Tsinandlis Venakhebi (შპს წინანდლის ვენახები)

Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	-54.8%	43.8%	27.0%	51.6%	38.5%	19.7%	37.7%
EBITDA Margin	-489.4%	-9.2%	-20.5%	24.0%	-8.0%	-15.5%	-6.5%
EBITDAR	-2,882	-173	-256	610	-181	-478	-190
EBITDAR Margin	-489.4%	-9.2%	-20.5%	24.0%	-8.0%	-15.5%	-6.5%
EBIT Margin	-566.7%	-34.7%	-47.6%	8.7%	-36.5%	-33.9%	-21.5%
Net Profit Margin	-119.9%	-3.8%	-2.8%	18.1%	-38.4%	-35.4%	-27.7%
Operating Expense % of Sales	434.6%	52.9%	47.5%	27.5%	46.5%	35.2%	44.2%
Returns
Return on Assets (ROA)	-8.5%	-0.8%	-0.4%	4.0%	-8.6%	-9.2%	-6.8%
Return on Equity (ROE)	-10.7%	-1.1%	-0.5%	6.9%	-16.5%	-28.6%	-27.4%
ROIC [EBIT / Invested Capital]	-43.2%	-9.1%	-7.7%	2.4%	-10.1%	-10.3%	-5.9%
Leverage & debt balances
Debt-to-Assets	14.0%	8.3%	14.5%	23.8%	30.0%	54.4%	65.0%
Debt-to-Equity	0.18x	0.11x	0.21x	0.42x	0.57x	1.70x	2.63x
Debt-to-EBITDA	N/A	N/A	N/A	4.52x	N/A	N/A	N/A
Equity-to-Assets	79.3%	76.7%	70.6%	57.1%	52.5%	32.1%	24.7%
Net Debt	1,128	659	1,253	2,577	2,919	6,335	7,722
Cash & Equivalents	39	49	66	176	102	147	82
Total Debt	1,167	707	1,318	2,752	3,020	6,483	7,804
Liquidity & working capital
Current Ratio	6.15x	2.47x	2.66x	2.04x	2.09x	1.73x	1.52x
Quick Ratio	6.15x	2.47x	2.66x	2.04x	2.09x	1.73x	1.52x
Cash Ratio	0.07x	0.04x	0.05x	0.08x	0.06x	0.05x	0.03x
Total Current Assets	3,422	3,166	3,592	4,512	3,487	4,697	4,722
Total Current Liabilities	557	1,282	1,352	2,216	1,672	2,723	3,099
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Trade Receivables	648	980	654	1,221	1,336	1,828	1,283
Trade Payables	554	1,278	1,352	2,216	1,767	1,603	1,237
Net Working Capital	2,865	1,884	2,240	2,295	1,816	1,974	1,623
Net Working Capital % of Revenue	486.6%	99.8%	179.6%	90.6%	80.1%	63.9%	55.2%
Trade Working Capital	95	-298	-699	-995	-431	225	46
Trade Working Capital % of Revenue	16.1%	-15.8%	-56.0%	-39.3%	-19.0%	7.3%	1.6%
Change in Trade Working Capital	N/A	-393	-401	-297	564	657	-180
Turnover & efficiency
Inventory Turnover	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Receivables Turnover	0.91x	1.93x	1.91x	2.08x	1.70x	1.69x	2.29x
Days Sales Outstanding (DSO)	401.9	189.5	191.3	175.8	215.2	216.0	159.4
Payables Turnover	1.65x	0.83x	0.67x	0.55x	0.79x	1.55x	1.48x
Days Payable Outstanding (DPO)	221.6	439.3	541.9	659.3	462.8	235.9	246.8
Cash Conversion Cycle	180.3 days	-249.8 days	-350.6 days	-483.5 days	-247.6 days	-19.9 days	-87.5 days
Asset Turnover	0.07x	0.22x	0.14x	0.22x	0.22x	0.26x	0.24x
Cash flow & dividends
Operating Cash Flow	-1,564	-172	-174	252	411	-1,253	N/A
Free Cash Flow (OCF − Capex proxy)	-1,578	-172	-658	-1,498	-152	-2,133	N/A
Cash Conversion (OCF / EBITDA)	N/A	N/A	N/A	41.3%	N/A	N/A	N/A
Dividends Declared	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividend Payout Ratio	N/A	N/A	N/A	N/A	N/A	N/A	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.

Tsinandlis Venakhebi

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