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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 3,579 · FY2023 6,337 · FY2024 2,842 — 3-yr total 12,758
Georgian franchise of Miniso, the Chinese variety/lifestyle retail chain.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 52.4% | 51.0% | 53.0% | 51.7% | 48.0% | 52.4% | 60.1% | 58.9% |
| EBITDA Margin | 29.0% | 31.2% | 21.2% | 7.7% | 10.2% | 21.2% | 27.0% | 20.6% |
| EBITDAR | 1,653 | 5,246 | 6,057 | 2,519 | 3,225 | 5,340 | 7,728 | 6,120 |
| EBITDAR Margin | 36.5% | 39.3% | 33.9% | 22.7% | 23.2% | 21.2% | 27.0% | 20.6% |
| EBIT Margin | 27.0% | 29.8% | 19.4% | 4.1% | 7.4% | 19.3% | 25.1% | 18.6% |
| Net Profit Margin | 28.6% | 29.7% | 17.3% | 5.5% | 10.9% | 18.0% | 21.3% | 16.8% |
| Operating Expense % of Sales | 23.5% | 19.8% | 31.8% | 44.0% | 37.8% | 31.2% | 33.2% | 38.3% |
| Returns | ||||||||
| Return on Assets (ROA) | 35.9% | 75.5% | 26.8% | 7.0% | 15.3% | 32.0% | 53.0% | 35.2% |
| Return on Equity (ROE) | 56.0% | 79.9% | 38.3% | 8.9% | 19.7% | 52.5% | 72.9% | 47.5% |
| ROIC [EBIT / Invested Capital] | 50.7% | 101.7% | 55.8% | 7.1% | 12.8% | 98.3% | 139.4% | 56.7% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 22.9% | 0.0% | 3.9% | 2.3% | 17.6% | 16.3% | 0.0% | 0.0% |
| Debt-to-Equity | 0.36x | 0.00x | 0.06x | 0.03x | 0.23x | 0.27x | 0.00x | 0.00x |
| Debt-to-EBITDA | 0.63x | 0.00x | 0.12x | 0.23x | 1.24x | 0.43x | 0.00x | 0.00x |
| Equity-to-Assets | 64.1% | 94.5% | 70.1% | 78.3% | 77.5% | 60.9% | 72.7% | 74.1% |
| Net Debt | 93 | -1,044 | -1,852 | -389 | 332 | -3,671 | -3,206 | -757 |
| Cash & Equivalents | 733 | 1,044 | 2,295 | 591 | 1,411 | 5,978 | 3,206 | 757 |
| Total Debt | 826 | N/A | 443 | 201 | 1,743 | 2,308 | N/A | N/A |
| Liquidity & working capital | ||||||||
| Current Ratio | 0.65x | 3.75x | 1.92x | 2.25x | 3.47x | 2.18x | 3.01x | 3.32x |
| Quick Ratio | 0.65x | 3.75x | 0.55x | 0.36x | 1.12x | 1.19x | 1.23x | 0.39x |
| Cash Ratio | 0.63x | 1.08x | 0.49x | 0.21x | 0.63x | 1.08x | 1.02x | 0.21x |
| Total Current Assets | 748 | 3,632 | 8,914 | 6,343 | 7,719 | 12,065 | 9,443 | 12,188 |
| Total Current Liabilities | 1,158 | 969 | 4,646 | 2,820 | 2,225 | 5,534 | 3,142 | 3,668 |
| Inventory | N/A | N/A | 6,368 | 5,319 | 5,223 | 5,496 | 5,573 | 10,768 |
| Trade Receivables | 3 | 2 | 40 | 369 | 311 | 376 | 429 | 663 |
| Trade Payables | 301 | 83 | 2,706 | 1,537 | 307 | 2,558 | 2,561 | 3,092 |
| Net Working Capital | -410 | 2,662 | 4,269 | 3,522 | 5,494 | 6,531 | 6,301 | 8,520 |
| Net Working Capital % of Revenue | -9.1% | 19.9% | 23.9% | 31.7% | 39.6% | 26.0% | 22.0% | 28.7% |
| Trade Working Capital | -298 | -81 | 3,702 | 4,151 | 5,227 | 3,314 | 3,441 | 8,340 |
| Trade Working Capital % of Revenue | -6.6% | -0.6% | 20.7% | 37.4% | 37.7% | 13.2% | 12.0% | 28.1% |
| Change in Trade Working Capital | N/A | 217 | 3,783 | 449 | 1,077 | -1,914 | 127 | 4,899 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | N/A | N/A | 1.32x | 1.01x | 1.38x | 2.18x | 2.05x | 1.13x |
| Days Inventory Outstanding (DIO) | N/A | N/A | 277.0 | 362.1 | 264.0 | 167.8 | 178.2 | 322.4 |
| Receivables Turnover | 1776.05x | 6732.33x | 445.96x | 30.07x | 44.63x | 66.92x | 66.72x | 44.74x |
| Days Sales Outstanding (DSO) | 0.2 | 0.1 | 0.8 | 12.1 | 8.2 | 5.5 | 5.5 | 8.2 |
| Payables Turnover | 7.16x | 78.99x | 3.10x | 3.49x | 23.56x | 4.67x | 4.46x | 3.94x |
| Days Payable Outstanding (DPO) | 51.0 | 4.6 | 117.7 | 104.6 | 15.5 | 78.1 | 81.9 | 92.6 |
| Cash Conversion Cycle | -50.8 days | -4.6 days | 160.1 days | 269.6 days | 256.7 days | 95.1 days | 101.8 days | 238.0 days |
| Asset Turnover | 1.25x | 2.54x | 1.55x | 1.28x | 1.40x | 1.78x | 2.49x | 2.09x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | -230 | 2,746 | 1,795 | 38 | 123 | 7,701 | 6,221 | 1,037 |
| Free Cash Flow (OCF − Capex proxy) | -230 | 1,085 | 1,124 | -1,546 | -769 | 7,525 | 5,908 | 634 |
| Cash Conversion (OCF / EBITDA) | -17.6% | 65.9% | 47.5% | 4.4% | 8.7% | 144.2% | 80.5% | 16.9% |
| Dividends Declared | N/A | N/A | N/A | N/A | 0 | 3,579 | 6,337 | 2,842 |
| Dividend Payout Ratio | N/A | N/A | N/A | N/A | 0.0% | 79.2% | 104.0% | 56.9% |
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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