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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 42 · FY2024 3,108 — 3-yr total 3,150
Tbilisi-based inbound and outbound tour operator.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 42.6% | 46.4% |
| EBITDA Margin | 26.8% | 22.8% | 26.3% | -249.3% | 13.0% | 11.4% | 11.1% | 19.3% |
| EBITDAR | 7,326 | 9,717 | 15,133 | -1,391 | 758 | 1,907 | 2,346 | 5,391 |
| EBITDAR Margin | 31.3% | 27.4% | 29.0% | -242.2% | 17.4% | 16.0% | 15.0% | 22.8% |
| EBIT Margin | 25.3% | 21.9% | 25.6% | -307.6% | 6.1% | 9.2% | 9.4% | 18.1% |
| Net Profit Margin | 20.5% | 23.5% | 25.8% | 64.4% | -19.6% | -4.1% | 11.4% | 18.4% |
| Operating Expense % of Sales | 73.2% | 77.2% | 73.7% | 349.3% | 87.0% | 88.6% | 31.5% | 27.1% |
| Returns | ||||||||
| Return on Assets (ROA) | 55.8% | 48.7% | 84.7% | 2.3% | -6.1% | -4.0% | 12.4% | 28.2% |
| Return on Equity (ROE) | 58.0% | 50.9% | 102.6% | 2.8% | -6.7% | -4.0% | 12.7% | 28.6% |
| ROIC [EBIT / Invested Capital] | 89.5% | 61.3% | 165.1% | -14.8% | 2.2% | 10.1% | 14.2% | 34.1% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Debt-to-Equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Debt-to-EBITDA | 0.00x | 0.00x | 0.00x | N/A | 0.00x | 0.00x | 0.00x | 0.00x |
| Equity-to-Assets | 96.2% | 95.6% | 82.5% | 83.5% | 91.1% | 99.2% | 97.0% | 98.6% |
| Net Debt | -1,642 | -3,671 | -5,011 | -1,347 | -472 | -1,422 | -3,616 | -2,736 |
| Cash & Equivalents | 1,642 | 3,671 | 5,011 | 1,347 | 472 | 1,422 | 3,616 | 2,736 |
| Total Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Liquidity & working capital | ||||||||
| Current Ratio | 23.47x | 9.04x | 4.69x | 4.96x | 8.96x | 96.50x | 27.94x | 61.25x |
| Quick Ratio | 22.70x | 8.96x | 4.63x | 4.90x | 8.87x | 95.62x | 27.72x | 60.67x |
| Cash Ratio | 19.13x | 2.29x | 1.80x | 0.51x | 0.38x | 14.11x | 8.33x | 12.84x |
| Total Current Assets | 2,015 | 14,500 | 13,058 | 12,989 | 11,100 | 9,729 | 12,134 | 13,050 |
| Total Current Liabilities | 86 | 1,605 | 2,783 | 2,617 | 1,238 | 101 | 434 | 213 |
| Inventory | 67 | 115 | 183 | 167 | 112 | 89 | 95 | 123 |
| Trade Receivables | 236 | 228 | 1,183 | 170 | 99 | 83 | 149 | 83 |
| Trade Payables | 86 | 535 | 787 | 128 | 32 | 49 | 283 | 77 |
| Net Working Capital | 1,929 | 12,895 | 10,275 | 10,372 | 9,861 | 9,628 | 11,700 | 12,837 |
| Net Working Capital % of Revenue | 8.3% | 36.4% | 19.7% | 1805.5% | 226.6% | 80.9% | 74.6% | 54.2% |
| Trade Working Capital | 217 | -192 | 578 | 209 | 178 | 122 | -39 | 129 |
| Trade Working Capital % of Revenue | 0.9% | -0.5% | 1.1% | 36.4% | 4.1% | 1.0% | -0.2% | 0.5% |
| Change in Trade Working Capital | N/A | -409 | 770 | -369 | -31 | -56 | -161 | 168 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | N/A | N/A | N/A | N/A | N/A | N/A | 94.55x | 103.27x |
| Days Inventory Outstanding (DIO) | N/A | N/A | N/A | N/A | N/A | N/A | 3.9 | 3.5 |
| Receivables Turnover | 98.88x | 155.36x | 44.19x | 3.39x | 44.01x | 144.23x | 104.92x | 285.38x |
| Days Sales Outstanding (DSO) | 3.7 | 2.3 | 8.3 | 107.8 | 8.3 | 2.5 | 3.5 | 1.3 |
| Payables Turnover | N/A | N/A | N/A | N/A | N/A | N/A | 31.78x | 165.26x |
| Days Payable Outstanding (DPO) | N/A | N/A | N/A | N/A | N/A | N/A | 11.5 | 2.2 |
| Cash Conversion Cycle | 3.7 days | 2.3 days | 8.3 days | 107.8 days | 8.3 days | 2.5 days | -4.1 days | 2.6 days |
| Asset Turnover | 2.72x | 2.08x | 3.29x | 0.04x | 0.31x | 0.97x | 1.09x | 1.53x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 4,880 | 8,426 | 13,610 | -663 | -518 | 142 | 1,951 | 3,764 |
| Free Cash Flow (OCF − Capex proxy) | 4,880 | 1,984 | 16,356 | -4,054 | -681 | 1,284 | 2,011 | 1,766 |
| Cash Conversion (OCF / EBITDA) | 78.0% | 104.3% | 98.9% | N/A | -91.6% | 10.4% | 111.8% | 82.2% |
| Dividends Declared | 7,490 | 252 | 15,858 | 211 | 0 | 0 | 42 | 3,108 |
| Dividend Payout Ratio | 156.3% | 3.0% | 117.7% | 56.9% | N/A | N/A | 2.4% | 71.1% |
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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