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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2021 1,744 · FY2022 3,682 · FY2023 4,367 — 3-yr total 9,793
Limited public information available beyond the Reportal filing.
Subsidiary of Eipi (100.0%)
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 50.4% | 54.1% | 79.9% | 73.7% | 30.1% | 29.1% |
| EBITDA Margin | 12.6% | 472.7% | 24.0% | 23.9% | 20.1% | 24.7% |
| EBITDAR | 124 | 4,860 | 382 | 443 | 5,355 | 14,500 |
| EBITDAR Margin | 12.6% | 472.7% | 24.0% | 23.9% | 20.1% | 24.7% |
| EBIT Margin | 11.1% | 467.5% | 22.4% | 22.1% | 19.2% | 24.3% |
| Net Profit Margin | 872.2% | 1751.1% | 747.8% | 271.3% | 19.6% | 28.3% |
| Operating Expense % of Sales | 37.8% | 418.5% | 55.9% | 49.8% | 10.0% | 4.5% |
| Returns | ||||||
| Return on Assets (ROA) | 36.8% | 44.9% | 38.0% | 6.1% | 5.3% | 15.6% |
| Return on Equity (ROE) | 38.6% | 46.2% | 41.5% | 7.2% | 7.1% | 22.8% |
| ROIC [EBIT / Invested Capital] | 0.5% | 12.9% | 1.9% | 0.8% | 8.2% | 36.0% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 1.6% | 1.2% | 5.6% | 2.5% | 4.7% | 5.6% |
| Debt-to-Equity | 0.02x | 0.01x | 0.06x | 0.03x | 0.06x | 0.08x |
| Debt-to-EBITDA | 2.96x | 0.10x | 4.55x | 4.66x | 0.87x | 0.41x |
| Equity-to-Assets | 95.3% | 97.1% | 91.5% | 85.2% | 74.4% | 68.2% |
| Net Debt | -1,248 | -1,751 | -9,562 | -17,043 | -11,633 | -33,195 |
| Cash & Equivalents | 1,614 | 2,218 | 11,300 | 19,108 | 16,277 | 39,163 |
| Total Debt | 366 | 467 | 1,738 | 2,064 | 4,643 | 5,967 |
| Liquidity & working capital | ||||||
| Current Ratio | 5.17x | 7.29x | 5.74x | 6.28x | 3.66x | 2.96x |
| Quick Ratio | 4.70x | 7.24x | 5.46x | 2.97x | 1.12x | 1.55x |
| Cash Ratio | 1.57x | 2.42x | 4.27x | 1.57x | 0.64x | 1.15x |
| Total Current Assets | 5,330 | 6,674 | 15,198 | 76,416 | 92,921 | 100,428 |
| Total Current Liabilities | 1,031 | 916 | 2,646 | 12,162 | 25,397 | 33,936 |
| Inventory | 481 | 40 | 742 | 40,293 | 64,568 | 47,702 |
| Trade Receivables | 280 | 1,550 | 1,133 | 15,668 | 11,530 | 13,067 |
| Trade Payables | 156 | 134 | 166 | 9,759 | 779 | 2,076 |
| Net Working Capital | 4,299 | 5,758 | 12,552 | 64,255 | 67,524 | 66,493 |
| Net Working Capital % of Revenue | 436.4% | 560.0% | 790.2% | 3475.8% | 253.5% | 113.1% |
| Trade Working Capital | 605 | 1,455 | 1,709 | 46,202 | 75,319 | 58,693 |
| Trade Working Capital % of Revenue | 61.4% | 141.5% | 107.6% | 2499.3% | 282.8% | 99.8% |
| Change in Trade Working Capital | N/A | 850 | 254 | 44,493 | 29,117 | -16,626 |
| Turnover & efficiency | ||||||
| Inventory Turnover | 1.02x | 11.91x | 0.43x | 0.01x | 0.29x | 0.87x |
| Days Inventory Outstanding (DIO) | 358.9 | 30.6 | 849.6 | 30301.1 | 1265.8 | 417.9 |
| Receivables Turnover | 3.52x | 0.66x | 1.40x | 0.12x | 2.31x | 4.50x |
| Days Sales Outstanding (DSO) | 103.8 | 550.0 | 260.4 | 3093.7 | 158.0 | 81.1 |
| Payables Turnover | 3.13x | 3.53x | 1.92x | 0.05x | 23.91x | 20.07x |
| Days Payable Outstanding (DPO) | 116.6 | 103.5 | 190.1 | 7339.0 | 15.3 | 18.2 |
| Cash Conversion Cycle | 346.2 days | 477.2 days | 919.9 days | 26055.7 days | 1408.5 days | 480.8 days |
| Asset Turnover | 0.04x | 0.03x | 0.05x | 0.02x | 0.27x | 0.55x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | 252 | 11 | 14,167 | 2,679 | -2,521 | 39,694 |
| Free Cash Flow (OCF − Capex proxy) | -5,034 | -8,361 | 11,700 | -1,140 | -1,191 | 26,158 |
| Cash Conversion (OCF / EBITDA) | 203.4% | 0.2% | 3713.0% | 605.2% | -47.1% | 273.7% |
| Dividends Declared | 749 | 633 | 2,618 | 1,744 | 3,682 | 4,367 |
| Dividend Payout Ratio | 8.7% | 3.5% | 22.0% | 34.8% | 70.4% | 26.2% |
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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