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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 2,776 · FY2023 3,186 · FY2024 2,790 — 3-yr total 8,752
Partniori LLC is a Tbilisi-based wholesale food distributor (founded 2014) covering frozen fish, distilled alcoholic beverages, semi-finished products, bakery items, dairy and snacks. Operates as a B2B distribution partner to retailers and HORECA.
Subsidiary of Nikora (100.0%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 20.0% | 21.3% | 17.5% | 12.9% | 14.2% | 16.8% | 17.1% | 16.3% |
| EBITDA Margin | 7.3% | 1.9% | 3.2% | 3.2% | 4.7% | 7.0% | 6.6% | 4.8% |
| EBITDAR | 2,076 | 644 | 1,229 | 2,219 | 6,143 | 12,511 | 14,084 | 11,407 |
| EBITDAR Margin | 7.3% | 1.9% | 3.2% | 3.2% | 4.7% | 7.0% | 6.6% | 4.8% |
| EBIT Margin | 6.8% | 1.3% | 2.4% | 2.5% | 4.3% | 6.9% | 6.4% | 4.6% |
| Net Profit Margin | -0.0% | 0.9% | 1.6% | 2.1% | 4.0% | 6.7% | 6.3% | 4.2% |
| Operating Expense % of Sales | 12.7% | 19.4% | 14.5% | 10.1% | 9.7% | 9.8% | 10.5% | 11.4% |
| Returns | ||||||||
| Return on Assets (ROA) | -0.3% | 6.4% | 8.9% | 9.5% | 22.0% | 32.5% | 25.7% | 15.7% |
| Return on Equity (ROE) | N/A | N/A | 141.6% | 76.1% | 86.0% | 78.9% | 50.1% | 28.4% |
| ROIC [EBIT / Invested Capital] | 306.0% | 56.5% | 27.9% | 43.9% | 57.7% | 69.6% | 38.6% | 25.1% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 33.2% | 28.0% | 41.3% | 15.9% | 16.3% | 7.9% | 17.7% | 15.3% |
| Debt-to-Equity | -2.57x | -6.70x | 6.54x | 1.28x | 0.64x | 0.19x | 0.34x | 0.28x |
| Debt-to-EBITDA | 0.59x | 1.96x | 2.41x | 1.09x | 0.62x | 0.23x | 0.66x | 0.84x |
| Equity-to-Assets | -12.9% | -4.2% | 6.3% | 12.5% | 25.5% | 41.2% | 51.3% | 55.1% |
| Net Debt | 1,112 | 965 | 2,863 | 2,053 | 3,615 | 2,606 | 8,758 | 8,799 |
| Cash & Equivalents | 113 | 295 | 93 | 369 | 207 | 303 | 538 | 801 |
| Total Debt | 1,225 | 1,260 | 2,956 | 2,422 | 3,822 | 2,909 | 9,296 | 9,600 |
| Liquidity & working capital | ||||||||
| Current Ratio | 0.99x | 0.74x | 1.10x | 1.10x | 1.21x | 1.55x | 2.15x | 2.08x |
| Quick Ratio | 0.98x | 0.74x | 1.09x | 0.81x | 1.02x | 1.29x | 1.70x | 1.60x |
| Cash Ratio | 0.04x | 0.06x | 0.02x | 0.03x | 0.01x | 0.01x | 0.03x | 0.03x |
| Total Current Assets | 3,056 | 3,484 | 5,472 | 12,894 | 20,705 | 33,353 | 41,069 | 49,386 |
| Total Current Liabilities | 3,085 | 4,692 | 4,993 | 11,683 | 17,152 | 21,458 | 19,112 | 23,705 |
| Inventory | 36 | 17 | 40 | 3,416 | 3,212 | 5,611 | 8,502 | 11,369 |
| Trade Receivables | 2,902 | 3,167 | 5,340 | 9,110 | 17,286 | 27,439 | 32,029 | 37,216 |
| Trade Payables | 2,942 | 3,432 | 3,750 | 10,873 | 13,590 | 18,683 | 16,315 | 18,591 |
| Net Working Capital | -29 | -1,208 | 479 | 1,211 | 3,553 | 11,895 | 21,957 | 25,681 |
| Net Working Capital % of Revenue | -0.1% | -3.6% | 1.2% | 1.7% | 2.7% | 6.7% | 10.2% | 10.9% |
| Trade Working Capital | -4 | -248 | 1,630 | 1,653 | 6,908 | 14,367 | 24,216 | 29,994 |
| Trade Working Capital % of Revenue | -0.0% | -0.7% | 4.2% | 2.4% | 5.3% | 8.0% | 11.3% | 12.7% |
| Change in Trade Working Capital | N/A | -244 | 1,878 | 23 | 5,255 | 7,459 | 9,849 | 5,778 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 633.36x | 1551.12x | 801.12x | 17.89x | 34.56x | 26.45x | 20.91x | 17.34x |
| Days Inventory Outstanding (DIO) | 0.6 | 0.2 | 0.5 | 20.4 | 10.6 | 13.8 | 17.5 | 21.0 |
| Receivables Turnover | 9.82x | 10.58x | 7.27x | 7.70x | 7.48x | 6.50x | 6.69x | 6.33x |
| Days Sales Outstanding (DSO) | 37.2 | 34.5 | 50.2 | 47.4 | 48.8 | 56.1 | 54.5 | 57.7 |
| Payables Turnover | 7.75x | 7.68x | 8.55x | 5.62x | 8.17x | 7.94x | 10.89x | 10.61x |
| Days Payable Outstanding (DPO) | 47.1 | 47.5 | 42.7 | 64.9 | 44.7 | 46.0 | 33.5 | 34.4 |
| Cash Conversion Cycle | -9.4 days | -12.8 days | 7.9 days | 2.9 days | 14.7 days | 24.0 days | 38.5 days | 44.3 days |
| Asset Turnover | 7.72x | 7.44x | 5.43x | 4.62x | 5.53x | 4.86x | 4.07x | 3.75x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 364 | 773 | -760 | 1,906 | 626 | 4,815 | 5,756 | 5,733 |
| Free Cash Flow (OCF − Capex proxy) | 364 | 182 | -1,172 | 810 | -503 | 3,803 | -1,952 | 3,653 |
| Cash Conversion (OCF / EBITDA) | 17.5% | 120.0% | -61.8% | 85.9% | 10.2% | 38.5% | 40.9% | 50.3% |
| Dividends Declared | 0 | 0 | 0 | 0 | 1,055 | 2,776 | 3,186 | 2,790 |
| Dividend Payout Ratio | N/A | 0.0% | 0.0% | 0.0% | 20.5% | 23.3% | 23.6% | 28.4% |
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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