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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Operates in Hospitality — Tour Operators. Per the activity note to the FY2024 annual report, the company brings non-resident tourists to Georgia and provides tourist packages.
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 101.4% | 99.5% | 98.6% | 73.8% | 53.9% | 57.1% | 60.3% |
| EBITDA Margin | 24.3% | 20.4% | -220.7% | -35.3% | 18.6% | 1.9% | 25.8% |
| EBITDAR | 1,852 | 2,108 | -695 | -240 | 227 | 18 | 515 |
| EBITDAR Margin | 25.6% | 21.6% | -212.7% | -35.3% | 18.6% | 1.9% | 25.8% |
| EBIT Margin | 18.6% | 16.0% | -356.5% | -97.7% | -18.2% | -34.3% | 12.3% |
| Net Profit Margin | 22.8% | 20.2% | -108.9% | -51.3% | -36.1% | -32.8% | 11.6% |
| Operating Expense % of Sales | 77.2% | 79.1% | 319.3% | 109.1% | 35.3% | 55.3% | 34.5% |
| Returns | |||||||
| Return on Assets (ROA) | 30.2% | 26.4% | -5.9% | -6.7% | -9.8% | -7.7% | 5.5% |
| Return on Equity (ROE) | 40.8% | 32.8% | -7.5% | -8.5% | -12.4% | -9.7% | 6.7% |
| ROIC [EBIT / Invested Capital] | 35.2% | 40.2% | -33.4% | -20.1% | -7.5% | -12.1% | 9.2% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 12.8% | 6.5% | 7.7% | 6.8% | 5.9% | 4.2% | 3.1% |
| Debt-to-Equity | 0.17x | 0.08x | 0.10x | 0.09x | 0.07x | 0.05x | 0.04x |
| Debt-to-EBITDA | 0.40x | 0.24x | N/A | N/A | 1.17x | 9.71x | 0.25x |
| Equity-to-Assets | 74.0% | 80.7% | 78.4% | 79.2% | 79.0% | 79.8% | 81.6% |
| Net Debt | -227 | -2,151 | -1,270 | -801 | -589 | -529 | -802 |
| Cash & Equivalents | 928 | 2,639 | 1,738 | 1,153 | 855 | 701 | 932 |
| Total Debt | 701 | 487 | 468 | 352 | 265 | 171 | 131 |
| Liquidity & working capital | |||||||
| Current Ratio | 2.10x | 3.79x | 3.45x | 2.74x | 1.69x | 2.20x | 1.48x |
| Quick Ratio | 2.10x | 3.70x | 3.13x | 2.25x | 1.69x | 2.20x | 1.48x |
| Cash Ratio | 0.84x | 2.40x | 2.06x | 1.58x | 1.26x | 1.08x | 1.43x |
| Total Current Assets | 2,313 | 4,173 | 2,903 | 2,003 | 1,142 | 1,424 | 962 |
| Total Current Liabilities | 1,104 | 1,100 | 842 | 730 | 677 | 646 | 651 |
| Inventory | N/A | 106 | 265 | 358 | N/A | N/A | N/A |
| Trade Receivables | 274 | 93 | 248 | 90 | 94 | 113 | 6 |
| Trade Payables | 157 | 198 | 65 | 128 | 69 | 642 | 647 |
| Net Working Capital | 1,209 | 3,073 | 2,061 | 1,273 | 465 | 778 | 312 |
| Net Working Capital % of Revenue | 16.7% | 31.5% | 631.2% | 187.4% | 38.2% | 82.0% | 15.6% |
| Trade Working Capital | 117 | 1 | 448 | 320 | 25 | -529 | -641 |
| Trade Working Capital % of Revenue | 1.6% | 0.0% | 137.1% | 47.0% | 2.1% | -55.8% | -32.1% |
| Change in Trade Working Capital | N/A | -116 | 447 | -128 | -294 | -554 | -112 |
| Turnover & efficiency | |||||||
| Inventory Turnover | N/A | 0.45x | 0.02x | 0.50x | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | 806.7 | 21597.3 | 733.6 | N/A | N/A | N/A |
| Receivables Turnover | 26.41x | 104.74x | 1.32x | 7.53x | 12.91x | 8.36x | 321.72x |
| Days Sales Outstanding (DSO) | 13.8 | 3.5 | 276.8 | 48.5 | 28.3 | 43.6 | 1.1 |
| Payables Turnover | 0.67x | 0.24x | 0.07x | 1.39x | 8.14x | 0.63x | 1.22x |
| Days Payable Outstanding (DPO) | 546.3 | 1508.2 | 5319.6 | 263.2 | 44.8 | 576.5 | 298.1 |
| Cash Conversion Cycle | -532.4 days | -698.0 days | 16554.5 days | 518.8 days | -16.5 days | -532.8 days | -297.0 days |
| Asset Turnover | 1.32x | 1.31x | 0.05x | 0.13x | 0.27x | 0.23x | 0.47x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | 899 | 2,469 | -880 | -9 | 128 | 42 | 398 |
| Free Cash Flow (OCF − Capex proxy) | 899 | 2,002 | -1,298 | -267 | -66 | -159 | 295 |
| Cash Conversion (OCF / EBITDA) | 51.1% | 123.7% | N/A | N/A | 56.5% | 239.5% | 77.1% |
| Dividends Declared | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Dividend Payout Ratio | N/A | 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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