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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 0 · FY2023 2,525 — 2-yr total 2,525
Operates in Education — Higher Education. Per the activity note to the FY2023 annual report, the company operates a university providing higher education through business, information technology, law, social sciences, and medicine schools. Founded in 2002. Programs are accredited and state-funded.
Subsidiary of Veloks Ediukeishen (100.0%)
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 99.6% | 99.7% | 100.0% | 100.0% | 100.0% | 100.0% |
| EBITDA Margin | -5.3% | 9.4% | 33.9% | 26.3% | 15.9% | 28.3% |
| EBITDAR | 882 | 1,326 | 2,530 | 2,694 | 2,161 | 4,620 |
| EBITDAR Margin | 32.5% | 41.5% | 52.4% | 36.8% | 23.9% | 33.5% |
| EBIT Margin | -11.4% | 3.3% | 29.5% | 22.9% | 13.1% | 26.2% |
| Net Profit Margin | -3.6% | 6.9% | 38.9% | 16.7% | 10.2% | 27.8% |
| Operating Expense % of Sales | 104.9% | 90.3% | 66.1% | 73.7% | 84.1% | 71.7% |
| Returns | ||||||
| Return on Assets (ROA) | -4.1% | 7.5% | 33.4% | 21.5% | 11.8% | 32.0% |
| Return on Equity (ROE) | -7.9% | 15.0% | 56.2% | 50.8% | 105.0% | 175.7% |
| ROIC [EBIT / Invested Capital] | -60.2% | 54.5% | N/A | N/A | N/A | N/A |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 0.0% | 0.0% | 0.0% | 1.1% | 0.8% | 0.5% |
| Debt-to-Equity | 0.00x | 0.00x | 0.00x | 0.03x | 0.07x | 0.03x |
| Debt-to-EBITDA | N/A | 0.00x | 0.00x | 0.03x | 0.04x | 0.02x |
| Equity-to-Assets | 51.5% | 49.9% | 59.4% | 42.3% | 11.3% | 18.2% |
| Net Debt | -731 | -1,269 | -3,976 | -3,057 | -5,116 | -8,402 |
| Cash & Equivalents | 731 | 1,269 | 3,976 | 3,117 | 5,176 | 8,462 |
| Total Debt | N/A | N/A | N/A | 60 | 60 | 60 |
| Liquidity & working capital | ||||||
| Current Ratio | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Quick Ratio | 0.00x | -0.00x | -0.00x | 0.00x | 0.00x | 0.00x |
| Cash Ratio | 0.63x | 0.86x | 1.74x | 1.23x | 0.85x | 0.92x |
| Total Current Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 1,168 | 1,472 | 2,285 | 2,528 | 6,122 | 9,174 |
| Inventory | N/A | 1 | 1 | N/A | N/A | N/A |
| Trade Receivables | 561 | 689 | 824 | 1,539 | 1,528 | 1,377 |
| Trade Payables | 191 | 191 | 136 | 216 | 332 | 31 |
| Net Working Capital | -1,168 | -1,472 | -2,285 | -2,528 | -6,122 | -9,174 |
| Net Working Capital % of Revenue | -43.1% | -46.0% | -47.4% | -34.5% | -67.7% | -66.6% |
| Trade Working Capital | 370 | 500 | 689 | 1,323 | 1,196 | 1,346 |
| Trade Working Capital % of Revenue | 13.7% | 15.6% | 14.3% | 18.1% | 13.2% | 9.8% |
| Change in Trade Working Capital | N/A | 130 | 189 | 635 | -128 | 151 |
| Turnover & efficiency | ||||||
| Inventory Turnover | N/A | 8.61x | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | 42.4 | N/A | N/A | N/A | N/A |
| Receivables Turnover | 4.83x | 4.64x | 5.86x | 4.76x | 5.92x | 10.00x |
| Days Sales Outstanding (DSO) | 75.5 | 78.6 | 62.3 | 76.8 | 61.7 | 36.5 |
| Payables Turnover | 0.06x | 0.05x | N/A | N/A | N/A | N/A |
| Days Payable Outstanding (DPO) | 6088.2 | 7517.5 | N/A | N/A | N/A | N/A |
| Cash Conversion Cycle | -6012.7 days | -7396.4 days | 62.3 days | 76.8 days | 61.7 days | 36.5 days |
| Asset Turnover | 1.12x | 1.09x | 0.86x | 1.29x | 1.16x | 1.15x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | -1 | 355 | 2,587 | 2,067 | 5,206 | 7,113 |
| Free Cash Flow (OCF − Capex proxy) | -307 | 343 | 2,492 | 1,701 | 4,967 | 5,652 |
| Cash Conversion (OCF / EBITDA) | N/A | 117.6% | 158.0% | 107.4% | 361.2% | 182.4% |
| Dividends Declared | N/A | N/A | N/A | N/A | 0 | 2,525 |
| Dividend Payout Ratio | N/A | N/A | N/A | N/A | 0.0% | 66.0% |
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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