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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
SAF Farma Georgia — the Georgian arm (since 2015) of SAF Farma, a pharmaceutical marketing and brand-representation group founded in Azerbaijan in 2004 and also active in Ukraine and Uzbekistan (saffarma.ge). Imports and markets innovative branded medications across ophthalmology, therapy, neurology, gynaecology and paediatrics.
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 34.4% | 60.0% | 63.5% | 54.6% | 60.8% | 63.3% | 60.0% |
| EBITDA Margin | 14.1% | 40.8% | 24.8% | 23.3% | 15.6% | 18.4% | 22.5% |
| EBITDAR | 367 | 1,518 | 895 | 1,408 | 1,082 | 1,219 | 1,502 |
| EBITDAR Margin | 15.7% | 41.7% | 25.9% | 23.9% | 16.3% | 18.9% | 23.6% |
| EBIT Margin | 13.6% | 40.4% | 24.4% | 23.0% | 15.5% | 18.4% | 22.5% |
| Net Profit Margin | 11.8% | 34.3% | 7.3% | 16.4% | 7.1% | 17.7% | 23.0% |
| Operating Expense % of Sales | 20.2% | 19.2% | 38.7% | 31.4% | 45.1% | 44.9% | 37.5% |
| Returns | |||||||
| Return on Assets (ROA) | 11.5% | 41.2% | 6.8% | 25.4% | 26.7% | 21.0% | 27.7% |
| Return on Equity (ROE) | 59.2% | 72.9% | 12.8% | 32.9% | 629.1% | 93.9% | 54.6% |
| ROIC [EBIT / Invested Capital] | 33.5% | 78.6% | 30.1% | 49.4% | 167.2% | 97.7% | 64.6% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 20.4% | 9.1% | 22.5% | 0.0% | 30.7% | 0.0% | 0.0% |
| Debt-to-Equity | 1.05x | 0.16x | 0.42x | 0.00x | 7.24x | 0.00x | 0.00x |
| Debt-to-EBITDA | 1.48x | 0.19x | 0.97x | 0.00x | 0.52x | 0.00x | 0.00x |
| Equity-to-Assets | 19.4% | 56.6% | 53.0% | 77.3% | 4.2% | 22.4% | 50.7% |
| Net Debt | 486 | 156 | 832 | -190 | 540 | -0 | -457 |
| Cash & Equivalents | 4 | 120 | 3 | 190 | 1 | 0 | 457 |
| Total Debt | 489 | 276 | 835 | N/A | 541 | N/A | N/A |
| Liquidity & working capital | |||||||
| Current Ratio | 1.01x | 2.81x | 3.04x | 4.47x | 1.71x | 1.35x | 0.98x |
| Quick Ratio | 1.01x | 1.64x | 1.51x | 4.47x | 1.71x | 1.35x | 0.98x |
| Cash Ratio | 0.00x | 0.16x | 0.00x | 0.26x | 0.00x | 0.00x | 0.18x |
| Total Current Assets | 1,366 | 2,112 | 2,452 | 3,214 | 1,749 | 5,426 | 2,466 |
| Total Current Liabilities | 1,357 | 752 | 805 | 720 | 1,022 | 4,007 | 2,512 |
| Inventory | N/A | 883 | 1,232 | N/A | N/A | N/A | N/A |
| Trade Receivables | 1,055 | 1,541 | 2,067 | 1,687 | 908 | 4,268 | 2,713 |
| Trade Payables | 1,357 | 752 | 752 | 414 | 722 | 4,007 | 2,512 |
| Net Working Capital | 9 | 1,361 | 1,647 | 2,494 | 727 | 1,419 | -46 |
| Net Working Capital % of Revenue | 0.4% | 37.4% | 47.7% | 42.4% | 11.0% | 22.0% | -0.7% |
| Trade Working Capital | -303 | 1,672 | 2,547 | 1,273 | 186 | 261 | 200 |
| Trade Working Capital % of Revenue | -12.9% | 45.9% | 73.8% | 21.6% | 2.8% | 4.0% | 3.1% |
| Change in Trade Working Capital | N/A | 1,974 | 875 | -1,274 | -1,086 | 75 | -60 |
| Turnover & efficiency | |||||||
| Inventory Turnover | N/A | 1.65x | 1.02x | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | 221.5 | 356.7 | N/A | N/A | N/A | N/A |
| Receivables Turnover | 2.22x | 2.36x | 1.67x | 3.49x | 7.30x | 1.51x | 2.35x |
| Days Sales Outstanding (DSO) | 164.8 | 154.6 | 218.5 | 104.7 | 50.0 | 241.4 | 155.5 |
| Payables Turnover | 1.13x | 1.93x | 1.68x | 6.44x | 3.60x | 0.59x | 1.01x |
| Days Payable Outstanding (DPO) | 323.0 | 188.6 | 217.7 | 56.7 | 101.3 | 617.4 | 359.9 |
| Cash Conversion Cycle | -158.3 days | 187.5 days | 357.5 days | 48.1 days | -51.3 days | -376.0 days | -204.5 days |
| Asset Turnover | 0.97x | 1.20x | 0.93x | 1.55x | 3.77x | 1.19x | 1.21x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | 32 | 330 | 377 | 379 | 100 | N/A | 485 |
| Free Cash Flow (OCF − Capex proxy) | 21 | 330 | 377 | 379 | 100 | N/A | 485 |
| Cash Conversion (OCF / EBITDA) | 9.8% | 22.2% | 44.0% | 27.7% | 9.6% | N/A | 33.8% |
| 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.
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Ownership & directors from companyinfo.ge (public corporate registry).
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