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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2021 841 · FY2022 4,211 · FY2023 2,105 — 3-yr total 7,157
Limited public information available beyond the Reportal filing.
Group parent — controls 4 companies · ownership
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 18.5% | 18.6% | 13.6% | 11.2% | 20.9% | 20.8% | 21.6% |
| EBITDA Margin | 1.0% | -1.8% | 4.3% | 6.5% | 3.5% | 3.6% | 3.2% |
| EBITDAR | 183 | -656 | 2,597 | 5,848 | 5,333 | 8,289 | 10,616 |
| EBITDAR Margin | 1.0% | -1.8% | 4.3% | 6.5% | 3.5% | 3.6% | 3.2% |
| EBIT Margin | 1.0% | -1.8% | 4.3% | 6.5% | 3.5% | 3.6% | 3.2% |
| Net Profit Margin | 1.3% | -1.5% | 2.4% | 3.9% | 1.7% | 4.5% | -1.7% |
| Operating Expense % of Sales | 17.5% | 20.4% | 18.7% | 18.5% | 17.5% | 17.2% | 18.3% |
| Returns | |||||||
| Return on Assets (ROA) | 5.1% | -7.4% | 9.8% | 6.7% | 3.9% | 10.2% | -4.2% |
| Return on Equity (ROE) | 42.1% | -103.9% | 104.0% | 83.1% | 52.1% | 93.0% | -148.2% |
| ROIC [EBIT / Invested Capital] | 24.5% | -30.0% | 68.4% | 17.6% | 13.4% | 15.6% | 16.1% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 10.5% | 24.9% | 20.6% | 57.1% | 53.9% | 43.9% | 51.3% |
| Debt-to-Equity | 0.86x | 3.52x | 2.18x | 7.10x | 7.16x | 4.01x | 18.07x |
| Debt-to-EBITDA | 2.70x | N/A | 1.15x | 5.09x | 6.70x | 5.41x | 6.23x |
| Equity-to-Assets | 12.2% | 7.1% | 9.5% | 8.1% | 7.5% | 10.9% | 2.8% |
| Net Debt | 175 | 1,633 | 2,422 | 29,092 | 34,789 | 41,849 | 62,459 |
| Cash & Equivalents | 321 | 320 | 572 | 669 | 954 | 3,009 | 3,707 |
| Total Debt | 496 | 1,953 | 2,995 | 29,761 | 35,744 | 44,858 | 66,166 |
| Liquidity & working capital | |||||||
| Current Ratio | 0.82x | 0.70x | 0.79x | 0.65x | 0.70x | 0.75x | 0.74x |
| Quick Ratio | 0.15x | 0.18x | 0.19x | 0.16x | 0.25x | 0.36x | 0.23x |
| Cash Ratio | 0.09x | 0.05x | 0.05x | 0.03x | 0.03x | 0.06x | 0.05x |
| Total Current Assets | 2,990 | 4,975 | 9,368 | 15,260 | 22,299 | 38,862 | 51,212 |
| Total Current Liabilities | 3,661 | 7,097 | 11,857 | 23,592 | 31,665 | 51,547 | 68,887 |
| Inventory | 2,446 | 3,705 | 7,103 | 11,514 | 14,408 | 20,542 | 35,090 |
| Trade Receivables | 160 | 371 | 907 | 2,044 | 5,492 | 14,069 | 10,969 |
| Trade Payables | 3,032 | 5,139 | 9,831 | 18,131 | 25,045 | 45,432 | 59,205 |
| Net Working Capital | -671 | -2,122 | -2,489 | -8,331 | -9,367 | -12,686 | -17,676 |
| Net Working Capital % of Revenue | -3.6% | -5.7% | -4.1% | -9.2% | -6.1% | -5.5% | -5.4% |
| Trade Working Capital | -426 | -1,063 | -1,821 | -4,573 | -5,145 | -10,820 | -13,145 |
| Trade Working Capital % of Revenue | -2.3% | -2.9% | -3.0% | -5.1% | -3.4% | -4.7% | -4.0% |
| Change in Trade Working Capital | N/A | -637 | -758 | -2,752 | -573 | -5,675 | -2,325 |
| Turnover & efficiency | |||||||
| Inventory Turnover | 6.26x | 8.17x | 7.31x | 6.96x | 8.37x | 8.92x | 7.31x |
| Days Inventory Outstanding (DIO) | 58.3 | 44.7 | 49.9 | 52.5 | 43.6 | 40.9 | 49.9 |
| Receivables Turnover | 117.60x | 100.23x | 66.23x | 44.14x | 27.78x | 16.45x | 29.84x |
| Days Sales Outstanding (DSO) | 3.1 | 3.6 | 5.5 | 8.3 | 13.1 | 22.2 | 12.2 |
| Payables Turnover | 5.05x | 5.89x | 5.28x | 4.42x | 4.82x | 4.03x | 4.33x |
| Days Payable Outstanding (DPO) | 72.3 | 62.0 | 69.1 | 82.6 | 75.8 | 90.5 | 84.2 |
| Cash Conversion Cycle | -10.9 days | -13.7 days | -13.7 days | -21.9 days | -19.1 days | -27.4 days | -22.1 days |
| Asset Turnover | 3.98x | 4.75x | 4.14x | 1.73x | 2.30x | 2.26x | 2.54x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | 1,003 | 1,159 | 3,550 | 9,129 | 9,190 | 13,575 | 10,287 |
| Free Cash Flow (OCF − Capex proxy) | 1,003 | -1,564 | -21 | 1,200 | -359 | 869 | -6,181 |
| Cash Conversion (OCF / EBITDA) | 546.7% | N/A | 136.7% | 156.1% | 172.3% | 163.8% | 96.9% |
| Dividends Declared | 0 | 0 | 0 | 0 | 841 | 4,211 | 2,105 |
| Dividend Payout Ratio | 0.0% | N/A | 0.0% | 0.0% | 32.3% | 40.5% | 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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