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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 48,313 · FY2023 74,347 · FY2024 116,086 — 3-yr total 238,746
JTI Caucasus LLC is the Georgian subsidiary of Japan Tobacco International (set up in Tbilisi in 2011) and the regional hub covering Armenia, Azerbaijan and Georgia. ~108 employees; distributes Winston, Camel, Sobranie, LD, Mevius and other JTI Global Flagship Brands.
Subsidiary of Kerdzo Shezghuduli Pasukhismgeblobis Sazogadoeba (100.0%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 42.0% | 40.1% | 43.9% | 42.5% | 44.5% | 49.5% | 43.2% | 43.8% |
| EBITDA Margin | 28.2% | 16.7% | 19.3% | 22.1% | 26.3% | 25.6% | 31.9% | 32.3% |
| EBITDAR | 50,013 | 34,814 | 38,744 | 42,922 | 63,899 | 58,610 | 93,452 | 136,872 |
| EBITDAR Margin | 29.1% | 17.6% | 20.4% | 22.5% | 26.7% | 25.9% | 32.1% | 32.4% |
| EBIT Margin | 27.3% | 15.9% | 18.2% | 20.4% | 24.9% | 23.7% | 30.3% | 31.2% |
| Net Profit Margin | 15.8% | 14.6% | 17.6% | 18.5% | 20.7% | 19.0% | 25.7% | 26.6% |
| Operating Expense % of Sales | 13.8% | 23.4% | 24.7% | 20.4% | 18.2% | 23.9% | 11.3% | 11.5% |
| Returns | ||||||||
| Return on Assets (ROA) | 52.1% | 43.9% | 50.0% | 57.1% | 56.0% | 48.1% | 63.6% | 68.1% |
| Return on Equity (ROE) | 119.6% | 93.7% | 95.4% | 91.6% | 91.4% | 88.1% | 152.1% | 246.8% |
| ROIC [EBIT / Invested Capital] | 1669.3% | 207.9% | 145.6% | 230.3% | 264.1% | 411.1% | 845.7% | 1070.4% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 0.0% | 0.0% | 0.9% | 5.9% | 5.4% | 4.1% | 1.6% | 3.3% |
| Debt-to-Equity | 0.00x | 0.00x | 0.02x | 0.10x | 0.09x | 0.08x | 0.04x | 0.12x |
| Debt-to-EBITDA | 0.00x | 0.00x | 0.02x | 0.09x | 0.08x | 0.06x | 0.02x | 0.04x |
| Equity-to-Assets | 43.6% | 46.9% | 52.4% | 62.3% | 61.3% | 54.6% | 41.8% | 27.6% |
| Net Debt | -19,903 | -15,805 | -11,163 | -21,570 | -31,543 | -35,664 | -38,743 | -33,269 |
| Cash & Equivalents | 19,903 | 15,805 | 11,764 | 25,239 | 36,341 | 39,320 | 40,618 | 38,771 |
| Total Debt | N/A | N/A | 601 | 3,669 | 4,798 | 3,657 | 1,875 | 5,502 |
| Liquidity & working capital | ||||||||
| Current Ratio | 1.67x | 1.77x | 2.00x | 2.57x | 2.48x | 1.99x | 1.61x | 1.27x |
| Quick Ratio | 1.57x | 1.76x | 1.73x | 2.31x | 2.26x | 1.62x | 1.27x | 1.13x |
| Cash Ratio | 0.71x | 0.45x | 0.37x | 1.17x | 1.16x | 1.01x | 0.60x | 0.33x |
| Total Current Assets | 46,792 | 62,321 | 63,528 | 55,384 | 77,889 | 77,768 | 109,330 | 148,003 |
| Total Current Liabilities | 27,970 | 35,123 | 31,720 | 21,574 | 31,407 | 39,075 | 68,059 | 116,305 |
| Inventory | 2,933 | 605 | 8,573 | 5,502 | 6,910 | 14,505 | 23,227 | 16,230 |
| Trade Receivables | 23,957 | 45,911 | 43,191 | 24,643 | 34,638 | 23,943 | 45,485 | 93,001 |
| Trade Payables | 27,970 | 31,526 | 15,879 | 15,553 | 25,765 | 33,777 | 36,917 | 47,842 |
| Net Working Capital | 18,822 | 27,197 | 31,808 | 33,810 | 46,482 | 38,693 | 41,271 | 31,698 |
| Net Working Capital % of Revenue | 10.9% | 13.7% | 16.7% | 17.7% | 19.4% | 17.1% | 14.2% | 7.5% |
| Trade Working Capital | -1,081 | 14,990 | 35,885 | 14,592 | 15,782 | 4,671 | 31,795 | 61,390 |
| Trade Working Capital % of Revenue | -0.6% | 7.6% | 18.9% | 7.6% | 6.6% | 2.1% | 10.9% | 14.5% |
| Change in Trade Working Capital | N/A | 16,071 | 20,895 | -21,293 | 1,190 | -11,112 | 27,124 | 29,595 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 34.00x | 196.31x | 12.42x | 19.93x | 19.22x | 7.86x | 7.12x | 14.63x |
| Days Inventory Outstanding (DIO) | 10.7 | 1.9 | 29.4 | 18.3 | 19.0 | 46.4 | 51.3 | 25.0 |
| Receivables Turnover | 7.18x | 4.32x | 4.40x | 7.74x | 6.90x | 9.44x | 6.40x | 4.54x |
| Days Sales Outstanding (DSO) | 50.9 | 84.5 | 83.0 | 47.1 | 52.9 | 38.7 | 57.0 | 80.4 |
| Payables Turnover | 3.57x | 3.77x | 6.71x | 7.05x | 5.15x | 3.38x | 4.48x | 4.96x |
| Days Payable Outstanding (DPO) | 102.4 | 96.9 | 54.4 | 51.8 | 70.8 | 108.1 | 81.5 | 73.6 |
| Cash Conversion Cycle | -40.8 days | -10.5 days | 57.9 days | 13.7 days | 1.0 days | -23.0 days | 26.8 days | 31.8 days |
| Asset Turnover | 3.30x | 3.00x | 2.85x | 3.09x | 2.71x | 2.53x | 2.47x | 2.56x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 29,682 | 15,036 | 23,338 | 46,064 | 51,360 | 63,243 | 54,558 | 90,877 |
| Free Cash Flow (OCF − Capex proxy) | 29,682 | 14,840 | 23,558 | 44,998 | 48,434 | 61,807 | 54,180 | 84,562 |
| Cash Conversion (OCF / EBITDA) | 61.3% | 45.3% | 63.7% | 109.0% | 81.8% | 109.5% | 58.8% | 66.6% |
| Dividends Declared | 36,051 | 20,757 | 29,381 | 31,733 | 33,852 | 48,313 | 74,347 | 116,086 |
| Dividend Payout Ratio | 132.7% | 71.5% | 88.1% | 90.0% | 68.5% | 112.5% | 99.4% | 103.2% |
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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