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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 95 · FY2023 61 · FY2024 2,613 — 3-yr total 2,769
Owner / operator related to the historic Chreli Abano sulphur baths in Tbilisi's Abanotubani district, a notable bathhouse and hospitality venue.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 62.3% | 76.0% | 70.8% | 11.3% | 63.9% | 70.6% | 70.0% | 71.7% |
| EBITDA Margin | 58.8% | 61.0% | 59.3% | -21.2% | 46.9% | 57.7% | 50.8% | 44.8% |
| EBITDAR | 835 | 2,350 | 2,876 | -207 | 1,250 | 2,764 | 3,032 | 3,333 |
| EBITDAR Margin | 58.8% | 61.0% | 59.3% | -21.2% | 46.9% | 57.7% | 50.8% | 44.8% |
| EBIT Margin | 57.2% | 60.7% | 59.0% | -23.1% | 45.3% | 56.7% | 50.1% | 44.0% |
| Net Profit Margin | 32.9% | 56.0% | 54.6% | -40.4% | 33.2% | 56.7% | 49.7% | 39.4% |
| Operating Expense % of Sales | 3.5% | 15.0% | 11.5% | 34.7% | 17.0% | 12.9% | 19.2% | 27.0% |
| Returns | ||||||||
| Return on Assets (ROA) | 4.3% | 20.6% | 25.5% | -3.8% | 7.5% | 20.0% | 21.2% | 18.1% |
| Return on Equity (ROE) | 4.9% | 23.2% | 28.1% | -4.6% | 9.3% | 22.3% | 22.0% | 21.2% |
| ROIC [EBIT / Invested Capital] | 8.0% | 23.1% | 28.7% | -2.2% | 11.6% | 22.1% | 22.3% | 21.7% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 10.5% | 8.7% | 6.2% | 14.3% | 16.0% | 8.1% | 1.1% | 12.5% |
| Debt-to-Equity | 0.12x | 0.10x | 0.07x | 0.17x | 0.20x | 0.09x | 0.01x | 0.15x |
| Debt-to-EBITDA | 1.38x | 0.39x | 0.22x | N/A | 1.51x | 0.40x | 0.05x | 0.60x |
| Equity-to-Assets | 88.1% | 88.8% | 90.7% | 82.4% | 81.2% | 89.5% | 96.3% | 85.4% |
| Net Debt | 614 | 802 | 554 | 1,491 | 904 | 104 | -114 | 1,293 |
| Cash & Equivalents | 536 | 103 | 85 | 16 | 983 | 997 | 273 | 721 |
| Total Debt | 1,150 | 905 | 639 | 1,507 | 1,888 | 1,101 | 159 | 2,015 |
| Liquidity & working capital | ||||||||
| Current Ratio | 0.48x | 2.12x | 0.79x | 0.22x | 1.18x | 1.22x | 1.22x | 1.51x |
| Quick Ratio | 0.43x | 1.84x | 0.64x | 0.16x | 1.10x | 1.15x | 0.80x | 1.27x |
| Cash Ratio | 0.41x | 0.34x | 0.17x | 0.02x | 1.02x | 0.77x | 0.70x | 1.05x |
| Total Current Assets | 627 | 643 | 398 | 228 | 1,139 | 1,581 | 474 | 1,036 |
| Total Current Liabilities | 1,298 | 303 | 504 | 1,035 | 968 | 1,298 | 388 | 686 |
| Inventory | 72 | 85 | 75 | 58 | 76 | 87 | 162 | 168 |
| Trade Receivables | 20 | 239 | 16 | 3 | 80 | 497 | 39 | 148 |
| Trade Payables | 143 | 263 | 325 | 349 | 292 | 297 | 282 | 300 |
| Net Working Capital | -670 | 340 | -106 | -807 | 170 | 284 | 86 | 350 |
| Net Working Capital % of Revenue | -47.2% | 8.8% | -2.2% | -82.5% | 6.4% | 5.9% | 1.4% | 4.7% |
| Trade Working Capital | -52 | 61 | -233 | -288 | -137 | 288 | -81 | 16 |
| Trade Working Capital % of Revenue | -3.6% | 1.6% | -4.8% | -29.5% | -5.1% | 6.0% | -1.4% | 0.2% |
| Change in Trade Working Capital | N/A | 113 | -294 | -55 | 152 | 424 | -369 | 97 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 7.46x | 10.81x | 18.78x | 15.06x | 12.75x | 16.15x | 11.06x | 12.53x |
| Days Inventory Outstanding (DIO) | 48.9 | 33.8 | 19.4 | 24.2 | 28.6 | 22.6 | 33.0 | 29.1 |
| Receivables Turnover | 71.94x | 16.12x | 294.78x | 390.53x | 33.44x | 9.64x | 154.08x | 50.41x |
| Days Sales Outstanding (DSO) | 5.1 | 22.6 | 1.2 | 0.9 | 10.9 | 37.9 | 2.4 | 7.2 |
| Payables Turnover | 3.74x | 3.50x | 4.36x | 2.49x | 3.30x | 4.75x | 6.36x | 7.02x |
| Days Payable Outstanding (DPO) | 97.5 | 104.2 | 83.7 | 146.6 | 110.7 | 76.8 | 57.4 | 52.0 |
| Cash Conversion Cycle | -43.5 days | -47.8 days | -63.1 days | -121.4 days | -71.2 days | -16.3 days | -22.1 days | -15.7 days |
| Asset Turnover | 0.13x | 0.37x | 0.47x | 0.09x | 0.23x | 0.35x | 0.43x | 0.46x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 717 | 2,291 | 3,181 | 27 | 1,085 | 2,395 | 3,654 | 3,164 |
| Free Cash Flow (OCF − Capex proxy) | 717 | 2,234 | 2,825 | -331 | 504 | 732 | 1,876 | 1,333 |
| Cash Conversion (OCF / EBITDA) | 85.8% | 97.5% | 110.6% | N/A | 86.8% | 86.6% | 120.5% | 94.9% |
| Dividends Declared | 81 | 28 | 86 | 0 | 0 | 95 | 61 | 2,613 |
| Dividend Payout Ratio | 17.3% | 1.3% | 3.2% | N/A | 0.0% | 3.5% | 2.1% | 89.2% |
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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