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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 0 · FY2023 0 · FY2024 9,036 — 3-yr total 9,036
Holding company controlling Georgia's largest beer and lemonade producer Sno/Castel/Natakhtari group operations; alcoholic and non-alcoholic beverages.
| Ratio | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 33.3% | 34.7% | 35.1% | 32.6% | 25.6% | 24.7% |
| EBITDA Margin | -0.0% | 9.1% | 10.3% | 25.7% | -0.3% | 0.8% |
| EBITDAR | -31 | 12,594 | 17,100 | 54,685 | -153 | 433 |
| EBITDAR Margin | -0.0% | 9.1% | 10.3% | 25.7% | -0.3% | 0.8% |
| EBIT Margin | -31.0% | 0.9% | 4.7% | 30.8% | -2.7% | -1.9% |
| Net Profit Margin | -45.2% | -28.6% | 7.1% | 14.0% | 7.6% | 261.7% |
| Operating Expense % of Sales | 33.3% | 25.7% | 24.8% | 6.9% | 25.8% | 24.2% |
| Returns | ||||||
| Return on Assets (ROA) | -23.3% | -16.7% | 4.7% | 11.1% | 1.6% | 108.6% |
| Return on Equity (ROE) | -76.4% | -102.1% | 23.9% | 23.5% | 3.3% | 320.6% |
| ROIC [EBIT / Invested Capital] | -19.1% | 0.6% | 3.8% | 29.1% | -0.7% | -1.3% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 56.9% | 72.3% | 67.8% | 40.2% | 40.0% | 34.1% |
| Debt-to-Equity | 1.87x | 4.41x | 3.42x | 0.85x | 0.86x | 1.01x |
| Debt-to-EBITDA | N/A | 13.61x | 9.94x | 1.98x | N/A | 107.42x |
| Equity-to-Assets | 30.5% | 16.4% | 19.8% | 47.2% | 46.7% | 33.9% |
| Net Debt | 128,361 | 157,819 | 157,439 | 98,034 | 95,532 | 36,014 |
| Cash & Equivalents | 9,348 | 13,553 | 12,461 | 10,331 | 17,448 | 10,497 |
| Total Debt | 137,709 | 171,372 | 169,900 | 108,365 | 112,980 | 46,511 |
| Liquidity & working capital | ||||||
| Current Ratio | 1.32x | 1.09x | 1.42x | 1.48x | 1.52x | 1.02x |
| Quick Ratio | 0.61x | 0.55x | 0.67x | 0.67x | 0.69x | 0.53x |
| Cash Ratio | 0.15x | 0.16x | 0.17x | 0.14x | 0.22x | 0.15x |
| Total Current Assets | 84,083 | 89,937 | 104,189 | 107,285 | 119,480 | 69,375 |
| Total Current Liabilities | 63,609 | 82,439 | 73,408 | 72,269 | 78,706 | 68,306 |
| Inventory | 45,025 | 44,305 | 55,172 | 59,103 | 65,095 | 33,495 |
| Trade Receivables | 23,713 | 25,342 | 28,977 | 29,742 | 30,457 | 9,025 |
| Trade Payables | 20,056 | 19,441 | 22,700 | 22,406 | 27,405 | 12,832 |
| Net Working Capital | 20,474 | 7,498 | 30,781 | 35,016 | 40,774 | 1,069 |
| Net Working Capital % of Revenue | 16.4% | 5.4% | 18.5% | 16.5% | 70.2% | 1.9% |
| Trade Working Capital | 48,682 | 50,206 | 61,449 | 66,439 | 68,147 | 29,688 |
| Trade Working Capital % of Revenue | 39.0% | 36.2% | 36.9% | 31.2% | 117.3% | 52.4% |
| Change in Trade Working Capital | N/A | 1,524 | 11,243 | 4,990 | 1,708 | -38,459 |
| Turnover & efficiency | ||||||
| Inventory Turnover | 1.85x | 2.04x | 1.96x | 2.43x | 0.66x | 1.27x |
| Days Inventory Outstanding (DIO) | 197.4 | 178.9 | 186.0 | 150.4 | 549.5 | 286.4 |
| Receivables Turnover | 5.26x | 5.47x | 5.75x | 7.15x | 1.91x | 6.28x |
| Days Sales Outstanding (DSO) | 69.4 | 66.8 | 63.5 | 51.0 | 191.4 | 58.1 |
| Payables Turnover | 4.15x | 4.65x | 4.77x | 6.40x | 1.58x | 3.33x |
| Days Payable Outstanding (DPO) | 87.9 | 78.5 | 76.5 | 57.0 | 231.3 | 109.7 |
| Cash Conversion Cycle | 178.9 days | 167.2 days | 173.0 days | 144.4 days | 509.5 days | 234.8 days |
| Asset Turnover | 0.51x | 0.58x | 0.66x | 0.79x | 0.21x | 0.42x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | -17,483 | 1,633 | 2,018 | 10,795 | 21,468 | -4,451 |
| Free Cash Flow (OCF − Capex proxy) | -77,974 | -3,864 | -11,569 | 3,024 | 11,458 | 144,398 |
| Cash Conversion (OCF / EBITDA) | N/A | 13.0% | 11.8% | 19.7% | N/A | -1027.9% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 9,036 |
| Dividend Payout Ratio | N/A | N/A | 0.0% | 0.0% | 0.0% | 6.1% |
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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