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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Subsidiary of Smart Capital Shilda (100.0%)
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 19.9% | 7.0% | 0.6% | 18.4% | 19.1% | 4.0% | 19.0% |
| EBITDA Margin | -28.8% | -55.0% | -60.7% | -34.1% | -67.2% | -103.2% | -76.1% |
| EBITDAR | -954 | -2,313 | -2,442 | -2,045 | -3,170 | -3,883 | -2,190 |
| EBITDAR Margin | -26.1% | -51.9% | -57.6% | -31.8% | -64.6% | -99.5% | -72.1% |
| EBIT Margin | -29.9% | -56.2% | -63.0% | -35.7% | -69.2% | -105.3% | -78.6% |
| Net Profit Margin | -25.1% | -64.7% | -94.8% | -18.6% | -19.6% | -102.3% | -72.2% |
| Operating Expense % of Sales | 48.6% | 61.9% | 61.3% | 52.5% | 86.3% | 107.2% | 95.1% |
| Returns | |||||||
| Return on Assets (ROA) | -8.9% | -23.9% | -19.9% | -5.8% | -4.8% | -26.9% | -14.3% |
| Return on Equity (ROE) | -22.9% | -146.3% | N/A | N/A | N/A | N/A | N/A |
| ROIC [EBIT / Invested Capital] | -11.8% | -23.2% | -21.9% | -19.1% | -27.3% | -91.9% | -52.0% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 53.0% | 74.7% | 88.6% | 110.7% | 113.9% | 131.7% | 150.2% |
| Debt-to-Equity | 1.36x | 4.58x | -3.26x | -2.13x | -2.18x | -1.31x | -1.28x |
| Debt-to-EBITDA | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity-to-Assets | 38.9% | 16.3% | -27.2% | -52.0% | -52.2% | -100.8% | -117.7% |
| Net Debt | 5,300 | 8,855 | 17,711 | 22,731 | 22,958 | 19,440 | 22,639 |
| Cash & Equivalents | 142 | 166 | 172 | 51 | 57 | 117 | 386 |
| Total Debt | 5,442 | 9,021 | 17,882 | 22,782 | 23,015 | 19,557 | 23,025 |
| Liquidity & working capital | |||||||
| Current Ratio | 1.85x | 1.97x | 1.00x | 0.62x | 0.43x | 0.27x | 0.24x |
| Quick Ratio | 1.85x | 0.65x | 0.31x | 0.25x | 0.43x | 0.27x | 0.24x |
| Cash Ratio | 0.04x | 0.04x | 0.02x | 0.00x | 0.00x | 0.01x | 0.02x |
| Total Current Assets | 6,780 | 8,338 | 8,240 | 8,257 | 7,729 | 5,603 | 5,486 |
| Total Current Liabilities | 3,670 | 4,231 | 8,274 | 13,219 | 18,154 | 20,646 | 23,114 |
| Inventory | N/A | 5,604 | 5,682 | 4,942 | N/A | N/A | N/A |
| Trade Receivables | 933 | 2,148 | 2,251 | 3,138 | 1,770 | 1,654 | 1,533 |
| Trade Payables | 785 | 843 | 1,514 | 2,066 | 7,387 | 10,011 | 10,027 |
| Net Working Capital | 3,110 | 4,107 | -34 | -4,961 | -10,425 | -15,042 | -17,628 |
| Net Working Capital % of Revenue | 85.1% | 92.1% | -0.8% | -77.2% | -212.4% | -385.5% | -580.6% |
| Trade Working Capital | 148 | 6,908 | 6,419 | 6,014 | -5,617 | -8,358 | -8,494 |
| Trade Working Capital % of Revenue | 4.0% | 154.9% | 151.5% | 93.6% | -114.4% | -214.2% | -279.7% |
| Change in Trade Working Capital | N/A | 6,760 | -489 | -405 | -11,631 | -2,741 | -136 |
| Turnover & efficiency | |||||||
| Inventory Turnover | N/A | 0.74x | 0.74x | 1.06x | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | 492.9 | 492.3 | 344.1 | N/A | N/A | N/A |
| Receivables Turnover | 3.92x | 2.08x | 1.88x | 2.05x | 2.77x | 2.36x | 1.98x |
| Days Sales Outstanding (DSO) | 93.1 | 175.8 | 193.9 | 178.2 | 131.6 | 154.7 | 184.3 |
| Payables Turnover | 3.73x | 4.92x | 2.78x | 2.54x | 0.54x | 0.37x | 0.25x |
| Days Payable Outstanding (DPO) | 97.8 | 74.2 | 131.1 | 143.8 | 679.0 | 975.7 | 1488.7 |
| Cash Conversion Cycle | -4.6 days | 594.6 days | 555.0 days | 378.5 days | -547.4 days | -821.1 days | -1304.4 days |
| Asset Turnover | 0.36x | 0.37x | 0.21x | 0.31x | 0.24x | 0.26x | 0.20x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | -2,591 | -3,010 | -597 | -915 | -1,906 | 7,201 | -1,129 |
| Free Cash Flow (OCF − Capex proxy) | -2,544 | -4,109 | -3,224 | -1,535 | -2,407 | 7,179 | -995 |
| Cash Conversion (OCF / EBITDA) | N/A | N/A | N/A | N/A | 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.
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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