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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
| Ratio | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 43.8% | 46.6% | 43.7% | 59.3% | 73.1% | 78.8% |
| EBITDA Margin | -5.6% | -7.4% | -13.1% | -27.1% | 2.7% | 75.9% |
| EBITDAR | -62 | -86 | -189 | -374 | 56 | 1,401 |
| EBITDAR Margin | -4.0% | -5.2% | -9.9% | -24.4% | 2.7% | 75.9% |
| EBIT Margin | -6.2% | -7.4% | -13.2% | -32.4% | -2.4% | 75.9% |
| Net Profit Margin | -14.3% | -9.2% | -19.4% | -39.1% | 0.6% | -14.9% |
| Operating Expense % of Sales | 49.4% | 54.0% | 56.8% | 86.4% | 70.3% | 2.9% |
| Returns | ||||||
| Return on Assets (ROA) | -18.8% | -10.7% | -15.6% | -28.1% | 0.5% | -235.1% |
| Return on Equity (ROE) | N/A | -21.6% | -1031.8% | N/A | N/A | N/A |
| ROIC [EBIT / Invested Capital] | -9.6% | -11.1% | -16.1% | -27.1% | -2.8% | N/A |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 103.5% | 37.6% | 88.6% | 112.2% | 108.1% | 421.0% |
| Debt-to-Equity | -6.14x | 0.76x | 58.52x | -4.25x | -4.20x | -0.59x |
| Debt-to-EBITDA | N/A | N/A | N/A | N/A | 41.61x | 0.35x |
| Equity-to-Assets | -16.9% | 49.5% | 1.5% | -26.4% | -25.8% | -707.7% |
| Net Debt | 1,207 | 406 | 1,524 | 2,392 | 2,288 | 491 |
| Cash & Equivalents | 3 | 125 | 575 | 1 | 25 | N/A |
| Total Debt | 1,209 | 531 | 2,099 | 2,392 | 2,313 | 491 |
| Liquidity & working capital | ||||||
| Current Ratio | 2.35x | 2.75x | 3.29x | 1.04x | 1.07x | 1.23x |
| Quick Ratio | 1.88x | 2.34x | 3.04x | 1.04x | 1.07x | 1.23x |
| Cash Ratio | 0.02x | 0.71x | 2.18x | 0.00x | 0.07x | 0.00x |
| Total Current Assets | 350 | 485 | 868 | 315 | 403 | 117 |
| Total Current Liabilities | 149 | 176 | 264 | 302 | 378 | 95 |
| Inventory | 71 | 72 | 65 | N/A | N/A | N/A |
| Trade Receivables | 272 | 278 | 261 | 253 | 311 | 78 |
| Trade Payables | 46 | 50 | 114 | 143 | 163 | 95 |
| Net Working Capital | 201 | 309 | 604 | 14 | 25 | 22 |
| Net Working Capital % of Revenue | 13.0% | 18.7% | 31.7% | 0.9% | 1.2% | 1.2% |
| Trade Working Capital | 296 | 299 | 212 | 110 | 148 | -16 |
| Trade Working Capital % of Revenue | 19.2% | 18.2% | 11.1% | 7.2% | 7.3% | -0.9% |
| Change in Trade Working Capital | N/A | 3 | -87 | -102 | 38 | -165 |
| Turnover & efficiency | ||||||
| Inventory Turnover | 12.27x | 12.17x | 16.48x | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | 29.7 | 30.0 | 22.1 | N/A | N/A | N/A |
| Receivables Turnover | 5.67x | 5.93x | 7.31x | 6.06x | 6.58x | 23.56x |
| Days Sales Outstanding (DSO) | 64.3 | 61.5 | 49.9 | 60.2 | 55.5 | 15.5 |
| Payables Turnover | 18.73x | 17.47x | 9.43x | 4.37x | 3.39x | 4.13x |
| Days Payable Outstanding (DPO) | 19.5 | 20.9 | 38.7 | 83.6 | 107.7 | 88.4 |
| Cash Conversion Cycle | 74.6 days | 70.6 days | 33.4 days | -23.4 days | -52.2 days | -72.9 days |
| Asset Turnover | 1.32x | 1.17x | 0.80x | 0.72x | 0.96x | 15.83x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | -232 | -138 | -448 | N/A | N/A | N/A |
| Free Cash Flow (OCF − Capex proxy) | -366 | -248 | -1,217 | N/A | N/A | N/A |
| Cash Conversion (OCF / EBITDA) | N/A | N/A | N/A | N/A | N/A | N/A |
| Dividends Declared | N/A | N/A | N/A | N/A | N/A | N/A |
| Dividend Payout Ratio | N/A | N/A | N/A | 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).
Ranked by how close each latest revenue is to this one — not a curated comp set.