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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 0 · FY2024 0
Georgian investment / asset management firm operating under the DAR Capital brand.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 18.6% | 20.4% | 14.3% | 12.2% | 14.2% | 10.9% | 14.1% | 16.7% |
| EBITDA Margin | 10.3% | 10.9% | 5.2% | -0.1% | 3.4% | 0.8% | 1.3% | 54.4% |
| EBITDAR | 1,604 | 1,925 | 687 | -7 | 379 | 83 | 118 | 5,174 |
| EBITDAR Margin | 10.3% | 10.9% | 5.2% | -0.1% | 3.4% | 0.8% | 1.3% | 54.4% |
| EBIT Margin | 4.2% | 5.5% | 0.1% | -5.3% | -1.4% | -4.0% | -3.8% | 49.8% |
| Net Profit Margin | -1.3% | 4.1% | -0.4% | -3.0% | 2.7% | -4.7% | -16.3% | 40.1% |
| Operating Expense % of Sales | 8.3% | 9.5% | 9.2% | 12.3% | 10.9% | 12.2% | 14.8% | 16.7% |
| Returns | ||||||||
| Return on Assets (ROA) | -1.4% | 5.2% | -0.5% | -3.4% | 2.8% | -1.7% | -6.8% | 16.0% |
| Return on Equity (ROE) | -14.0% | 23.7% | -1.6% | -13.1% | 6.5% | -11.1% | -51.4% | 57.7% |
| ROIC [EBIT / Invested Capital] | 8.9% | 18.3% | 0.6% | -22.8% | -3.3% | -9.3% | -8.9% | 55.8% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 46.4% | 16.5% | 0.0% | 0.0% | 0.0% | 52.0% | 39.6% | 54.0% |
| Debt-to-Equity | 4.73x | 0.75x | 0.00x | 0.00x | 0.00x | 3.43x | 3.01x | 1.94x |
| Debt-to-EBITDA | 4.12x | 1.18x | 0.00x | N/A | 0.00x | 175.16x | 71.56x | 2.49x |
| Equity-to-Assets | 9.8% | 21.9% | 29.5% | 25.8% | 43.0% | 15.2% | 13.1% | 27.8% |
| Net Debt | 5,964 | 2,220 | -16 | -4 | -3 | 84 | 969 | 1,881 |
| Cash & Equivalents | 643 | 49 | 16 | 4 | 3 | 14,445 | 7,462 | 10,981 |
| Total Debt | 6,607 | 2,269 | N/A | N/A | N/A | 14,529 | 8,431 | 12,862 |
| Liquidity & working capital | ||||||||
| Current Ratio | 1.00x | 0.71x | 0.39x | 0.46x | 0.48x | 2.23x | 1.41x | 2.62x |
| Quick Ratio | 0.13x | 0.26x | 0.04x | 0.09x | 0.05x | 1.60x | 0.76x | 1.75x |
| Cash Ratio | 0.09x | 0.01x | 0.00x | 0.00x | 0.00x | 1.57x | 0.74x | 1.71x |
| Total Current Assets | 6,818 | 6,022 | 2,779 | 3,450 | 2,997 | 20,472 | 14,214 | 16,855 |
| Total Current Liabilities | 6,836 | 8,485 | 7,075 | 7,536 | 6,246 | 9,188 | 10,078 | 6,423 |
| Inventory | 5,898 | 3,781 | 2,497 | 2,768 | 2,669 | 5,784 | 6,587 | 5,611 |
| Trade Receivables | 212 | 2,193 | 265 | 673 | 319 | 142 | 96 | 135 |
| Trade Payables | 4,193 | 8,280 | 6,894 | 7,468 | 6,116 | 9,188 | 10,078 | 4,342 |
| Net Working Capital | -18 | -2,463 | -4,297 | -4,087 | -3,249 | 11,284 | 4,136 | 10,432 |
| Net Working Capital % of Revenue | -0.1% | -14.0% | -32.4% | -36.0% | -28.9% | 113.8% | 46.7% | 109.6% |
| Trade Working Capital | 1,917 | -2,306 | -4,133 | -4,027 | -3,127 | -3,262 | -3,395 | 1,403 |
| Trade Working Capital % of Revenue | 12.3% | -13.1% | -31.2% | -35.5% | -27.8% | -32.9% | -38.3% | 14.7% |
| Change in Trade Working Capital | N/A | -4,224 | -1,827 | 106 | 900 | -135 | -133 | 4,798 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 2.15x | 3.70x | 4.55x | 3.60x | 3.61x | 1.53x | 1.16x | 1.41x |
| Days Inventory Outstanding (DIO) | 169.4 | 98.5 | 80.3 | 101.4 | 101.1 | 238.8 | 316.0 | 258.3 |
| Receivables Turnover | 73.66x | 8.03x | 50.09x | 16.85x | 35.20x | 69.84x | 92.32x | 70.67x |
| Days Sales Outstanding (DSO) | 5.0 | 45.5 | 7.3 | 21.7 | 10.4 | 5.2 | 4.0 | 5.2 |
| Payables Turnover | 3.03x | 1.69x | 1.65x | 1.33x | 1.58x | 0.96x | 0.76x | 1.83x |
| Days Payable Outstanding (DPO) | 120.4 | 215.8 | 221.7 | 273.7 | 231.7 | 379.4 | 483.4 | 199.9 |
| Cash Conversion Cycle | 53.9 days | -71.8 days | -134.1 days | -150.6 days | -120.2 days | -135.3 days | -163.5 days | 63.6 days |
| Asset Turnover | 1.10x | 1.28x | 1.32x | 1.12x | 1.03x | 0.35x | 0.42x | 0.40x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 2,260 | -169 | 332 | 18 | 17 | -6 | 340 | 496 |
| Free Cash Flow (OCF − Capex proxy) | 2,260 | -595 | -15 | 2 | 4 | 7 | 215 | 6 |
| Cash Conversion (OCF / EBITDA) | 140.9% | -8.8% | 48.3% | N/A | 4.5% | -7.2% | 288.4% | 9.6% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | N/A | 0.0% | N/A | N/A | 0.0% | N/A | N/A | 0.0% |
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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