Duty Free Georgia (შპს დუთი ფრი ჯორჯია)

panel 2026-09-21Ask

as filed · GEL, thousands

financial ratiosXLSX

Ratio	2017	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	43.1%	31.9%	36.5%	37.5%	43.3%	33.0%	39.6%	35.6%
EBITDA Margin	40.2%	19.9%	23.7%	-6.3%	8.5%	21.5%	23.6%	17.9%
EBITDAR	42,087	16,837	14,241	-778	459	6,801	12,685	10,698
EBITDAR Margin	42.0%	22.8%	24.6%	-6.3%	8.5%	21.5%	23.6%	17.9%
EBIT Margin	39.8%	19.1%	21.1%	-26.0%	-28.9%	15.0%	14.4%	7.1%
Net Profit Margin	38.5%	15.7%	28.1%	92.0%	136.2%	-58.0%	17.9%	3.0%
Operating Expense % of Sales	2.9%	12.0%	13.0%	45.4%	59.3%	11.6%	16.1%	17.7%
Returns
Return on Assets (ROA)	56.2%	15.1%	12.7%	8.4%	4.7%	-17.1%	5.9%	1.0%
Return on Equity (ROE)	61.4%	15.5%	18.0%	11.2%	6.7%	-28.1%	12.5%	2.3%
ROIC [EBIT / Invested Capital]	121.0%	24.8%	10.0%	-2.5%	-1.1%	4.9%	5.7%	2.8%
Leverage & debt balances
Debt-to-Assets	0.0%	0.0%	25.1%	19.6%	18.9%	29.8%	37.4%	43.2%
Debt-to-Equity	0.00x	0.00x	0.35x	0.26x	0.27x	0.49x	0.78x	0.98x
Debt-to-EBITDA	0.00x	0.00x	2.34x	N/A	65.46x	4.72x	4.76x	7.13x
Equity-to-Assets	91.6%	97.4%	70.7%	75.0%	69.7%	60.6%	47.7%	44.0%
Net Debt	-29,866	-17,706	31,463	26,125	29,900	31,011	59,449	75,002
Cash & Equivalents	29,866	17,706	658	649	152	1,067	985	1,311
Total Debt	N/A	N/A	32,121	26,774	30,051	32,078	60,434	76,313
Liquidity & working capital
Current Ratio	11.10x	15.93x	5.76x	4.68x	3.09x	0.88x	0.60x	2.88x
Quick Ratio	7.58x	10.21x	3.85x	3.21x	2.23x	0.20x	0.07x	2.44x
Cash Ratio	5.18x	8.93x	0.10x	0.07x	0.01x	0.07x	0.02x	0.04x
Total Current Assets	64,031	31,584	39,423	40,831	37,518	13,576	25,867	105,213
Total Current Liabilities	5,770	1,982	6,842	8,726	12,129	15,461	42,990	36,512
Inventory	20,306	11,338	13,097	12,860	10,438	10,537	22,680	16,226
Trade Receivables	397	173	12,308	37,338	89,599	69,244	78,853	86,149
Trade Payables	5,770	1,973	3,272	1,915	502	7,357	24,191	22,683
Net Working Capital	58,261	29,602	32,581	32,105	25,389	-1,885	-17,123	68,701
Net Working Capital % of Revenue	58.2%	40.2%	56.3%	258.2%	467.5%	-6.0%	-31.8%	114.7%
Trade Working Capital	14,933	9,538	22,134	48,283	99,536	72,424	77,342	79,691
Trade Working Capital % of Revenue	14.9%	12.9%	38.2%	388.3%	1832.7%	228.6%	143.8%	133.0%
Change in Trade Working Capital	N/A	-5,395	12,596	26,150	51,253	-27,112	4,918	2,349
Turnover & efficiency
Inventory Turnover	2.80x	4.43x	2.81x	0.60x	0.30x	2.02x	1.43x	2.38x
Days Inventory Outstanding (DIO)	130.2	82.4	129.9	603.9	1236.2	181.1	254.9	153.5
Receivables Turnover	252.17x	426.75x	4.71x	0.33x	0.06x	0.46x	0.68x	0.70x
Days Sales Outstanding (DSO)	1.4	0.9	77.6	1096.1	6021.5	797.8	535.2	524.8
Payables Turnover	9.87x	25.45x	11.25x	4.06x	6.14x	2.89x	1.34x	1.70x
Days Payable Outstanding (DPO)	37.0	14.3	32.5	89.9	59.4	126.4	271.9	214.6
Cash Conversion Cycle	94.6 days	68.9 days	175.0 days	1610.2 days	7198.3 days	852.5 days	518.3 days	463.8 days
Asset Turnover	1.46x	0.97x	0.45x	0.09x	0.03x	0.29x	0.33x	0.34x
Cash flow & dividends
Operating Cash Flow	22,011	27,841	-17,261	-22,980	-3,934	150	-3,465	4,438
Free Cash Flow (OCF − Capex proxy)	22,011	-11,843	-17,199	-192	-731	1,353	-5,767	4,145
Cash Conversion (OCF / EBITDA)	54.6%	190.0%	-125.7%	N/A	-857.0%	2.2%	-27.3%	41.5%
Dividends Declared	0	0	0	0	0	0	0	0
Dividend Payout Ratio	0.0%	0.0%	0.0%	0.0%	0.0%	N/A	0.0%	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.

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