 1.47x | 0.85x | 0.76x | 0.98x | 0.66x | 2.13x | 4.43x | 2.42x |
| Cash Ratio | 0.26x | 0.07x | 0.12x | 0.10x | 0.06x | 0.93x | 0.93x | 0.53x |
| Total Current Assets | 59,200 | 64,769 | 76,265 | 77,416 | 87,265 | 103,103 | 122,371 | 111,958 |
| Total Current Liabilities | 10,696 | 16,785 | 17,187 | 17,028 | 27,845 | 11,276 | 8,515 | 8,397 |
| Inventory | 43,495 | 50,445 | 63,196 | 60,808 | 68,784 | 79,094 | 84,660 | 91,600 |
| Trade Receivables | 8,440 | 11,628 | 10,995 | 14,822 | 16,756 | 13,473 | 29,763 | 15,693 |
| Trade Payables | 7,801 | 8,065 | 8,481 | 9,798 | 6,979 | 6,407 | 6,478 | 6,282 |
| Net Working Capital | 48,504 | 47,984 | 59,078 | 60,388 | 59,420 | 91,827 | 113,855 | 103,561 |
| Net Working Capital % of Revenue | 56.3% | 47.8% | 52.3% | 50.0% | 44.8% | 63.2% | 78.8% | 68.8% |
| Trade Working Capital | 44,134 | 54,007 | 65,710 | 65,832 | 78,562 | 86,160 | 107,945 | 101,011 |
| Trade Working Capital % of Revenue | 51.3% | 53.8% | 58.2% | 54.5% | 59.2% | 59.3% | 74.8% | 67.2% |
| Change in Trade Working Capital | N/A | 9,874 | 11,702 | 122 | 12,730 | 7,598 | 21,785 | -6,934 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 1.47x | 1.48x | 1.31x | 1.41x | 1.35x | 1.28x | 1.20x | 1.16x |
| Days Inventory Outstanding (DIO) | 248.7 | 247.4 | 278.9 | 259.0 | 269.5 | 285.2 | 304.9 | 313.5 |
| Receivables Turnover | 10.20x | 8.64x | 10.27x | 8.16x | 7.92x | 10.78x | 4.85x | 9.59x |
| Days Sales Outstanding (DSO) | 35.8 | 42.3 | 35.6 | 44.8 | 46.1 | 33.9 | 75.2 | 38.1 |
| Payables Turnover | 8.18x | 9.23x | 9.75x | 8.75x | 13.35x | 15.80x | 15.64x | 16.97x |
| Days Payable Outstanding (DPO) | 44.6 | 39.6 | 37.4 | 41.7 | 27.3 | 23.1 | 23.3 | 21.5 |
| Cash Conversion Cycle | 239.9 days | 250.1 days | 277.0 days | 262.1 days | 288.3 days | 296.0 days | 356.8 days | 330.1 days |
| Asset Turnover | 0.96x | 0.98x | 0.98x | 1.01x | 1.00x | 1.00x | 0.91x | 0.98x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 6,104 | -2,614 | 2,268 | 12,322 | 19,298 | 20,316 | 3,209 | 1,439 |
| Free Cash Flow (OCF − Capex proxy) | 6,104 | -2,638 | -3,614 | 5,911 | 12,692 | 19,414 | 4,384 | -1,930 |
| Cash Conversion (OCF / EBITDA) | 43.4% | -18.4% | 14.5% | 69.2% | 79.9% | 82.3% | 16.6% | 8.8% |
| Dividends Declared | 0 | 0 | 0 | 0 | 4,855 | 13,137 | 1,936 | 2,615 |
| Dividend Payout Ratio | 0.0% | 0.0% | 0.0% | 0.0% | 18.2% | 61.7% | 9.5% | 18.4% |
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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