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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Operates in FMCG. Per the activity note to the FY2024 annual report, the group sells food products and non-alcoholic beverages through vending machines.
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 47.5% | 44.0% | 42.7% | 34.0% | 35.2% | 40.7% | 42.6% |
| EBITDA Margin | -4.7% | -0.8% | -6.9% | 5.4% | 9.4% | 4.9% | 6.1% |
| EBITDAR | 361 | 565 | 154 | 480 | 811 | 520 | 694 |
| EBITDAR Margin | 12.1% | 14.7% | 6.7% | 12.1% | 14.1% | 9.6% | 9.6% |
| EBIT Margin | -9.2% | -4.2% | -14.1% | 1.1% | 6.3% | 1.1% | 2.6% |
| Net Profit Margin | -12.1% | -9.3% | -15.5% | 0.0% | 5.4% | -2.4% | -0.7% |
| Operating Expense % of Sales | 52.2% | 44.8% | 49.7% | 28.6% | 25.9% | 35.8% | 36.6% |
| Returns | |||||||
| Return on Assets (ROA) | -23.4% | -20.5% | -30.2% | 0.1% | 15.5% | -4.9% | -1.9% |
| Return on Equity (ROE) | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| ROIC [EBIT / Invested Capital] | -45.3% | N/A | N/A | N/A | N/A | 8.0% | 11.8% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 80.6% | 48.8% | 104.0% | 68.0% | 80.9% | 117.4% | 113.3% |
| Debt-to-Equity | -2.38x | -0.97x | -1.00x | -0.63x | -1.69x | -2.53x | -2.14x |
| Debt-to-EBITDA | N/A | N/A | N/A | 3.63x | 3.00x | 11.75x | 6.91x |
| Equity-to-Assets | -33.9% | -50.6% | -104.1% | -107.4% | -48.0% | -46.4% | -53.0% |
| Net Debt | 1,123 | 731 | 1,147 | 732 | 838 | 1,964 | 3,006 |
| Cash & Equivalents | 116 | 116 | 86 | 50 | 775 | 1,179 | 30 |
| Total Debt | 1,239 | 847 | 1,234 | 782 | 1,613 | 3,143 | 3,036 |
| Liquidity & working capital | |||||||
| Current Ratio | 0.38x | 0.22x | 0.14x | 0.16x | 0.88x | 2.11x | 0.51x |
| Quick Ratio | 0.38x | 0.17x | 0.09x | 0.16x | 0.88x | 2.11x | 0.51x |
| Cash Ratio | 0.10x | 0.07x | 0.07x | 0.03x | 0.58x | 1.52x | 0.02x |
| Total Current Assets | 420 | 394 | 171 | 261 | 1,183 | 1,640 | 680 |
| Total Current Liabilities | 1,107 | 1,765 | 1,188 | 1,602 | 1,337 | 777 | 1,338 |
| Inventory | N/A | 102 | 67 | N/A | N/A | N/A | N/A |
| Trade Receivables | 52 | 9 | 17 | 57 | 47 | 80 | 272 |
| Trade Payables | 635 | 1,266 | 1,005 | 1,116 | 931 | 435 | 555 |
| Net Working Capital | -688 | -1,371 | -1,017 | -1,341 | -154 | 863 | -658 |
| Net Working Capital % of Revenue | -23.1% | -35.6% | -44.1% | -33.7% | -2.7% | 15.8% | -9.1% |
| Trade Working Capital | -583 | -1,156 | -920 | -1,059 | -884 | -355 | -282 |
| Trade Working Capital % of Revenue | -19.5% | -30.0% | -39.9% | -26.6% | -15.4% | -6.5% | -3.9% |
| Change in Trade Working Capital | N/A | -573 | 235 | -138 | 174 | 529 | 73 |
| Turnover & efficiency | |||||||
| Inventory Turnover | N/A | 21.21x | 19.55x | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | 17.2 | 18.7 | N/A | N/A | N/A | N/A |
| Receivables Turnover | 56.82x | 438.08x | 132.78x | 69.66x | 123.07x | 68.13x | 26.54x |
| Days Sales Outstanding (DSO) | 6.4 | 0.8 | 2.7 | 5.2 | 3.0 | 5.4 | 13.8 |
| Payables Turnover | 2.46x | 1.70x | 1.31x | 2.35x | 3.99x | 7.43x | 7.47x |
| Days Payable Outstanding (DPO) | 148.1 | 214.5 | 278.1 | 155.4 | 91.4 | 49.1 | 48.8 |
| Cash Conversion Cycle | -141.7 days | -196.4 days | -256.7 days | -150.1 days | -88.4 days | -43.8 days | -35.1 days |
| Asset Turnover | 1.94x | 2.22x | 1.94x | 3.46x | 2.88x | 2.03x | 2.70x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | -51 | 310 | N/A | N/A | N/A | -333 | -136 |
| Free Cash Flow (OCF − Capex proxy) | -94 | 268 | N/A | N/A | N/A | -772 | -390 |
| Cash Conversion (OCF / EBITDA) | N/A | N/A | N/A | N/A | N/A | -124.4% | -31.0% |
| 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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