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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Operates in Real Estate — Mixed-Use Development. Per the activity note to the FY2021 annual report, the group develops and manages real estate.
Subsidiary of SRG Real Estate (100.0%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|
| Margins | |||||
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| EBITDA Margin | -101.1% | -44.5% | 39.5% | -508.4% | -109.1% |
| EBITDAR | -2,957 | -2,148 | 3,054 | -5,289 | -3,961 |
| EBITDAR Margin | -95.2% | -41.0% | 44.1% | -499.2% | -103.4% |
| EBIT Margin | -131.7% | -84.5% | 6.8% | -734.4% | -172.4% |
| Net Profit Margin | -123.7% | -75.0% | -101.0% | -1085.3% | 53.0% |
| Operating Expense % of Sales | 201.1% | 144.5% | 60.5% | 608.4% | 209.1% |
| Returns | |||||
| Return on Assets (ROA) | -6.0% | -5.9% | -9.7% | -16.1% | 2.8% |
| Return on Equity (ROE) | -22.9% | -30.6% | -70.1% | -3099.8% | 78.4% |
| ROIC [EBIT / Invested Capital] | -6.8% | -6.9% | 0.7% | -11.6% | -9.9% |
| Leverage & debt balances | |||||
| Debt-to-Assets | 68.8% | 77.3% | 81.0% | 94.2% | 90.7% |
| Debt-to-Equity | 2.63x | 3.99x | 5.88x | 181.86x | 25.03x |
| Debt-to-EBITDA | N/A | N/A | 21.44x | N/A | N/A |
| Equity-to-Assets | 26.1% | 19.4% | 13.8% | 0.5% | 3.6% |
| Net Debt | 43,791 | 50,951 | 57,793 | 66,806 | 63,944 |
| Cash & Equivalents | 406 | 303 | 808 | 665 | 923 |
| Total Debt | 44,197 | 51,254 | 58,601 | 67,471 | 64,868 |
| Liquidity & working capital | |||||
| Current Ratio | 0.98x | 0.59x | 0.94x | 0.83x | 0.92x |
| Quick Ratio | 0.98x | 0.59x | 0.94x | 0.83x | 0.92x |
| Cash Ratio | 0.07x | 0.05x | 0.07x | 0.05x | 0.07x |
| Total Current Assets | 5,480 | 3,707 | 10,517 | 11,833 | 12,864 |
| Total Current Liabilities | 5,620 | 6,336 | 11,196 | 14,295 | 14,006 |
| Inventory | N/A | N/A | N/A | N/A | N/A |
| Trade Receivables | 3,753 | 3,346 | 7,472 | 8,893 | 9,857 |
| Trade Payables | 3,220 | 2,194 | 2,038 | 1,937 | 1,703 |
| Net Working Capital | -140 | -2,629 | -678 | -2,462 | -1,141 |
| Net Working Capital % of Revenue | -4.5% | -50.1% | -9.8% | -232.4% | -29.8% |
| Trade Working Capital | 533 | 1,152 | 5,434 | 6,956 | 8,154 |
| Trade Working Capital % of Revenue | 17.1% | 22.0% | 78.5% | 656.5% | 212.9% |
| Change in Trade Working Capital | N/A | 619 | 4,283 | 1,522 | 1,198 |
| Turnover & efficiency | |||||
| Inventory Turnover | N/A | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | N/A | N/A | N/A | N/A |
| Receivables Turnover | 0.83x | 1.57x | 0.93x | 0.12x | 0.39x |
| Days Sales Outstanding (DSO) | 441.0 | 232.9 | 394.1 | 3063.2 | 939.2 |
| Payables Turnover | N/A | N/A | N/A | N/A | N/A |
| Days Payable Outstanding (DPO) | N/A | N/A | N/A | N/A | N/A |
| Cash Conversion Cycle | 441.0 days | 232.9 days | 394.1 days | 3063.2 days | 939.2 days |
| Asset Turnover | 0.05x | 0.08x | 0.10x | 0.01x | 0.05x |
| Cash flow & dividends | |||||
| Operating Cash Flow | -8,174 | -1,064 | -4,084 | 200 | 3,503 |
| Free Cash Flow (OCF − Capex proxy) | -8,174 | -4,023 | -5,005 | -210 | -1,496 |
| Cash Conversion (OCF / EBITDA) | N/A | N/A | -149.4% | N/A | N/A |
| Dividends Declared | N/A | N/A | N/A | N/A | N/A |
| Dividend Payout Ratio | 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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