Georgian Distilleries Union (შპს საქართველოს სპირტსახდელების გაერთიანება)

panel 2026-09-21Ask

separate · GEL, thousands

financial ratiosXLSX

Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	24.4%	8.8%	11.0%	16.3%	47.5%	53.9%	-2.3%
EBITDA Margin	3.5%	2.9%	6.6%	3.9%	41.2%	16.7%	-7.0%
EBITDAR	265	497	1,699	384	7,749	948	-2,859
EBITDAR Margin	3.5%	2.9%	6.6%	3.9%	41.2%	16.7%	-7.0%
EBIT Margin	1.3%	2.8%	6.5%	3.6%	41.1%	16.3%	-27.2%
Net Profit Margin	7.2%	2.7%	-9.3%	-7.0%	21.7%	-15.2%	-25.2%
Operating Expense % of Sales	20.9%	5.9%	4.4%	12.4%	6.3%	37.2%	4.7%
Returns
Return on Assets (ROA)	2.4%	1.3%	-5.0%	-1.7%	11.0%	-1.2%	-11.5%
Return on Equity (ROE)	6.8%	5.6%	-54.3%	-12.4%	31.9%	-6.4%	-46.7%
ROIC [EBIT / Invested Capital]	0.6%	1.8%	4.3%	1.4%	25.9%	1.5%	-14.5%
Leverage & debt balances
Debt-to-Assets	38.5%	52.3%	71.9%	49.6%	48.2%	68.5%	61.2%
Debt-to-Equity	1.10x	2.19x	7.82x	3.61x	1.40x	3.49x	2.49x
Debt-to-EBITDA	32.75x	36.83x	20.32x	52.32x	2.31x	50.13x	N/A
Equity-to-Assets	34.8%	23.9%	9.2%	13.7%	34.5%	19.6%	24.6%
Net Debt	7,874	18,075	34,503	20,059	16,979	47,373	54,848
Cash & Equivalents	819	235	29	41	907	163	116
Total Debt	8,693	18,309	34,531	20,099	17,885	47,535	54,964
Liquidity & working capital
Current Ratio	1.21x	1.87x	0.98x	0.47x	0.46x	1.38x	1.83x
Quick Ratio	0.21x	0.12x	0.33x	0.03x	0.14x	0.01x	0.70x
Cash Ratio	0.06x	0.02x	0.00x	0.00x	0.04x	0.01x	0.00x
Total Current Assets	17,652	28,290	20,930	13,916	10,974	44,195	61,657
Total Current Liabilities	14,567	15,101	21,339	29,489	24,092	32,113	33,648
Inventory	14,533	26,447	13,870	13,015	7,679	43,716	38,169
Trade Receivables	328	327	6,748	703	2,244	169	23,347
Trade Payables	5,475	1,848	466	1,917	2,834	6,089	10,115
Net Working Capital	3,086	13,190	-408	-15,573	-13,117	12,081	28,009
Net Working Capital % of Revenue	41.1%	76.6%	-1.6%	-158.1%	-69.8%	212.8%	68.4%
Trade Working Capital	9,386	24,926	20,152	11,801	7,090	37,796	51,401
Trade Working Capital % of Revenue	124.9%	144.7%	77.8%	119.8%	37.7%	665.6%	125.5%
Change in Trade Working Capital	N/A	15,540	-4,774	-8,351	-4,711	30,706	13,605
Turnover & efficiency
Inventory Turnover	0.39x	0.59x	1.66x	0.63x	1.28x	0.06x	1.10x
Days Inventory Outstanding (DIO)	934.0	614.8	219.5	576.1	284.3	6094.6	332.5
Receivables Turnover	22.91x	52.61x	3.84x	14.01x	8.37x	33.57x	1.75x
Days Sales Outstanding (DSO)	15.9	6.9	95.1	26.0	43.6	10.9	208.1
Payables Turnover	1.04x	8.50x	49.54x	4.30x	3.48x	0.43x	4.14x
Days Payable Outstanding (DPO)	351.9	43.0	7.4	84.9	104.9	848.9	88.1
Cash Conversion Cycle	598.1 days	578.8 days	307.2 days	517.2 days	223.0 days	5256.6 days	452.5 days
Asset Turnover	0.33x	0.49x	0.54x	0.24x	0.51x	0.08x	0.46x
Cash flow & dividends
Operating Cash Flow	-11,190	-8,525	9,513	12,594	5,306	-29,641	-22,805
Free Cash Flow (OCF − Capex proxy)	-11,190	-10,898	4,035	11,808	4,436	-30,062	-23,542
Cash Conversion (OCF / EBITDA)	-4215.3%	-1714.8%	559.9%	3278.3%	68.5%	-3126.0%	N/A
Dividends Declared	0	0	0	0	0	0	0
Dividend Payout Ratio	0.0%	0.0%	N/A	N/A	0.0%	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.

Georgian Distilleries Union

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