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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 663 · FY2023 1,389 · FY2024 884 — 3-yr total 2,936
Georgian packaging manufacturer producing flexible / rigid packaging for FMCG customers.
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 26.5% | 26.7% | 33.7% | 31.5% | 25.0% | 36.1% | 34.4% |
| EBITDA Margin | 16.7% | 16.5% | 19.1% | 18.6% | 16.4% | 20.2% | 16.4% |
| EBITDAR | 1,506 | 1,924 | 2,010 | 3,307 | 3,201 | 3,523 | 2,843 |
| EBITDAR Margin | 16.7% | 16.5% | 19.1% | 18.6% | 16.4% | 20.2% | 16.4% |
| EBIT Margin | 16.3% | 16.2% | 19.0% | 18.3% | 16.0% | 19.7% | 15.7% |
| Net Profit Margin | 16.7% | 15.6% | 18.8% | 15.0% | 11.5% | 15.9% | 12.6% |
| Operating Expense % of Sales | 9.8% | 10.2% | 14.6% | 12.9% | 10.6% | 16.8% | 19.4% |
| Returns | |||||||
| Return on Assets (ROA) | 26.0% | 21.2% | 20.6% | 20.3% | 16.1% | 18.5% | 11.8% |
| Return on Equity (ROE) | 47.0% | 37.2% | 33.3% | 35.6% | 24.6% | 26.5% | 18.5% |
| ROIC [EBIT / Invested Capital] | 34.8% | 29.1% | 28.5% | 34.8% | 26.4% | 28.2% | 17.1% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 23.3% | 28.2% | 24.5% | 26.2% | 21.7% | 21.3% | 25.5% |
| Debt-to-Equity | 0.42x | 0.49x | 0.40x | 0.46x | 0.33x | 0.31x | 0.40x |
| Debt-to-EBITDA | 0.89x | 1.25x | 1.17x | 1.05x | 0.94x | 0.91x | 1.66x |
| Equity-to-Assets | 55.4% | 57.0% | 61.9% | 57.0% | 65.6% | 69.7% | 63.5% |
| Net Debt | 1,016 | 1,607 | 1,074 | 1,811 | 2,711 | 1,697 | 4,059 |
| Cash & Equivalents | 331 | 798 | 1,285 | 1,645 | 300 | 1,509 | 667 |
| Total Debt | 1,347 | 2,405 | 2,359 | 3,456 | 3,011 | 3,206 | 4,726 |
| Liquidity & working capital | |||||||
| Current Ratio | 1.77x | 3.01x | 3.26x | 3.34x | 3.86x | 4.59x | 2.89x |
| Quick Ratio | 1.77x | 1.99x | 1.82x | 1.61x | 1.56x | 2.38x | 1.29x |
| Cash Ratio | 0.19x | 0.53x | 0.81x | 0.66x | 0.14x | 0.80x | 0.20x |
| Total Current Assets | 3,119 | 4,501 | 5,196 | 8,352 | 8,146 | 8,682 | 9,499 |
| Total Current Liabilities | 1,758 | 1,494 | 1,592 | 2,502 | 2,112 | 1,891 | 3,288 |
| Inventory | N/A | 1,533 | 2,305 | 4,320 | 4,843 | 4,189 | 5,270 |
| Trade Receivables | 1,402 | 1,930 | 1,448 | 2,259 | 2,811 | 2,752 | 2,453 |
| Trade Payables | 1,230 | 1,032 | 970 | 1,708 | 1,320 | 897 | 957 |
| Net Working Capital | 1,361 | 3,007 | 3,604 | 5,850 | 6,034 | 6,791 | 6,211 |
| Net Working Capital % of Revenue | 15.1% | 25.9% | 34.3% | 32.9% | 31.0% | 39.0% | 35.9% |
| Trade Working Capital | 172 | 2,431 | 2,783 | 4,871 | 6,334 | 6,044 | 6,766 |
| Trade Working Capital % of Revenue | 1.9% | 20.9% | 26.5% | 27.4% | 32.5% | 34.7% | 39.1% |
| Change in Trade Working Capital | N/A | 2,259 | 352 | 2,088 | 1,463 | -290 | 722 |
| Turnover & efficiency | |||||||
| Inventory Turnover | N/A | 5.56x | 3.03x | 2.82x | 3.02x | 2.66x | 2.15x |
| Days Inventory Outstanding (DIO) | N/A | 65.7 | 120.6 | 129.7 | 121.0 | 137.3 | 169.7 |
| Receivables Turnover | 6.44x | 6.02x | 7.27x | 7.86x | 6.93x | 6.33x | 7.05x |
| Days Sales Outstanding (DSO) | 56.7 | 60.6 | 50.2 | 46.4 | 52.6 | 57.7 | 51.8 |
| Payables Turnover | 5.40x | 8.26x | 7.19x | 7.12x | 11.07x | 12.41x | 11.84x |
| Days Payable Outstanding (DPO) | 67.7 | 44.2 | 50.7 | 51.3 | 33.0 | 29.4 | 30.8 |
| Cash Conversion Cycle | -11.0 days | 82.1 days | 120.1 days | 124.8 days | 140.7 days | 165.6 days | 190.7 days |
| Asset Turnover | 1.56x | 1.36x | 1.09x | 1.35x | 1.41x | 1.16x | 0.93x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | -577 | 467 | 2,180 | 1,195 | 1,469 | 3,899 | 2,026 |
| Free Cash Flow (OCF − Capex proxy) | -577 | 467 | 1,259 | 156 | -100 | 2,489 | -981 |
| Cash Conversion (OCF / EBITDA) | -38.3% | 24.3% | 108.5% | 36.1% | 45.9% | 110.7% | 71.3% |
| Dividends Declared | N/A | N/A | 0 | 1,110 | 663 | 1,389 | 884 |
| Dividend Payout Ratio | N/A | N/A | 0.0% | 41.5% | 29.6% | 50.0% | 40.5% |
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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