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Sando Pharm (სანდო ფარმა) — a Tbilisi-based pharmaceutical wholesaler / distribution base engaged in wholesale trade of pharmaceutical goods (part of the Sando Group, which also runs the sando.com.ge medicine-comparison platform). Thin distribution margins (~8–15%); revenue declining toward 2023.
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 11.1% | 8.4% | 10.7% | 10.3% | 15.0% | 9.8% |
| EBITDA Margin | 0.3% | -1.3% | 1.0% | -4.0% | -3.3% | -22.9% |
| EBITDAR | 41 | -30 | 90 | -182 | -123 | -297 |
| EBITDAR Margin | 1.0% | -0.6% | 1.7% | -3.2% | -2.5% | -22.2% |
| EBIT Margin | 0.1% | -1.5% | 0.7% | -4.2% | -4.0% | -26.2% |
| Net Profit Margin | -0.2% | -1.8% | 1.0% | -3.6% | -2.1% | -27.5% |
| Operating Expense % of Sales | 10.8% | 9.7% | 9.7% | 14.2% | 18.3% | 32.7% |
| Returns | ||||||
| Return on Assets (ROA) | -0.7% | -8.8% | 4.5% | -24.0% | -14.6% | -53.9% |
| Return on Equity (ROE) | -1.5% | -18.0% | 9.9% | -64.9% | -48.4% | N/A |
| ROIC [EBIT / Invested Capital] | 0.4% | -15.3% | 6.7% | -47.0% | -45.6% | -230.3% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 18.2% | 8.3% | 12.6% | 23.4% | 41.5% | 45.8% |
| Debt-to-Equity | 0.41x | 0.17x | 0.27x | 0.63x | 1.37x | -2.00x |
| Debt-to-EBITDA | 18.54x | N/A | 2.78x | N/A | N/A | N/A |
| Equity-to-Assets | 44.6% | 49.1% | 46.0% | 37.0% | 30.3% | -22.9% |
| Net Debt | 174 | -3 | 23 | 189 | 221 | 309 |
| Cash & Equivalents | 53 | 82 | 120 | 11 | 71 | 5 |
| Total Debt | 226 | 79 | 143 | 199 | 292 | 314 |
| Liquidity & working capital | ||||||
| Current Ratio | 2.57x | 2.20x | 2.22x | 2.18x | 2.31x | 0.78x |
| Quick Ratio | 2.57x | 0.46x | 0.59x | 2.18x | 2.31x | 0.78x |
| Cash Ratio | 0.11x | 0.20x | 0.26x | 0.03x | 0.36x | 0.01x |
| Total Current Assets | 1,187 | 892 | 1,038 | 773 | 457 | 458 |
| Total Current Liabilities | 462 | 406 | 467 | 354 | 198 | 584 |
| Inventory | N/A | 704 | 761 | N/A | N/A | N/A |
| Trade Receivables | 133 | 50 | 157 | 208 | 50 | N/A |
| Trade Payables | 462 | 399 | 456 | 338 | 198 | 523 |
| Net Working Capital | 725 | 486 | 571 | 418 | 259 | -126 |
| Net Working Capital % of Revenue | 17.0% | 10.2% | 10.6% | 7.4% | 5.2% | -9.4% |
| Trade Working Capital | -329 | 355 | 462 | -130 | -148 | -523 |
| Trade Working Capital % of Revenue | -7.7% | 7.5% | 8.6% | -2.3% | -3.0% | -39.0% |
| Change in Trade Working Capital | N/A | 685 | 107 | -592 | -18 | -375 |
| Turnover & efficiency | ||||||
| Inventory Turnover | N/A | 6.19x | 6.29x | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | 58.9 | 58.0 | N/A | N/A | N/A |
| Receivables Turnover | 32.13x | 95.04x | 34.16x | 27.00x | 98.74x | N/A |
| Days Sales Outstanding (DSO) | 11.4 | 3.8 | 10.7 | 13.5 | 3.7 | N/A |
| Payables Turnover | 8.22x | 10.93x | 10.51x | 14.91x | 21.20x | 2.31x |
| Days Payable Outstanding (DPO) | 44.4 | 33.4 | 34.7 | 24.5 | 17.2 | 157.8 |
| Cash Conversion Cycle | -33.1 days | 29.4 days | 33.9 days | -11.0 days | -13.5 days | -157.8 days |
| Asset Turnover | 3.44x | 4.99x | 4.75x | 6.59x | 7.03x | 1.96x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | -120 | 206 | N/A | N/A | N/A | N/A |
| Free Cash Flow (OCF − Capex proxy) | -120 | 206 | N/A | N/A | N/A | N/A |
| Cash Conversion (OCF / EBITDA) | -983.8% | N/A | N/A | N/A | N/A | N/A |
| Dividends Declared | N/A | N/A | N/A | N/A | N/A | N/A |
| Dividend Payout Ratio | N/A | 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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