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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 0 · FY2024 0
JSC Georgian Real Estate (m2) was Georgia's largest residential developer — originally spun off from Bank of Georgia and later a Georgia Capital PLC (LSE: CGEO) portfolio company. It develops mass-market and mid-tier apartment projects across Tbilisi and other cities and has issued USD bonds on the GSE. In 2026 Georgia Capital agreed to dispose of its housing-development (m2) business to local investors.
Group parent — controls 2 companies · ownership
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 11.8% | 19.9% | 22.2% | 27.0% | 99.9% | 11.9% | 6.0% | 2.0% |
| EBITDA Margin | 5.9% | 9.2% | -3.5% | 7.0% | 82.0% | 0.2% | -1.8% | -5.4% |
| EBITDAR | 5,707 | 12,434 | -3,205 | 6,946 | 74,915 | 286 | -4,183 | -10,889 |
| EBITDAR Margin | 5.9% | 9.2% | -3.5% | 7.0% | 82.0% | 0.2% | -1.8% | -5.4% |
| EBIT Margin | 5.4% | 8.5% | -7.1% | 2.9% | 79.8% | -1.6% | -4.0% | -8.0% |
| Net Profit Margin | 24.5% | 20.6% | -3.6% | -155.2% | -42.4% | -42.5% | -20.0% | -13.5% |
| Operating Expense % of Sales | 5.9% | 10.7% | 25.7% | 20.2% | 18.1% | 12.0% | 8.0% | 7.9% |
| Returns | ||||||||
| Return on Assets (ROA) | 6.8% | 5.6% | -0.5% | -22.3% | -7.2% | -16.1% | -12.9% | -8.2% |
| Return on Equity (ROE) | 14.7% | 13.0% | -1.4% | -209.4% | -101.8% | -110.6% | -178.0% | -928.7% |
| ROIC [EBIT / Invested Capital] | 2.1% | 2.8% | -1.1% | 0.5% | 20.4% | -1.1% | -5.4% | -11.6% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 35.7% | 48.3% | 57.5% | 65.2% | 59.4% | 43.7% | 40.6% | 47.3% |
| Debt-to-Equity | 0.77x | 1.12x | 1.62x | 6.13x | 8.41x | 3.00x | 5.60x | 53.88x |
| Debt-to-EBITDA | 21.75x | 19.14x | N/A | 65.15x | 4.27x | 734.22x | N/A | N/A |
| Equity-to-Assets | 46.3% | 43.3% | 35.4% | 10.6% | 7.1% | 14.6% | 7.2% | 0.9% |
| Net Debt | 89,363 | 203,359 | 341,493 | 452,489 | 319,592 | 187,595 | 148,945 | 135,335 |
| Cash & Equivalents | 34,751 | 34,573 | 31,348 | 19 | 23 | 22,546 | 10 | 21,413 |
| Total Debt | 124,114 | 237,932 | 372,841 | 452,508 | 319,615 | 210,141 | 148,955 | 156,748 |
| Liquidity & working capital | ||||||||
| Current Ratio | 1.18x | 1.00x | 0.63x | 0.35x | 0.35x | 1.14x | 0.82x | 1.10x |
| Quick Ratio | 1.18x | 1.00x | 0.63x | 0.35x | 0.32x | 0.92x | 0.57x | 0.74x |
| Cash Ratio | 0.46x | 0.31x | 0.22x | 0.00x | 0.00x | 0.22x | 0.00x | 0.13x |
| Total Current Assets | 87,966 | 110,518 | 88,858 | 82,563 | 72,175 | 117,069 | 206,397 | 182,929 |
| Total Current Liabilities | 74,812 | 110,444 | 140,295 | 238,488 | 205,263 | 102,836 | 250,795 | 165,578 |
| Inventory | 47 | 34 | 14 | 16 | 7,109 | 22,330 | 62,672 | 60,727 |
| Trade Receivables | 330 | 8,511 | 10,448 | 11,254 | 2,189 | 832 | 786 | 513 |
| Trade Payables | 6,970 | 8,718 | 11,020 | 30,593 | 21,451 | 21,540 | 29 | 23,559 |
| Net Working Capital | 13,154 | 74 | -51,437 | -155,925 | -133,088 | 14,233 | -44,398 | 17,351 |
| Net Working Capital % of Revenue | 13.6% | 0.1% | -55.6% | -156.7% | -145.8% | 7.8% | -18.8% | 8.6% |
| Trade Working Capital | -6,593 | -173 | -558 | -19,323 | -12,153 | 1,622 | 63,429 | 37,681 |
| Trade Working Capital % of Revenue | -6.8% | -0.1% | -0.6% | -19.4% | -13.3% | 0.9% | 26.8% | 18.8% |
| Change in Trade Working Capital | N/A | 6,419 | -384 | -18,766 | 7,170 | 13,775 | 61,807 | -25,748 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 1795.91x | 3191.11x | 5023.83x | 4600.04x | 0.01x | 7.20x | 3.55x | 3.24x |
| Days Inventory Outstanding (DIO) | 0.2 | 0.1 | 0.1 | 0.1 | 29063.8 | 50.7 | 102.9 | 112.7 |
| Receivables Turnover | 292.48x | 15.80x | 8.85x | 8.84x | 41.71x | 219.25x | 300.85x | 391.14x |
| Days Sales Outstanding (DSO) | 1.2 | 23.1 | 41.2 | 41.3 | 8.8 | 1.7 | 1.2 | 0.9 |
| Payables Turnover | 12.22x | 12.35x | 6.52x | 2.37x | 0.00x | 7.46x | 7598.82x | 8.35x |
| Days Payable Outstanding (DPO) | 29.9 | 29.6 | 55.9 | 153.8 | 87698.3 | 48.9 | 0.0 | 43.7 |
| Cash Conversion Cycle | -28.4 days | -6.3 days | -14.6 days | -112.4 days | -58625.8 days | 3.5 days | 104.1 days | 69.9 days |
| Asset Turnover | 0.28x | 0.27x | 0.14x | 0.14x | 0.17x | 0.38x | 0.64x | 0.61x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 11,886 | -26,498 | -9,112 | 56,824 | 8,618 | -8,047 | -37,245 | -5,756 |
| Free Cash Flow (OCF − Capex proxy) | 11,886 | -117,517 | -107,441 | 2,676 | 129,123 | -6,155 | 68,445 | 21,469 |
| Cash Conversion (OCF / EBITDA) | 208.3% | -213.1% | N/A | 818.1% | 11.5% | -2811.6% | N/A | N/A |
| Dividends Declared | 0 | 10,000 | 10,000 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | 0.0% | 36.1% | 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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