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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Group parent — controls 2 companies · ownership
| Ratio | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Margins | |||||
| Gross Margin | 80.4% | 100.0% | 100.0% | 100.0% | 32.7% |
| EBITDA Margin | 32.2% | -45.6% | 9.4% | 42.8% | 15.6% |
| EBITDAR | 1,434 | -1,177 | 1,257 | 7,063 | 4,886 |
| EBITDAR Margin | 32.4% | -41.6% | 10.9% | 43.9% | 16.2% |
| EBIT Margin | 32.0% | -48.3% | 8.1% | 40.1% | 15.5% |
| Net Profit Margin | 51.9% | -45.6% | 7.7% | 33.7% | 14.7% |
| Operating Expense % of Sales | 48.1% | 145.6% | 90.6% | 57.2% | 17.1% |
| Returns | |||||
| Return on Assets (ROA) | 57.7% | -8.1% | 3.9% | 18.3% | 11.2% |
| Return on Equity (ROE) | 100.0% | -45.3% | 39.0% | 69.1% | 41.2% |
| ROIC [EBIT / Invested Capital] | 51.8% | -52.6% | 4.5% | 24.1% | 15.0% |
| Leverage & debt balances | |||||
| Debt-to-Assets | 19.1% | 35.8% | 87.5% | 66.5% | 51.8% |
| Debt-to-Equity | 0.33x | 2.00x | 8.83x | 2.51x | 1.90x |
| Debt-to-EBITDA | 0.53x | N/A | 18.58x | 2.85x | 4.35x |
| Equity-to-Assets | 57.7% | 17.9% | 9.9% | 26.5% | 27.2% |
| Net Debt | 438 | -250 | 18,345 | 18,902 | 20,375 |
| Cash & Equivalents | 322 | 5,933 | 1,755 | 726 | 92 |
| Total Debt | 760 | 5,684 | 20,100 | 19,628 | 20,468 |
| Liquidity & working capital | |||||
| Current Ratio | 2.28x | 1.72x | 34.25x | 4.37x | 3.61x |
| Quick Ratio | 1.75x | 0.97x | 34.25x | 4.37x | 3.61x |
| Cash Ratio | 0.20x | 0.82x | 2.90x | 0.36x | 0.01x |
| Total Current Assets | 3,745 | 12,410 | 20,705 | 8,850 | 28,766 |
| Total Current Liabilities | 1,641 | 7,196 | 605 | 2,024 | 7,976 |
| Inventory | 871 | 5,405 | N/A | N/A | N/A |
| Trade Receivables | 1,354 | 1 | 119 | 359 | 234 |
| Trade Payables | 882 | 2,925 | 605 | 2,024 | 2,159 |
| Net Working Capital | 2,104 | 5,214 | 20,100 | 6,826 | 20,790 |
| Net Working Capital % of Revenue | 47.5% | 184.3% | 174.8% | 42.5% | 69.0% |
| Trade Working Capital | 1,343 | 2,481 | -486 | -1,665 | -1,924 |
| Trade Working Capital % of Revenue | 30.3% | 87.7% | -4.2% | -10.4% | -6.4% |
| Change in Trade Working Capital | N/A | 1,138 | -2,967 | -1,179 | -259 |
| Turnover & efficiency | |||||
| Inventory Turnover | 1.00x | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | 365.0 | N/A | N/A | N/A | N/A |
| Receivables Turnover | 3.27x | 3058.33x | 96.78x | 44.74x | 128.44x |
| Days Sales Outstanding (DSO) | 111.5 | 0.1 | 3.8 | 8.2 | 2.8 |
| Payables Turnover | 0.99x | N/A | N/A | N/A | 9.39x |
| Days Payable Outstanding (DPO) | 369.6 | N/A | N/A | N/A | 38.9 |
| Cash Conversion Cycle | 106.9 days | 0.1 days | 3.8 days | 8.2 days | -36.0 days |
| Asset Turnover | 1.11x | 0.18x | 0.50x | 0.54x | 0.76x |
| Cash flow & dividends | |||||
| Operating Cash Flow | 344 | 5,943 | 685 | 12,769 | 92 |
| Free Cash Flow (OCF − Capex proxy) | 344 | 5,621 | -18,044 | -5,668 | -764 |
| Cash Conversion (OCF / EBITDA) | 24.1% | N/A | 63.4% | 185.4% | 2.0% |
| Dividends Declared | N/A | N/A | N/A | N/A | N/A |
| Dividend Payout Ratio | N/A | N/A | N/A | N/A | N/A |
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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