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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 90.8% | 92.3% | 92.4% | 91.6% | 91.4% | 89.9% |
| EBITDA Margin | -57.2% | -25.8% | -94.7% | -6.2% | 3.5% | 2.2% |
| EBITDAR | -809 | -319 | -1,000 | 134 | 364 | 315 |
| EBITDAR Margin | -44.0% | -13.2% | -80.7% | 7.8% | 13.8% | 10.4% |
| EBIT Margin | -102.3% | -57.9% | -157.2% | -42.3% | -18.0% | -11.3% |
| Net Profit Margin | -120.0% | -73.4% | -173.8% | -79.7% | 12.1% | -10.9% |
| Operating Expense % of Sales | 148.0% | 118.1% | 187.1% | 97.8% | 87.9% | 87.7% |
| Returns | ||||||
| Return on Assets (ROA) | -56.7% | -54.5% | -83.2% | -50.7% | 14.0% | -14.9% |
| Return on Equity (ROE) | N/A | N/A | N/A | N/A | N/A | N/A |
| ROIC [EBIT / Invested Capital] | -64.9% | -64.7% | -130.0% | -50.5% | -53.9% | -75.9% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 184.7% | 253.1% | 361.1% | 394.8% | 428.1% | 439.3% |
| Debt-to-Equity | -1.68x | -1.36x | -1.19x | -1.16x | -1.10x | -1.05x |
| Debt-to-EBITDA | N/A | N/A | N/A | N/A | 105.36x | 144.21x |
| Equity-to-Assets | -110.0% | -186.2% | -302.7% | -340.4% | -388.7% | -417.0% |
| Net Debt | 7,176 | 8,204 | 9,337 | 10,653 | 9,775 | 9,667 |
| Cash & Equivalents | 4 | 12 | 12 | 29 | 17 | 45 |
| Total Debt | 7,180 | 8,216 | 9,349 | 10,681 | 9,793 | 9,713 |
| Liquidity & working capital | ||||||
| Current Ratio | 0.07x | 0.05x | 0.82x | 0.91x | 1.04x | 1.25x |
| Quick Ratio | 0.07x | 0.02x | 0.16x | 0.91x | 1.04x | 1.25x |
| Cash Ratio | 0.00x | 0.01x | 0.10x | 0.15x | 0.06x | 0.11x |
| Total Current Assets | 72 | 59 | 100 | 177 | 315 | 526 |
| Total Current Liabilities | 985 | 1,075 | 122 | 194 | 303 | 420 |
| Inventory | N/A | 42 | 80 | N/A | N/A | N/A |
| Trade Receivables | 27 | 6 | 8 | 8 | 5 | 2 |
| Trade Payables | 470 | 507 | 609 | 645 | 674 | 809 |
| Net Working Capital | -913 | -1,016 | -22 | -17 | 12 | 106 |
| Net Working Capital % of Revenue | -49.7% | -42.2% | -1.8% | -1.0% | 0.4% | 3.5% |
| Trade Working Capital | -443 | -459 | -521 | -637 | -669 | -806 |
| Trade Working Capital % of Revenue | -24.1% | -19.0% | -42.1% | -37.0% | -25.3% | -26.8% |
| Change in Trade Working Capital | N/A | -16 | -62 | -116 | -32 | -138 |
| Turnover & efficiency | ||||||
| Inventory Turnover | N/A | 4.40x | 1.18x | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | 82.9 | 310.6 | N/A | N/A | N/A |
| Receivables Turnover | 68.07x | 401.67x | 154.88x | 204.99x | 482.39x | 1447.50x |
| Days Sales Outstanding (DSO) | 5.4 | 0.9 | 2.4 | 1.8 | 0.8 | 0.3 |
| Payables Turnover | 0.36x | 0.36x | 0.15x | 0.22x | 0.34x | 0.38x |
| Days Payable Outstanding (DPO) | 1015.1 | 1000.3 | 2364.7 | 1629.3 | 1078.6 | 970.4 |
| Cash Conversion Cycle | -1009.7 days | -916.5 days | -2051.7 days | -1627.6 days | -1077.8 days | -970.1 days |
| Asset Turnover | 0.47x | 0.74x | 0.48x | 0.64x | 1.16x | 1.36x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | -302 | -242 | -270 | -295 | -77 | 76 |
| Free Cash Flow (OCF − Capex proxy) | -302 | -242 | -270 | -296 | -90 | -18 |
| Cash Conversion (OCF / EBITDA) | N/A | N/A | N/A | N/A | -82.6% | 112.8% |
| Dividends Declared | 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 |
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.