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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2021 0 · FY2022 0 · FY2023 0
Hotel operator owned by GMT Group, a major Georgian real-estate and hospitality developer; operates The Biltmore Tbilisi and Courtyard Marriott Tbilisi among others.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 76.5% | 74.8% | 77.0% | 79.9% | 78.2% | 86.8% | 82.1% |
| EBITDA Margin | 56.6% | 27.2% | 25.9% | -12.4% | 19.8% | 22.2% | 10.9% |
| EBITDAR | 21,067 | 11,637 | 11,183 | -1,723 | 5,994 | 9,559 | 4,966 |
| EBITDAR Margin | 56.6% | 27.2% | 25.9% | -12.4% | 19.8% | 22.2% | 10.9% |
| EBIT Margin | 47.9% | 13.4% | 10.3% | -76.1% | -12.0% | -8.4% | -10.8% |
| Net Profit Margin | -4.0% | -33.5% | -62.5% | -427.9% | -42.4% | 25.7% | -65.2% |
| Operating Expense % of Sales | 19.8% | 47.6% | 51.2% | 92.3% | 58.4% | 64.6% | 71.2% |
| Returns | |||||||
| Return on Assets (ROA) | -0.8% | -7.7% | -14.7% | -31.9% | -7.0% | 7.0% | -20.3% |
| Return on Equity (ROE) | -20.1% | N/A | N/A | N/A | N/A | N/A | N/A |
| ROIC [EBIT / Invested Capital] | 11.1% | 3.5% | 2.6% | -6.1% | -2.3% | -2.4% | -3.6% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 91.2% | 99.8% | 115.2% | 147.4% | 154.7% | 156.3% | 181.7% |
| Debt-to-Equity | 23.49x | -26.80x | -6.26x | -2.94x | -2.67x | -2.61x | -2.12x |
| Debt-to-EBITDA | 8.30x | 15.90x | 18.98x | N/A | 47.29x | 25.97x | 53.34x |
| Equity-to-Assets | 3.9% | -3.7% | -18.4% | -50.1% | -58.0% | -59.9% | -85.6% |
| Net Debt | 153,459 | 170,963 | 205,580 | 267,515 | 266,672 | 243,106 | 260,975 |
| Cash & Equivalents | 21,358 | 14,021 | 6,626 | 7,543 | 16,784 | 5,160 | 3,935 |
| Total Debt | 174,817 | 184,984 | 212,206 | 275,058 | 283,456 | 248,266 | 264,910 |
| Liquidity & working capital | |||||||
| Current Ratio | 1.90x | 4.94x | 4.07x | 1.90x | 0.46x | 0.13x | 1.04x |
| Quick Ratio | 1.83x | 4.89x | 4.01x | 1.88x | 0.44x | 0.12x | 0.88x |
| Cash Ratio | 1.48x | 0.91x | 0.45x | 0.23x | 0.30x | 0.05x | 0.45x |
| Total Current Assets | 27,403 | 76,318 | 59,674 | 61,218 | 25,489 | 13,803 | 9,028 |
| Total Current Liabilities | 14,413 | 15,447 | 14,678 | 32,154 | 55,776 | 109,323 | 8,675 |
| Inventory | 997 | 763 | 742 | 736 | 797 | 1,140 | 1,391 |
| Trade Receivables | 1,902 | 3,119 | 3,011 | 2,145 | 1,911 | 2,989 | 3,113 |
| Trade Payables | 8,164 | 5,628 | 4,547 | 3,556 | 4,736 | 4,989 | 4,856 |
| Net Working Capital | 12,990 | 60,871 | 44,996 | 29,064 | -30,287 | -95,520 | 353 |
| Net Working Capital % of Revenue | 34.9% | 142.2% | 104.1% | 208.9% | -100.1% | -221.6% | 0.8% |
| Trade Working Capital | -5,265 | -1,746 | -794 | -675 | -2,028 | -860 | -352 |
| Trade Working Capital % of Revenue | -14.2% | -4.1% | -1.8% | -4.9% | -6.7% | -2.0% | -0.8% |
| Change in Trade Working Capital | N/A | 3,519 | 952 | 119 | -1,353 | 1,168 | 508 |
| Turnover & efficiency | |||||||
| Inventory Turnover | 8.79x | 14.16x | 13.38x | 3.80x | 8.26x | 5.01x | 5.86x |
| Days Inventory Outstanding (DIO) | 41.5 | 25.8 | 27.3 | 95.9 | 44.2 | 72.9 | 62.3 |
| Receivables Turnover | 19.56x | 13.72x | 14.36x | 6.49x | 15.83x | 14.42x | 14.61x |
| Days Sales Outstanding (DSO) | 18.7 | 26.6 | 25.4 | 56.3 | 23.1 | 25.3 | 25.0 |
| Payables Turnover | 1.07x | 1.92x | 2.18x | 0.79x | 1.39x | 1.14x | 1.68x |
| Days Payable Outstanding (DPO) | 340.2 | 190.1 | 167.2 | 463.5 | 262.6 | 319.0 | 217.4 |
| Cash Conversion Cycle | -280.0 days | -137.7 days | -114.5 days | -311.3 days | -195.4 days | -220.8 days | -130.1 days |
| Asset Turnover | 0.19x | 0.23x | 0.23x | 0.07x | 0.17x | 0.27x | 0.31x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | 5,639 | -4,296 | 10,000 | -500 | 5,850 | -4,852 | -3,837 |
| Free Cash Flow (OCF − Capex proxy) | 5,639 | -3,791 | -9,337 | -10,654 | 9,800 | -4,263 | -5,151 |
| Cash Conversion (OCF / EBITDA) | 26.8% | -36.9% | 89.4% | N/A | 97.6% | -50.8% | -77.3% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | N/A | N/A | N/A | N/A | N/A | 0.0% | 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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