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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 22,849 · FY2024 14,456 — 3-yr total 37,305
Adjara Textile LLC is a Turkish-investment apparel manufacturer (set up 2008) operating three sewing plants in Batumi, Kobuleti and Poti with ~7,000 employees, producing 10m+ units a year for Nike, Adidas, Puma and other global brands.
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| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 56.7% | 28.6% | 27.4% | 27.0% | 16.7% | 10.7% | 8.7% | 13.3% |
| EBITDA Margin | 52.0% | -3.4% | 2.9% | 6.2% | 0.7% | 8.6% | 6.0% | 10.3% |
| EBITDAR | 22,750 | -2,173 | 3,180 | 9,677 | 2,183 | 28,756 | 14,732 | 26,573 |
| EBITDAR Margin | 52.5% | -3.2% | 3.1% | 6.2% | 0.7% | 8.6% | 6.0% | 10.3% |
| EBIT Margin | 47.3% | -3.5% | 0.4% | 4.2% | -0.4% | 8.6% | 5.9% | 10.2% |
| Net Profit Margin | 10.4% | -5.2% | -0.8% | 1.4% | -0.3% | 4.7% | 7.0% | 8.5% |
| Operating Expense % of Sales | 4.6% | 32.0% | 24.4% | 20.8% | 15.9% | 2.1% | 2.9% | 3.2% |
| Returns | ||||||||
| Return on Assets (ROA) | 10.2% | -6.2% | -1.1% | 2.4% | -0.9% | 16.5% | 16.2% | 15.8% |
| Return on Equity (ROE) | 15.9% | -14.2% | -2.0% | 5.1% | -2.1% | 26.5% | 32.3% | 35.8% |
| ROIC [EBIT / Invested Capital] | 57.5% | -7.2% | 0.8% | 13.9% | -2.6% | 42.3% | 20.7% | 31.4% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 20.9% | 16.1% | 9.1% | 5.3% | 2.4% | 12.6% | 20.8% | 23.4% |
| Debt-to-Equity | 0.32x | 0.37x | 0.17x | 0.11x | 0.06x | 0.20x | 0.41x | 0.53x |
| Debt-to-EBITDA | 0.41x | N/A | 2.39x | 0.52x | 1.20x | 0.42x | 1.52x | 1.23x |
| Equity-to-Assets | 64.4% | 43.4% | 53.3% | 47.3% | 40.9% | 62.2% | 50.3% | 43.9% |
| Net Debt | 7,373 | 8,222 | 7,148 | 2,515 | 2,204 | 8,610 | 17,119 | 22,735 |
| Cash & Equivalents | 1,827 | 978 | 92 | 2,524 | 413 | 3,408 | 5,261 | 10,077 |
| Total Debt | 9,200 | 9,200 | 7,240 | 5,038 | 2,616 | 12,018 | 22,380 | 32,811 |
| Liquidity & working capital | ||||||||
| Current Ratio | 1.48x | 0.65x | 1.12x | 0.96x | 0.98x | 1.82x | 1.59x | 0.88x |
| Quick Ratio | 0.58x | 0.18x | 0.25x | 0.18x | 0.22x | 0.44x | 0.66x | 0.33x |
| Cash Ratio | 0.33x | 0.04x | 0.00x | 0.05x | 0.01x | 0.12x | 0.13x | 0.15x |
| Total Current Assets | 8,319 | 15,038 | 33,436 | 45,365 | 62,201 | 52,659 | 65,386 | 59,101 |
| Total Current Liabilities | 5,613 | 23,099 | 29,810 | 47,320 | 63,247 | 28,930 | 40,995 | 66,921 |
| Inventory | 5,067 | 10,960 | 26,023 | 36,636 | 48,572 | 39,804 | 38,179 | 36,881 |
| Trade Receivables | 600 | 2,162 | 4,366 | 4,871 | 11,396 | 8,562 | 19,261 | 8,122 |
| Trade Payables | 5,597 | 22,065 | 28,464 | 44,668 | 59,021 | 23,441 | 30,843 | 43,624 |
| Net Working Capital | 2,706 | -8,062 | 3,626 | -1,955 | -1,046 | 23,729 | 24,391 | -7,820 |
| Net Working Capital % of Revenue | 6.2% | -11.9% | 3.5% | -1.2% | -0.4% | 7.1% | 9.9% | -3.0% |
| Trade Working Capital | 71 | -8,943 | 1,924 | -3,160 | 947 | 24,926 | 26,597 | 1,380 |
| Trade Working Capital % of Revenue | 0.2% | -13.2% | 1.9% | -2.0% | 0.3% | 7.5% | 10.8% | 0.5% |
| Change in Trade Working Capital | N/A | -9,013 | 10,867 | -5,085 | 4,107 | 23,979 | 1,671 | -25,217 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 3.71x | 4.42x | 2.89x | 3.12x | 5.05x | 7.48x | 5.91x | 6.07x |
| Days Inventory Outstanding (DIO) | 98.4 | 82.5 | 126.3 | 117.0 | 72.3 | 48.8 | 61.7 | 60.1 |
| Receivables Turnover | 72.27x | 31.39x | 23.71x | 32.14x | 25.83x | 38.93x | 12.84x | 31.81x |
| Days Sales Outstanding (DSO) | 5.1 | 11.6 | 15.4 | 11.4 | 14.1 | 9.4 | 28.4 | 11.5 |
| Payables Turnover | 3.36x | 2.20x | 2.64x | 2.56x | 4.16x | 12.70x | 7.32x | 5.13x |
| Days Payable Outstanding (DPO) | 108.7 | 166.2 | 138.1 | 142.7 | 87.8 | 28.7 | 49.9 | 71.1 |
| Cash Conversion Cycle | -5.2 days | -72.0 days | 3.5 days | -14.3 days | -1.4 days | 29.4 days | 40.3 days | 0.5 days |
| Asset Turnover | 0.99x | 1.19x | 1.30x | 1.66x | 2.75x | 3.49x | 2.30x | 1.84x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | -2,562 | 2,192 | 2,856 | 7,874 | -632 | -7,319 | -7,998 | -23,871 |
| Free Cash Flow (OCF − Capex proxy) | -2,562 | 275 | 2,151 | 4,728 | 839 | -7,304 | -6,895 | 5,567 |
| Cash Conversion (OCF / EBITDA) | -11.4% | N/A | 94.3% | 81.4% | -29.1% | -25.5% | -54.3% | -89.8% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 0 | 22,849 | 14,456 |
| Dividend Payout Ratio | 0.0% | N/A | N/A | 0.0% | N/A | 0.0% | 131.2% | 65.4% |
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.
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Ownership & directors from companyinfo.ge (public corporate registry).
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