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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2021 0 · FY2022 0 · FY2023 0
Georgian packaging products manufacturer.
Subsidiary of Shpspeiper Investment Group (90.0%)
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 61.3% | 42.0% | 46.3% | 47.0% | 46.2% | 54.9% |
| EBITDA Margin | 26.4% | 14.4% | 8.2% | 21.1% | 22.2% | 19.8% |
| EBITDAR | 640 | 583 | 324 | 1,295 | 2,605 | 2,197 |
| EBITDAR Margin | 30.9% | 16.7% | 10.7% | 22.5% | 22.2% | 19.8% |
| EBIT Margin | 14.8% | 6.8% | -2.0% | 15.8% | 17.8% | 14.1% |
| Net Profit Margin | 9.6% | -7.7% | -104.3% | 12.6% | 37.8% | 0.0% |
| Operating Expense % of Sales | 35.0% | 27.6% | 38.1% | 25.9% | 24.0% | 35.1% |
| Returns | ||||||
| Return on Assets (ROA) | 1.8% | -1.8% | -13.8% | 2.9% | 15.2% | 0.0% |
| Return on Equity (ROE) | 4.2% | -4.3% | -80.1% | 12.3% | 43.0% | 0.0% |
| ROIC [EBIT / Invested Capital] | 3.3% | 1.9% | -0.3% | 4.0% | 7.9% | 5.7% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 48.6% | 45.0% | 80.4% | 67.7% | 57.5% | 56.3% |
| Debt-to-Equity | 1.16x | 1.06x | 4.68x | 2.92x | 1.63x | 1.67x |
| Debt-to-EBITDA | 10.10x | 13.14x | 74.50x | 14.11x | 6.46x | 7.84x |
| Equity-to-Assets | 41.8% | 42.4% | 17.2% | 23.2% | 35.2% | 33.7% |
| Net Debt | 4,656 | 6,387 | 17,383 | 16,934 | 16,039 | 17,082 |
| Cash & Equivalents | 855 | 204 | 1,094 | 226 | 785 | 141 |
| Total Debt | 5,511 | 6,591 | 18,477 | 17,160 | 16,824 | 17,223 |
| Liquidity & working capital | ||||||
| Current Ratio | 1.58x | 0.34x | 1.41x | 0.19x | 0.33x | 1.14x |
| Quick Ratio | 0.74x | 0.16x | 0.76x | 0.07x | 0.21x | 0.60x |
| Cash Ratio | 0.46x | 0.03x | 0.34x | 0.01x | 0.04x | 0.02x |
| Total Current Assets | 2,927 | 2,659 | 4,559 | 3,674 | 6,225 | 7,981 |
| Total Current Liabilities | 1,858 | 7,875 | 3,238 | 19,484 | 18,929 | 7,011 |
| Inventory | 1,545 | 1,406 | 2,097 | 2,272 | 2,247 | 3,804 |
| Trade Receivables | 328 | 396 | 452 | 780 | 1,284 | 1,088 |
| Trade Payables | 1,091 | 1,765 | 553 | 1,653 | 1,595 | 2,792 |
| Net Working Capital | 1,069 | -5,216 | 1,321 | -15,810 | -12,704 | 970 |
| Net Working Capital % of Revenue | 51.6% | -149.8% | 43.6% | -274.1% | -108.3% | 8.7% |
| Trade Working Capital | 781 | 37 | 1,996 | 1,399 | 1,936 | 2,100 |
| Trade Working Capital % of Revenue | 37.7% | 1.1% | 65.8% | 24.3% | 16.5% | 18.9% |
| Change in Trade Working Capital | N/A | -744 | 1,959 | -597 | 537 | 164 |
| Turnover & efficiency | ||||||
| Inventory Turnover | 0.52x | 1.44x | 0.78x | 1.35x | 2.81x | 1.32x |
| Days Inventory Outstanding (DIO) | 704.3 | 253.9 | 469.6 | 271.3 | 130.0 | 277.5 |
| Receivables Turnover | 6.32x | 8.80x | 6.71x | 7.39x | 9.14x | 10.20x |
| Days Sales Outstanding (DSO) | 57.8 | 41.5 | 54.4 | 49.4 | 39.9 | 35.8 |
| Payables Turnover | 0.73x | 1.14x | 2.95x | 1.85x | 3.95x | 1.79x |
| Days Payable Outstanding (DPO) | 497.5 | 318.8 | 123.8 | 197.4 | 92.3 | 203.7 |
| Cash Conversion Cycle | 264.6 days | -23.3 days | 400.1 days | 123.3 days | 77.7 days | 109.6 days |
| Asset Turnover | 0.18x | 0.24x | 0.13x | 0.23x | 0.40x | 0.36x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | 46 | -415 | -2,512 | 2,447 | 857 | 1,680 |
| Free Cash Flow (OCF − Capex proxy) | -4,793 | -3,351 | -9,629 | -1,774 | -1,732 | -586 |
| Cash Conversion (OCF / EBITDA) | 8.3% | -82.8% | -1012.9% | 201.2% | 32.9% | 76.5% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | 0.0% | N/A | N/A | 0.0% | 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.
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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