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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 211 · FY2023 316 · FY2024 421 — 3-yr total 947
Georgian commercial bakery producing bread and bakery products.
| Ratio | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Margins | ||||
| Gross Margin | 76.9% | 69.6% | 76.1% | 79.7% |
| EBITDA Margin | 28.7% | 46.0% | 50.1% | 54.3% |
| EBITDAR | 1,196 | 7,169 | 8,766 | 10,564 |
| EBITDAR Margin | 28.7% | 46.0% | 50.1% | 54.3% |
| EBIT Margin | 14.6% | 40.6% | 44.8% | 49.0% |
| Net Profit Margin | -18.4% | 15.5% | 26.7% | 39.3% |
| Operating Expense % of Sales | 48.2% | 23.6% | 26.1% | 25.4% |
| Returns | ||||
| Return on Assets (ROA) | -3.4% | 9.9% | 19.5% | 32.2% |
| Return on Equity (ROE) | N/A | N/A | 577.2% | 95.2% |
| ROIC [EBIT / Invested Capital] | 3.0% | 30.8% | 37.5% | 45.9% |
| Leverage & debt balances | ||||
| Debt-to-Assets | 115.9% | 104.8% | 87.0% | 57.4% |
| Debt-to-Equity | -4.61x | -7.19x | 25.76x | 1.70x |
| Debt-to-EBITDA | 22.21x | 3.56x | 2.38x | 1.29x |
| Equity-to-Assets | -25.1% | -14.6% | 3.4% | 33.8% |
| Net Debt | 26,022 | 24,091 | 20,097 | 12,751 |
| Cash & Equivalents | 534 | 1,430 | 767 | 870 |
| Total Debt | 26,556 | 25,521 | 20,864 | 13,621 |
| Liquidity & working capital | ||||
| Current Ratio | 0.27x | 0.42x | 0.51x | 0.69x |
| Quick Ratio | 0.20x | 0.32x | 0.37x | 0.48x |
| Cash Ratio | 0.10x | 0.20x | 0.13x | 0.19x |
| Total Current Assets | 1,461 | 3,034 | 3,014 | 3,101 |
| Total Current Liabilities | 5,416 | 7,260 | 5,864 | 4,489 |
| Inventory | 367 | 682 | 840 | 952 |
| Trade Receivables | 561 | 922 | 1,407 | 1,279 |
| Trade Payables | 739 | 1,034 | 1,067 | 815 |
| Net Working Capital | -3,954 | -4,226 | -2,850 | -1,388 |
| Net Working Capital % of Revenue | -94.8% | -27.1% | -16.3% | -7.1% |
| Trade Working Capital | 189 | 570 | 1,180 | 1,416 |
| Trade Working Capital % of Revenue | 4.5% | 3.7% | 6.7% | 7.3% |
| Change in Trade Working Capital | N/A | 382 | 609 | 236 |
| Turnover & efficiency | ||||
| Inventory Turnover | 2.63x | 6.93x | 4.98x | 4.16x |
| Days Inventory Outstanding (DIO) | 138.9 | 52.6 | 73.4 | 87.7 |
| Receivables Turnover | 7.43x | 16.88x | 12.45x | 15.22x |
| Days Sales Outstanding (DSO) | 49.1 | 21.6 | 29.3 | 24.0 |
| Payables Turnover | 1.30x | 4.57x | 3.92x | 4.86x |
| Days Payable Outstanding (DPO) | 280.1 | 79.8 | 93.2 | 75.1 |
| Cash Conversion Cycle | -92.0 days | -5.5 days | 9.5 days | 36.6 days |
| Asset Turnover | 0.18x | 0.64x | 0.73x | 0.82x |
| Cash flow & dividends | ||||
| Operating Cash Flow | -594 | 3,247 | 5,033 | 8,297 |
| Free Cash Flow (OCF − Capex proxy) | -4,242 | 2,522 | 4,477 | 7,609 |
| Cash Conversion (OCF / EBITDA) | -49.7% | 45.3% | 57.4% | 78.5% |
| Dividends Declared | 0 | 211 | 316 | 421 |
| Dividend Payout Ratio | N/A | 8.7% | 6.8% | 5.5% |
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.
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Ownership & directors from companyinfo.ge (public corporate registry).
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