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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Operates in FMCG — Distribution. Per the activity note to the FY2024 annual report, the company distributes ice cream in the Imereti and Samegrelo regions.
| Ratio | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 17.7% | 21.8% | 25.0% | 23.1% | 25.2% | 26.3% |
| EBITDA Margin | 3.3% | 12.0% | 10.0% | 7.3% | 7.9% | 5.3% |
| EBITDAR | 114 | 522 | 463 | 432 | 494 | 372 |
| EBITDAR Margin | 3.3% | 12.4% | 10.5% | 7.6% | 8.0% | 5.5% |
| EBIT Margin | 2.0% | 11.1% | 9.1% | 6.6% | 7.6% | 5.3% |
| Net Profit Margin | -0.2% | 9.5% | 8.9% | 5.3% | 5.6% | 4.7% |
| Operating Expense % of Sales | 14.4% | 9.8% | 15.0% | 15.8% | 17.3% | 20.9% |
| Returns | ||||||
| Return on Assets (ROA) | -0.8% | 46.2% | 51.1% | 22.3% | 13.9% | 10.4% |
| Return on Equity (ROE) | N/A | 342.6% | 227.3% | 72.9% | 49.8% | 34.9% |
| ROIC [EBIT / Invested Capital] | 34.4% | 126.9% | 70.6% | 39.8% | 28.9% | 20.5% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 46.5% | 35.8% | 62.6% | 44.8% | 42.0% | 31.5% |
| Debt-to-Equity | -3.08x | 2.66x | 2.79x | 1.47x | 1.51x | 1.06x |
| Debt-to-EBITDA | 2.82x | 0.61x | 1.09x | 1.45x | 2.15x | 2.68x |
| Equity-to-Assets | -15.1% | 13.5% | 22.5% | 30.5% | 27.9% | 29.8% |
| Net Debt | 305 | 250 | 396 | 539 | 928 | 842 |
| Cash & Equivalents | 18 | 60 | 86 | 70 | 119 | 124 |
| Total Debt | 323 | 311 | 481 | 609 | 1,047 | 967 |
| Liquidity & working capital | ||||||
| Current Ratio | 0.39x | 0.89x | 2.87x | 1.51x | 1.31x | 2.24x |
| Quick Ratio | 0.32x | 0.68x | 2.02x | 1.51x | 1.31x | 2.24x |
| Cash Ratio | 0.04x | 0.14x | 0.75x | 0.21x | 0.16x | 0.10x |
| Total Current Assets | 184 | 391 | 329 | 506 | 979 | 2,653 |
| Total Current Liabilities | 477 | 440 | 114 | 334 | 747 | 1,185 |
| Inventory | 32 | 92 | 97 | N/A | N/A | N/A |
| Trade Receivables | 131 | 238 | 146 | 347 | 793 | 1,163 |
| Trade Payables | 470 | 397 | 44 | 268 | 542 | 1,032 |
| Net Working Capital | -293 | -50 | 214 | 172 | 232 | 1,468 |
| Net Working Capital % of Revenue | -8.4% | -1.2% | 4.9% | 3.0% | 3.8% | 21.6% |
| Trade Working Capital | -307 | -67 | 199 | 79 | 251 | 131 |
| Trade Working Capital % of Revenue | -8.8% | -1.6% | 4.5% | 1.4% | 4.1% | 1.9% |
| Change in Trade Working Capital | N/A | 240 | 266 | -120 | 172 | -120 |
| Turnover & efficiency | ||||||
| Inventory Turnover | 90.53x | 35.58x | 33.97x | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | 4.0 | 10.3 | 10.7 | N/A | N/A | N/A |
| Receivables Turnover | 26.59x | 17.66x | 30.26x | 16.44x | 7.81x | 5.83x |
| Days Sales Outstanding (DSO) | 13.7 | 20.7 | 12.1 | 22.2 | 46.8 | 62.6 |
| Payables Turnover | 6.10x | 8.27x | 75.47x | 16.35x | 8.54x | 4.84x |
| Days Payable Outstanding (DPO) | 59.8 | 44.1 | 4.8 | 22.3 | 42.7 | 75.3 |
| Cash Conversion Cycle | -42.1 days | -13.2 days | 18.0 days | -0.1 days | 4.0 days | -12.7 days |
| Asset Turnover | 5.02x | 4.84x | 5.74x | 4.20x | 2.49x | 2.21x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | 17 | 42 | 27 | -85 | -291 | 224 |
| Free Cash Flow (OCF − Capex proxy) | 17 | 42 | 27 | -86 | -326 | 203 |
| Cash Conversion (OCF / EBITDA) | 14.6% | 8.4% | 6.2% | -20.3% | -59.6% | 62.2% |
| 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.