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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 0
Majid Al Futtaim Hypermarkets Georgia LLC is the Carrefour franchise operator for Georgia, owned by Dubai-based Majid Al Futtaim. Runs Carrefour hypermarkets, supermarkets and convenience stores in Tbilisi, Batumi and Kutaisi — the only international hypermarket banner in the country.
carrefour.gemajidalfuttaim.com
Subsidiary of Shezghuduli Pasukhismgeblobissazogadoeba MAF HYPERMARKETS (100.0%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 19.3% | 19.0% | 19.5% | 21.3% | 20.6% | 21.4% | 22.2% | 21.4% |
| EBITDA Margin | 8.4% | 2.6% | 4.4% | 6.0% | 5.1% | 4.8% | 4.1% | 1.3% |
| EBITDAR | 40,445 | 23,127 | 28,191 | 36,112 | 40,661 | 51,764 | 49,966 | 26,721 |
| EBITDAR Margin | 10.9% | 5.1% | 6.0% | 7.6% | 7.1% | 7.0% | 6.2% | 3.4% |
| EBIT Margin | 6.0% | 0.0% | 1.6% | 3.3% | 2.7% | 2.7% | 1.9% | -1.5% |
| Net Profit Margin | -4.7% | -5.9% | -6.9% | -7.1% | 0.9% | 5.1% | 0.0% | -4.4% |
| Operating Expense % of Sales | 11.0% | 16.4% | 15.1% | 15.4% | 15.5% | 16.5% | 18.1% | 20.1% |
| Returns | ||||||||
| Return on Assets (ROA) | -11.5% | -16.5% | -18.0% | -27.0% | 2.9% | 18.2% | 0.1% | -15.5% |
| Return on Equity (ROE) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| ROIC [EBIT / Invested Capital] | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 117.3% | 130.3% | 125.4% | 174.3% | 136.2% | 89.2% | 90.7% | 111.1% |
| Debt-to-Equity | -1.40x | -1.39x | -1.21x | -0.98x | -1.12x | -1.05x | -1.25x | -1.17x |
| Debt-to-EBITDA | 5.71x | 18.23x | 10.86x | 7.67x | 8.21x | 5.17x | 6.77x | 25.05x |
| Equity-to-Assets | -83.8% | -93.8% | -103.5% | -177.4% | -121.4% | -85.2% | -72.6% | -94.6% |
| Net Debt | 126,143 | 150,349 | 165,496 | 202,902 | 202,212 | 138,854 | 157,489 | 191,816 |
| Cash & Equivalents | 51,472 | 63,595 | 60,476 | 13,310 | 38,875 | 46,534 | 63,493 | 56,771 |
| Total Debt | 177,615 | 213,944 | 225,972 | 216,212 | 241,087 | 185,388 | 220,982 | 248,587 |
| Liquidity & working capital | ||||||||
| Current Ratio | 0.33x | 0.32x | 0.29x | 0.17x | 0.26x | 0.33x | 0.38x | 0.77x |
| Quick Ratio | 0.23x | 0.22x | -99.93x | 0.07x | 0.12x | 0.14x | 0.17x | 0.34x |
| Cash Ratio | 0.19x | 0.20x | 175.82x | 0.04x | 0.10x | 0.12x | 0.15x | 0.30x |
| Total Current Assets | 88,135 | 100,439 | 99 | 56,946 | 99,901 | 125,259 | 155,309 | 147,063 |
| Total Current Liabilities | 268,654 | 313,470 | 344 | 331,936 | 383,386 | 378,324 | 412,787 | 190,475 |
| Inventory | 27,562 | 29,978 | 34,472 | 34,798 | 54,826 | 73,430 | 84,488 | 81,857 |
| Trade Receivables | N/A | 6,866 | 4 | 8,838 | 6,200 | 5,295 | 7,328 | 8,435 |
| Trade Payables | 97,092 | 99,466 | 111,177 | 110,813 | 147,448 | 196,432 | 190,736 | 185,393 |
| Net Working Capital | -180,519 | -213,031 | -245 | -274,990 | -283,485 | -253,065 | -257,478 | -43,412 |
| Net Working Capital % of Revenue | -48.7% | -46.8% | -0.1% | -58.2% | -49.7% | -34.2% | -32.0% | -5.5% |
| Trade Working Capital | -69,530 | -62,622 | -76,701 | -67,177 | -86,422 | -117,707 | -98,920 | -95,101 |
| Trade Working Capital % of Revenue | -18.7% | -13.8% | -16.2% | -14.2% | -15.2% | -15.9% | -12.3% | -12.1% |
| Change in Trade Working Capital | N/A | 6,908 | -14,079 | 9,524 | -19,245 | -31,285 | 18,787 | 3,819 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 10.86x | 12.29x | 11.06x | 10.68x | 8.26x | 7.93x | 7.41x | 7.58x |
| Days Inventory Outstanding (DIO) | 33.6 | 29.7 | 33.0 | 34.2 | 44.2 | 46.0 | 49.2 | 48.2 |
| Receivables Turnover | N/A | 66.24x | 117423.90x | 53.45x | 91.98x | 139.95x | 109.83x | 93.55x |
| Days Sales Outstanding (DSO) | N/A | 5.5 | 0.0 | 6.8 | 4.0 | 2.6 | 3.3 | 3.9 |
| Payables Turnover | 3.08x | 3.71x | 3.43x | 3.35x | 3.07x | 2.97x | 3.28x | 3.35x |
| Days Payable Outstanding (DPO) | 118.4 | 98.5 | 106.4 | 108.8 | 118.9 | 123.1 | 111.1 | 109.1 |
| Cash Conversion Cycle | -84.8 days | -63.3 days | -73.4 days | -67.8 days | -70.7 days | -74.5 days | -58.6 days | -57.0 days |
| Asset Turnover | 2.45x | 2.77x | 2.63x | 3.81x | 3.22x | 3.56x | 3.30x | 3.53x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 34,766 | 24,847 | 48,984 | 35,372 | 67,877 | 93,263 | 56,677 | 51,259 |
| Free Cash Flow (OCF − Capex proxy) | 34,766 | 15,323 | 45,028 | 29,626 | 43,494 | 77,865 | 37,724 | 39,964 |
| Cash Conversion (OCF / EBITDA) | 111.7% | 211.7% | 235.5% | 125.5% | 231.2% | 260.0% | 173.7% | 516.6% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | N/A | N/A | N/A | N/A | 0.0% | 0.0% | 0.0% | N/A |
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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