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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 1,405 · FY2023 32 · FY2024 30 — 3-yr total 1,467
Georgian fuel retailer/wholesaler operating petrol stations under the Testa brand.
Subsidiary of LLC Inno Group 24 (100.0%)
| Ratio | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | N/A | 2.7% | 3.8% | 0.4% | 3.9% | 2.1% |
| EBITDA Margin | N/A | 1.1% | 2.6% | -0.4% | 1.6% | 0.6% |
| EBITDAR | -0 | 1,193 | 3,647 | -493 | 2,459 | 1,024 |
| EBITDAR Margin | N/A | 2.0% | 3.0% | -0.2% | 2.7% | 1.1% |
| EBIT Margin | N/A | 1.0% | 2.4% | -0.6% | 1.6% | 0.6% |
| Net Profit Margin | N/A | 0.6% | 1.8% | -0.5% | -0.1% | -1.1% |
| Operating Expense % of Sales | N/A | 1.6% | 1.2% | 0.8% | 2.3% | 1.6% |
| Returns | ||||||
| Return on Assets (ROA) | -0.5% | 3.1% | 9.9% | -5.0% | -1.1% | -7.7% |
| Return on Equity (ROE) | -0.5% | 124.1% | 105.7% | N/A | N/A | -63.0% |
| ROIC [EBIT / Invested Capital] | -0.5% | 9.1% | 15.5% | -9.3% | 20.4% | 4.2% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 0.0% | 61.0% | 75.8% | 67.0% | 96.9% | 85.1% |
| Debt-to-Equity | 0.00x | 24.59x | 8.11x | -26.61x | -10.86x | 6.98x |
| Debt-to-EBITDA | N/A | 9.66x | 5.33x | N/A | 5.61x | 21.76x |
| Equity-to-Assets | 99.4% | 2.5% | 9.3% | -2.5% | -8.9% | 12.2% |
| Net Debt | N/A | 6,468 | 16,399 | 16,793 | 7,825 | 10,553 |
| Cash & Equivalents | N/A | 7 | 2 | 55 | 430 | 1,205 |
| Total Debt | N/A | 6,475 | 16,401 | 16,848 | 8,255 | 11,758 |
| Liquidity & working capital | ||||||
| Current Ratio | 0.32x | 1.00x | 1.10x | 0.94x | 0.91x | 0.94x |
| Quick Ratio | 0.32x | 0.72x | 0.62x | 0.35x | 0.35x | 0.84x |
| Cash Ratio | 0.00x | 0.00x | 0.00x | 0.00x | 0.05x | 0.10x |
| Total Current Assets | 0 | 10,135 | 21,205 | 22,968 | 8,194 | 11,465 |
| Total Current Liabilities | 1 | 10,095 | 19,280 | 24,496 | 9,010 | 12,134 |
| Inventory | N/A | 2,895 | 9,317 | 14,432 | 5,009 | 1,246 |
| Trade Receivables | N/A | 1,323 | 1,663 | 794 | 744 | 4,586 |
| Trade Payables | N/A | 1,286 | 1,656 | 6,846 | 277 | 13 |
| Net Working Capital | -0 | 40 | 1,925 | -1,528 | -816 | -669 |
| Net Working Capital % of Revenue | N/A | 0.1% | 1.6% | -0.6% | -0.9% | -0.7% |
| Trade Working Capital | N/A | 2,932 | 9,324 | 8,380 | 5,475 | 5,819 |
| Trade Working Capital % of Revenue | N/A | 4.9% | 7.8% | 3.3% | 5.9% | 6.3% |
| Change in Trade Working Capital | N/A | 2,932 | 6,392 | -945 | -2,905 | 344 |
| Turnover & efficiency | ||||||
| Inventory Turnover | N/A | 19.96x | 12.40x | 17.55x | 17.74x | 72.72x |
| Days Inventory Outstanding (DIO) | N/A | 18.3 | 29.4 | 20.8 | 20.6 | 5.0 |
| Receivables Turnover | N/A | 44.87x | 72.18x | 320.34x | 124.31x | 20.19x |
| Days Sales Outstanding (DSO) | N/A | 8.1 | 5.1 | 1.1 | 2.9 | 18.1 |
| Payables Turnover | N/A | 44.93x | 69.76x | 37.00x | 320.39x | 7120.47x |
| Days Payable Outstanding (DPO) | N/A | 8.1 | 5.2 | 9.9 | 1.1 | 0.1 |
| Cash Conversion Cycle | N/A | 18.3 days | 29.3 days | 12.1 days | 22.4 days | 23.0 days |
| Asset Turnover | 0.00x | 5.59x | 5.55x | 10.12x | 10.85x | 6.70x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | -0 | -943 | -8,290 | 3,361 | 11,013 | -4,977 |
| Free Cash Flow (OCF − Capex proxy) | -102 | -2,099 | -8,624 | 814 | 11,026 | -4,503 |
| Cash Conversion (OCF / EBITDA) | N/A | -140.6% | -269.2% | N/A | 748.6% | -921.1% |
| Dividends Declared | 0 | 63 | 379 | 1,405 | 32 | 30 |
| Dividend Payout Ratio | N/A | 19.3% | 17.7% | 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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