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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
ARTPHARMA — a Tbilisi-based pharmaceutical importer, distributor and brand representative ("we create health", artpharma.ge), partnering with international principals such as Walmark, New Nordic and STADA. Its portfolio is weighted to OTC products, food supplements and dermocosmetics (Vitrum, Vitaferol, Proenzi, Arthrostop, Martians, Omega-3 Premium, New Nordic, Neutraderm), which explains its high gross margin. Office: Tbilisi, Lvovi St. 92.
| Line item | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Net Cash from Operating Activities | 231 | 227 | 144 | 75 | 173 | 235 | 125 | 256 | +1.5% |
| Net Cash used in Investing Activities | 0 | 48 | 12 | 11 | 13 | 219 | 8 | 152 | +21.0% |
| Free Cash Flow (OCF − Capex proxy) | 231 | 179 | 132 | 65 | 185 | 16 | 117 | 104 | -10.8% |
| Net Cash from Financing Activities | 0 | 173 | 128 | 47 | 187 | 3 | 108 | 98 | -9.0% |
| Net Change in Cash (before FX) | 231 | 6 | 4 | 18 | 2 | 13 | 9 | 6 | -41.2% |
| Effect of FX on Cash | 0 | 7 | 1 | 15 | 9 | 13 | 7 | 3 | -11.4% |
| Net Change in Cash (incl. FX) | 231 | 1 | 3 | 3 | 7 | 0 | 2 | 2 | nmf |
| Cash at Beginning of Year | 0 | 2 | 1 | 4 | 7 | 0 | 1 | 2 | +2.0% |
| Cash at End of Year | 0 | 1 | 4 | 7 | 0 | 1 | 2 | 4 | +25.4% |
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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