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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2020 0 · FY2021 0 · FY2022 1,271 — 3-yr total 1,271
Operates in FMCG — Distribution. Per the activity note to the FY2022 annual report, the company supplies Georgian and imported agricultural products including berries, nuts, grains and spices to supermarket chains.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 24.9% | 22.9% | 17.8% | 18.9% | 26.4% | 30.2% |
| EBITDA Margin | 10.4% | 11.9% | 0.8% | 4.1% | 4.9% | 8.9% |
| EBITDAR | 821 | 1,066 | 186 | 646 | 1,062 | 2,655 |
| EBITDAR Margin | 10.8% | 12.7% | 2.2% | 5.3% | 5.5% | 9.3% |
| EBIT Margin | 10.0% | 11.3% | 0.1% | 3.7% | 4.6% | 8.6% |
| Net Profit Margin | 10.0% | 11.9% | -0.6% | 2.6% | 3.4% | 5.8% |
| Operating Expense % of Sales | 14.5% | 11.0% | 17.0% | 14.7% | 21.5% | 21.3% |
| Returns | ||||||
| Return on Assets (ROA) | 32.8% | 36.2% | -1.5% | 6.3% | 9.5% | 15.6% |
| Return on Equity (ROE) | 50.1% | 56.0% | -3.2% | 18.8% | 42.8% | 75.3% |
| ROIC [EBIT / Invested Capital] | 50.4% | 47.3% | 0.4% | 12.6% | 17.7% | 29.8% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 0.7% | 15.4% | 33.6% | 38.4% | 50.3% | 57.8% |
| Debt-to-Equity | 0.01x | 0.24x | 0.72x | 1.15x | 2.28x | 2.79x |
| Debt-to-EBITDA | 0.02x | 0.42x | 18.49x | 3.90x | 3.70x | 2.41x |
| Equity-to-Assets | 65.6% | 64.8% | 46.7% | 33.4% | 22.1% | 20.7% |
| Net Debt | -14 | 216 | 1,134 | 1,885 | 3,442 | 6,034 |
| Cash & Equivalents | 29 | 209 | 66 | 82 | 32 | 99 |
| Total Debt | 15 | 425 | 1,200 | 1,967 | 3,474 | 6,133 |
| Liquidity & working capital | ||||||
| Current Ratio | 2.46x | 2.62x | 1.80x | 1.43x | 1.22x | 1.23x |
| Quick Ratio | 2.46x | 2.62x | 1.54x | 1.17x | 0.91x | 0.93x |
| Cash Ratio | 0.04x | 0.21x | 0.04x | 0.02x | 0.01x | 0.01x |
| Total Current Assets | 1,842 | 2,548 | 3,324 | 4,818 | 6,553 | 10,160 |
| Total Current Liabilities | 748 | 973 | 1,842 | 3,377 | 5,374 | 8,230 |
| Inventory | N/A | N/A | 495 | 860 | 1,652 | 2,525 |
| Trade Receivables | 1,813 | 1,654 | 2,753 | 3,877 | 4,869 | 7,437 |
| Trade Payables | 733 | 548 | 642 | 1,410 | 1,900 | 2,097 |
| Net Working Capital | 1,094 | 1,576 | 1,481 | 1,441 | 1,179 | 1,930 |
| Net Working Capital % of Revenue | 14.4% | 18.8% | 17.6% | 11.8% | 6.2% | 6.8% |
| Trade Working Capital | 1,079 | 1,107 | 2,605 | 3,326 | 4,620 | 7,865 |
| Trade Working Capital % of Revenue | 14.3% | 13.2% | 30.9% | 27.3% | 24.1% | 27.6% |
| Change in Trade Working Capital | N/A | 27 | 1,499 | 721 | 1,294 | 3,244 |
| Turnover & efficiency | ||||||
| Inventory Turnover | N/A | N/A | 14.01x | 11.49x | 8.54x | 7.88x |
| Days Inventory Outstanding (DIO) | N/A | N/A | 26.1 | 31.8 | 42.7 | 46.3 |
| Receivables Turnover | 4.18x | 5.08x | 3.06x | 3.14x | 3.94x | 3.83x |
| Days Sales Outstanding (DSO) | 87.4 | 71.9 | 119.1 | 116.2 | 92.7 | 95.2 |
| Payables Turnover | 7.75x | 11.82x | 10.80x | 7.01x | 7.43x | 9.49x |
| Days Payable Outstanding (DPO) | 47.1 | 30.9 | 33.8 | 52.1 | 49.2 | 38.5 |
| Cash Conversion Cycle | 40.3 days | 41.0 days | 111.4 days | 95.8 days | 86.3 days | 103.1 days |
| Asset Turnover | 3.28x | 3.04x | 2.36x | 2.38x | 2.78x | 2.68x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | -85 | 494 | -853 | -773 | -29,619 | -27,002 |
| Free Cash Flow (OCF − Capex proxy) | -85 | -231 | -918 | -751 | -29,619 | -26,717 |
| Cash Conversion (OCF / EBITDA) | -10.9% | 49.4% | -1313.5% | -153.1% | -3153.4% | -1059.6% |
| Dividends Declared | N/A | N/A | N/A | 0 | 0 | 1,271 |
| Dividend Payout Ratio | N/A | N/A | N/A | 0.0% | 0.0% | 76.8% |
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).
Ranked by how close each latest revenue is to this one — not a curated comp set.