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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 580 — 3-yr total 580
Producer of Georgian beer brands including Karva and others, operating a brewery and distribution network in Georgia.
Group parent — controls 1 company · ownership
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 50.8% | 43.6% | 42.3% | 46.9% | 40.3% | 38.0% | 36.6% | 39.3% |
| EBITDA Margin | 32.2% | 21.6% | 19.1% | 26.8% | 22.5% | 22.0% | 18.1% | 17.1% |
| EBITDAR | 24,160 | 18,935 | 15,973 | 18,698 | 17,078 | 22,564 | 20,501 | 26,418 |
| EBITDAR Margin | 32.2% | 21.6% | 19.1% | 26.8% | 22.5% | 22.0% | 18.1% | 17.1% |
| EBIT Margin | 22.0% | 11.1% | 10.4% | 16.4% | 14.5% | 16.5% | 12.7% | 12.8% |
| Net Profit Margin | 6.4% | 8.4% | -4.4% | -9.8% | 2.7% | 10.7% | 1.6% | 4.8% |
| Operating Expense % of Sales | 18.6% | 22.0% | 23.2% | 20.1% | 17.7% | 16.0% | 18.5% | 22.2% |
| Returns | ||||||||
| Return on Assets (ROA) | 4.3% | 5.6% | -2.8% | -5.4% | 1.7% | 7.1% | 1.2% | 3.2% |
| Return on Equity (ROE) | 8.0% | 11.0% | -5.9% | -12.0% | 3.5% | 15.8% | 2.6% | 9.7% |
| ROIC [EBIT / Invested Capital] | 16.8% | 10.9% | 7.4% | 10.0% | 10.4% | 12.3% | 11.0% | 9.3% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 35.2% | 23.2% | 41.7% | 47.4% | 41.7% | 45.4% | 42.2% | 60.1% |
| Debt-to-Equity | 0.66x | 0.46x | 0.87x | 1.05x | 0.87x | 1.00x | 0.91x | 1.82x |
| Debt-to-EBITDA | 1.63x | 1.62x | 3.44x | 3.17x | 2.98x | 3.10x | 3.13x | 5.25x |
| Equity-to-Assets | 53.6% | 50.7% | 48.1% | 45.3% | 48.2% | 45.2% | 46.4% | 33.0% |
| Net Debt | 38,336 | 22,285 | 54,280 | 57,298 | 46,805 | 68,887 | 60,169 | 137,294 |
| Cash & Equivalents | 1,050 | 8,483 | 652 | 1,940 | 4,082 | 1,132 | 4,017 | 1,463 |
| Total Debt | 39,386 | 30,768 | 54,932 | 59,238 | 50,887 | 70,019 | 64,186 | 138,757 |
| Liquidity & working capital | ||||||||
| Current Ratio | 1.53x | 2.16x | 1.87x | 2.02x | 2.36x | 1.30x | 1.98x | 4.69x |
| Quick Ratio | 0.79x | 1.27x | 1.12x | 1.25x | 1.56x | 0.71x | 1.00x | 3.60x |
| Cash Ratio | 0.05x | 0.42x | 0.03x | 0.09x | 0.19x | 0.02x | 0.15x | 0.05x |
| Total Current Assets | 30,987 | 43,407 | 40,326 | 45,391 | 50,160 | 66,994 | 53,589 | 134,584 |
| Total Current Liabilities | 20,209 | 20,083 | 21,531 | 22,439 | 21,256 | 51,629 | 27,090 | 28,674 |
| Inventory | 15,112 | 17,808 | 16,126 | 17,261 | 16,965 | 30,326 | 26,584 | 31,279 |
| Trade Receivables | 14,825 | 17,113 | 23,548 | 26,190 | 29,113 | 35,536 | 22,988 | 22,974 |
| Trade Payables | 8,523 | 9,395 | 13,036 | 8,153 | 11,345 | 13,723 | 14,618 | 14,272 |
| Net Working Capital | 10,778 | 23,324 | 18,795 | 22,952 | 28,904 | 15,365 | 26,499 | 105,910 |
| Net Working Capital % of Revenue | 14.4% | 26.6% | 22.4% | 32.9% | 38.1% | 15.0% | 23.3% | 68.7% |
| Trade Working Capital | 21,414 | 25,526 | 26,638 | 35,298 | 34,733 | 52,139 | 34,954 | 39,981 |
| Trade Working Capital % of Revenue | 28.5% | 29.1% | 31.8% | 50.6% | 45.8% | 50.7% | 30.8% | 25.9% |
| Change in Trade Working Capital | N/A | 4,112 | 1,112 | 8,660 | -565 | 17,406 | -17,185 | 5,027 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 2.44x | 2.78x | 3.00x | 2.15x | 2.67x | 2.10x | 2.71x | 2.99x |
| Days Inventory Outstanding (DIO) | 149.5 | 131.2 | 121.7 | 170.1 | 136.6 | 173.7 | 134.7 | 122.0 |
| Receivables Turnover | 5.06x | 5.13x | 3.56x | 2.66x | 2.61x | 2.89x | 4.94x | 6.71x |
| Days Sales Outstanding (DSO) | 72.1 | 71.1 | 102.6 | 137.1 | 140.1 | 126.2 | 73.9 | 54.4 |
| Payables Turnover | 4.33x | 5.27x | 3.71x | 4.54x | 3.99x | 4.64x | 4.93x | 6.56x |
| Days Payable Outstanding (DPO) | 84.3 | 69.2 | 98.3 | 80.4 | 91.4 | 78.6 | 74.1 | 55.7 |
| Cash Conversion Cycle | 137.3 days | 133.1 days | 125.9 days | 226.9 days | 185.4 days | 221.3 days | 134.5 days | 120.7 days |
| Asset Turnover | 0.67x | 0.66x | 0.64x | 0.56x | 0.62x | 0.67x | 0.75x | 0.67x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 11,867 | 14,441 | 10,692 | 6,376 | 12,089 | -5 | 16,394 | 11,363 |
| Free Cash Flow (OCF − Capex proxy) | 11,867 | -5,334 | -6,001 | -498 | 3,272 | -30,191 | 8,979 | -75,659 |
| Cash Conversion (OCF / EBITDA) | 49.1% | 76.3% | 66.9% | 34.1% | 70.8% | -0.0% | 80.0% | 43.0% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 580 |
| Dividend Payout Ratio | 0.0% | 0.0% | N/A | N/A | 0.0% | 0.0% | 0.0% | 7.9% |
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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