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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Operates in Real Estate — Residential Development. Per the activity note to the FY2021 annual report, the group engages in real estate development and management. Registered August 2008; group engaged in property development and management activities.
Subsidiary of SRG Real Estate (100.0%)
| Ratio | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|
| Margins | ||||
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% |
| EBITDA Margin | 87.3% | 58.2% | -671.1% | -30.5% |
| EBITDAR | 2,724 | 2,969 | -2,290 | -898 |
| EBITDAR Margin | 87.3% | 58.2% | -671.1% | -30.5% |
| EBIT Margin | 36.6% | 23.8% | -1224.3% | -95.9% |
| Net Profit Margin | -28.1% | -39.3% | -975.6% | 86.9% |
| Operating Expense % of Sales | 12.7% | 41.8% | 771.1% | 130.5% |
| Returns | ||||
| Return on Assets (ROA) | -2.7% | -6.1% | -10.1% | 8.2% |
| Return on Equity (ROE) | -6.0% | -23.9% | -47.9% | 38.4% |
| ROIC [EBIT / Invested Capital] | 3.7% | 4.1% | -13.8% | -10.2% |
| Leverage & debt balances | ||||
| Debt-to-Assets | 48.9% | 67.5% | 72.2% | 70.9% |
| Debt-to-Equity | 1.08x | 2.64x | 3.43x | 3.30x |
| Debt-to-EBITDA | 5.86x | 7.45x | N/A | N/A |
| Equity-to-Assets | 45.1% | 25.5% | 21.0% | 21.4% |
| Net Debt | 15,777 | 21,349 | 23,220 | 21,112 |
| Cash & Equivalents | 181 | 783 | 652 | 900 |
| Total Debt | 15,959 | 22,132 | 23,872 | 22,012 |
| Liquidity & working capital | ||||
| Current Ratio | 0.73x | 0.57x | 0.82x | 0.79x |
| Quick Ratio | 0.73x | 0.57x | 0.82x | 0.79x |
| Cash Ratio | 0.07x | 0.15x | 0.11x | 0.18x |
| Total Current Assets | 1,762 | 3,065 | 4,833 | 4,007 |
| Total Current Liabilities | 2,420 | 5,367 | 5,870 | 5,090 |
| Inventory | N/A | N/A | N/A | N/A |
| Trade Receivables | 1,447 | 1,604 | 3,458 | 2,603 |
| Trade Payables | 1,975 | 2,101 | 1,989 | 1,656 |
| Net Working Capital | -658 | -2,302 | -1,037 | -1,083 |
| Net Working Capital % of Revenue | -21.1% | -45.1% | -303.7% | -36.8% |
| Trade Working Capital | -529 | -496 | 1,469 | 947 |
| Trade Working Capital % of Revenue | -16.9% | -9.7% | 430.5% | 32.2% |
| Change in Trade Working Capital | N/A | 32 | 1,965 | -522 |
| Turnover & efficiency | ||||
| Inventory Turnover | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | N/A | N/A | N/A |
| Receivables Turnover | 2.16x | 3.18x | 0.10x | 1.13x |
| Days Sales Outstanding (DSO) | 169.2 | 114.7 | 3698.9 | 322.7 |
| Payables Turnover | N/A | N/A | N/A | N/A |
| Days Payable Outstanding (DPO) | N/A | N/A | N/A | N/A |
| Cash Conversion Cycle | 169.2 days | 114.7 days | 3698.9 days | 322.7 days |
| Asset Turnover | 0.10x | 0.16x | 0.01x | 0.09x |
| Cash flow & dividends | ||||
| Operating Cash Flow | 572 | -2,785 | 395 | 3,665 |
| Free Cash Flow (OCF − Capex proxy) | -1,936 | -3,467 | 106 | 3,087 |
| Cash Conversion (OCF / EBITDA) | 21.0% | -93.8% | N/A | N/A |
| Dividends Declared | N/A | N/A | N/A | N/A |
| Dividend Payout Ratio | 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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