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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2021 3,211 · FY2022 27,126 · FY2023 22,133 — 3-yr total 52,471
Limited public information available beyond the Reportal filing.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 95.0% | 95.0% | 95.3% | 94.6% | 96.2% | 97.9% | 97.6% |
| EBITDA Margin | 75.6% | 66.1% | 65.5% | 71.2% | 77.4% | 62.4% | 58.4% |
| EBITDAR | 15,752 | 14,659 | 16,191 | 3,265 | 18,220 | 30,185 | 25,772 |
| EBITDAR Margin | 86.9% | 78.3% | 79.7% | 84.6% | 84.3% | 70.0% | 66.5% |
| EBIT Margin | 46.3% | 36.8% | 38.2% | -77.4% | 57.2% | 58.9% | 54.5% |
| Net Profit Margin | 12.0% | 12.3% | 16.5% | -124.7% | 42.4% | 58.8% | 53.6% |
| Operating Expense % of Sales | 19.4% | 28.9% | 29.8% | 40.1% | 26.8% | 38.3% | 42.3% |
| Returns | |||||||
| Return on Assets (ROA) | 22.0% | 22.2% | 26.1% | -78.2% | 53.4% | 174.5% | 161.3% |
| Return on Equity (ROE) | 26.3% | 25.9% | 38.0% | -206.5% | 78.9% | 252.9% | 239.8% |
| ROIC [EBIT / Invested Capital] | 105.1% | 82.2% | 70.5% | -57.1% | 100.0% | 225.4% | 202.5% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 0.0% | 0.0% | 21.3% | 47.2% | 28.0% | 28.6% | 29.2% |
| Debt-to-Equity | 0.00x | 0.00x | 0.31x | 1.25x | 0.41x | 0.41x | 0.43x |
| Debt-to-EBITDA | 0.00x | 0.00x | 0.21x | 1.06x | 0.29x | 0.15x | 0.17x |
| Equity-to-Assets | 83.6% | 86.0% | 68.7% | 37.9% | 67.6% | 69.0% | 67.2% |
| Net Debt | -269 | -495 | 2,157 | 2,905 | 759 | 1,240 | 1,759 |
| Cash & Equivalents | 269 | 495 | 585 | N/A | 4,053 | 2,910 | 2,005 |
| Total Debt | N/A | N/A | 2,741 | 2,905 | 4,812 | 4,150 | 3,763 |
| Liquidity & working capital | |||||||
| Current Ratio | 0.25x | 7.13x | 3.20x | 1.61x | 6.83x | 0.85x | 1.01x |
| Quick Ratio | 0.21x | 7.11x | 3.16x | 1.57x | 6.69x | 0.84x | 1.00x |
| Cash Ratio | 0.17x | 0.34x | 0.15x | 0.00x | 5.44x | 0.65x | 0.47x |
| Total Current Assets | 403 | 10,335 | 12,864 | 6,157 | 5,081 | 3,835 | 4,264 |
| Total Current Liabilities | 1,620 | 1,449 | 4,024 | 3,826 | 744 | 4,505 | 4,222 |
| Inventory | 70 | 40 | 137 | 136 | 100 | 56 | 60 |
| Trade Receivables | 12 | 17 | 32 | 37 | 42 | 23 | 18 |
| Trade Payables | 130 | 326 | 694 | 570 | 499 | 355 | 459 |
| Net Working Capital | -1,216 | 8,886 | 8,840 | 2,331 | 4,337 | -671 | 42 |
| Net Working Capital % of Revenue | -6.7% | 47.5% | 43.5% | 60.4% | 20.1% | -1.6% | 0.1% |
| Trade Working Capital | -48 | -269 | -525 | -397 | -358 | -276 | -381 |
| Trade Working Capital % of Revenue | -0.3% | -1.4% | -2.6% | -10.3% | -1.7% | -0.6% | -1.0% |
| Change in Trade Working Capital | N/A | -222 | -256 | 128 | 39 | 82 | -105 |
| Turnover & efficiency | |||||||
| Inventory Turnover | 13.03x | 23.57x | 6.94x | 1.52x | 8.31x | 16.63x | 15.75x |
| Days Inventory Outstanding (DIO) | 28.0 | 15.5 | 52.6 | 239.6 | 43.9 | 22.0 | 23.2 |
| Receivables Turnover | 1499.35x | 1108.40x | 633.95x | 104.60x | 520.24x | 1835.98x | 2173.31x |
| Days Sales Outstanding (DSO) | 0.2 | 0.3 | 0.6 | 3.5 | 0.7 | 0.2 | 0.2 |
| Payables Turnover | 7.04x | 2.87x | 1.37x | 0.36x | 1.66x | 2.61x | 2.05x |
| Days Payable Outstanding (DPO) | 51.9 | 127.4 | 266.2 | 1003.2 | 219.9 | 139.9 | 177.8 |
| Cash Conversion Cycle | -23.6 days | -111.6 days | -213.1 days | -760.1 days | -175.3 days | -117.7 days | -154.4 days |
| Asset Turnover | 1.83x | 1.81x | 1.58x | 0.63x | 1.26x | 2.97x | 3.01x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | 6,854 | 7,445 | 8,897 | 2,014 | 12,069 | 24,688 | 20,358 |
| Free Cash Flow (OCF − Capex proxy) | 6,854 | 2,245 | 3,992 | 1,416 | 7,355 | 24,627 | 20,121 |
| Cash Conversion (OCF / EBITDA) | 50.0% | 60.1% | 66.8% | 73.3% | 72.2% | 91.8% | 90.0% |
| Dividends Declared | 1,500 | 0 | 0 | 0 | 3,211 | 27,126 | 22,133 |
| Dividend Payout Ratio | 69.0% | 0.0% | 0.0% | N/A | 35.0% | 107.1% | 106.5% |
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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