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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 7.8% | 7.3% | 13.9% | 16.0% | 25.9% | 35.0% | 49.5% |
| EBITDA Margin | -10.2% | -4.2% | -0.9% | 1.6% | -7.1% | 5.8% | 32.0% |
| EBITDAR | -73 | -37 | -8 | 20 | -103 | 42 | 320 |
| EBITDAR Margin | -10.2% | -4.2% | -0.9% | 1.6% | -7.1% | 5.8% | 32.0% |
| EBIT Margin | -21.0% | -24.2% | -21.5% | -14.9% | -22.2% | -28.2% | 8.6% |
| Net Profit Margin | -24.1% | -30.9% | -55.6% | -16.5% | 16.7% | -11.6% | -12.0% |
| Operating Expense % of Sales | 18.0% | 11.5% | 14.7% | 14.4% | 33.0% | 29.2% | 17.4% |
| Returns | |||||||
| Return on Assets (ROA) | -6.1% | -9.0% | -19.6% | -8.0% | 9.5% | -3.5% | -4.5% |
| Return on Equity (ROE) | -12.2% | -21.8% | -81.0% | -52.9% | 38.2% | -15.2% | -28.1% |
| ROIC [EBIT / Invested Capital] | -9.1% | -11.8% | -17.2% | -15.5% | -27.3% | -21.1% | 9.6% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 19.0% | 19.4% | 21.6% | 33.1% | 21.6% | 17.7% | 18.6% |
| Debt-to-Equity | 0.38x | 0.47x | 0.90x | 2.18x | 0.87x | 0.75x | 1.17x |
| Debt-to-EBITDA | N/A | N/A | N/A | 42.37x | N/A | 9.96x | 1.57x |
| Equity-to-Assets | 50.1% | 41.3% | 24.1% | 15.2% | 24.8% | 23.4% | 15.8% |
| Net Debt | 232 | 551 | 552 | 812 | 541 | 408 | 460 |
| Cash & Equivalents | 302 | 30 | 49 | 38 | 9 | 5 | 41 |
| Total Debt | 534 | 581 | 601 | 850 | 550 | 413 | 502 |
| Liquidity & working capital | |||||||
| Current Ratio | 0.48x | 0.37x | 0.25x | 0.24x | 0.30x | 0.23x | 0.24x |
| Quick Ratio | 0.48x | 0.10x | 0.04x | 0.08x | 0.30x | 0.23x | 0.24x |
| Cash Ratio | 0.21x | 0.02x | 0.02x | 0.02x | 0.00x | 0.00x | 0.02x |
| Total Current Assets | 679 | 648 | 530 | 527 | 580 | 414 | 548 |
| Total Current Liabilities | 1,406 | 1,760 | 2,109 | 2,181 | 1,912 | 1,792 | 2,270 |
| Inventory | N/A | 480 | 438 | 358 | N/A | N/A | N/A |
| Trade Receivables | 76 | 139 | 39 | 125 | 219 | 27 | 126 |
| Trade Payables | 856 | 1,158 | 1,467 | 1,314 | 1,344 | 1,355 | 1,742 |
| Net Working Capital | -728 | -1,112 | -1,579 | -1,654 | -1,332 | -1,379 | -1,723 |
| Net Working Capital % of Revenue | -102.1% | -127.5% | -161.6% | -132.1% | -92.7% | -192.9% | -172.7% |
| Trade Working Capital | -780 | -539 | -990 | -831 | -1,126 | -1,328 | -1,616 |
| Trade Working Capital % of Revenue | -109.5% | -61.8% | -101.3% | -66.3% | -78.3% | -185.8% | -161.9% |
| Change in Trade Working Capital | N/A | 241 | -450 | 159 | -295 | -203 | -288 |
| Turnover & efficiency | |||||||
| Inventory Turnover | N/A | 1.69x | 1.92x | 2.94x | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | 216.6 | 190.0 | 124.3 | N/A | N/A | N/A |
| Receivables Turnover | 9.36x | 6.29x | 25.18x | 10.02x | 6.57x | 26.83x | 7.92x |
| Days Sales Outstanding (DSO) | 39.0 | 58.0 | 14.5 | 36.4 | 55.6 | 13.6 | 46.1 |
| Payables Turnover | 0.77x | 0.70x | 0.57x | 0.80x | 0.79x | 0.34x | 0.29x |
| Days Payable Outstanding (DPO) | 475.8 | 522.6 | 636.1 | 456.0 | 460.6 | 1063.6 | 1260.7 |
| Cash Conversion Cycle | -436.8 days | -248.0 days | -431.5 days | -295.3 days | -405.1 days | -1050.0 days | -1214.7 days |
| Asset Turnover | 0.25x | 0.29x | 0.35x | 0.49x | 0.57x | 0.31x | 0.37x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | 85 | 102 | 422 | 174 | 246 | 388 | 488 |
| Free Cash Flow (OCF − Capex proxy) | -78 | -294 | 322 | -24 | -5 | 92 | 300 |
| Cash Conversion (OCF / EBITDA) | N/A | N/A | N/A | 868.1% | N/A | 934.8% | 152.7% |
| Dividends Declared | N/A | 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 | 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).
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